November 2020

WhatsApp banking: business opportunities and benefits

When it comes to accurately respond to customer needs, messaging apps like WhatsApp are a solution that significantly extends business opportunities. Many companies have long advocated keeping the customer in the spotlight and social media messaging tools became the real game-changer in terms of communication with clients. What are the possibilities of using WhatsApp in banking, what are the benefits, and what to pay special attention to so that your bank's customers are fully satisfied with the way you provide your services? Let's take a closer look at this matter.

Business possibilities with WhatsApp

WhatsApp has been one of the most popular messengers for years, used both in private and business goals, contributing to revolutionizing the way people interact. Thanks to the ease of communication with users, it has attracted 1.6 billion users around the world. For banks looking to enhance their customer experience, the WhatsApp Business Messaging app could be a bull’s eye.

The tools that the bank uses to maintain communication with the client themselves say a lot about the degree of their openness to new technologies, and thus – about adapting to the constantly changing needs of clients. With WhatsApp Business features onboard, banks can make communication faster, easier, and more engaging. WhatsApp provides personal consultation and direct contact to keep communication flowing. WhatsApp exposed API which enables to deploy this channel in financial sectors, thus boosts CX and allows wider reach the customers.

Using it for business purposes allows for professional advice in a digital environment, and thanks to the introduction of automation at the first stage of customer service, banks get a chance to save precious time and cut costs. Targeted chatbot supports customer pre-qualification while saving all employees time, which can be used to handle consultations with a higher complexity level or start new development paths. However, it’s possible to redirect the customer to continue the chat conversation with a remote advisor. Additionally, in specific cases, WhatsApp space allows keeping customers informed in real-time. Remote advisors can proactively outreach to customers and send them outbound messages. Push-up notifications such as appointment and payment reminders, invoice alerts, commercial offers, follow-ups, or financial updates may be used at a broad scale, provided that the customer consented to this type of notification.

Why WhatsApp in customer service?

WhatsApp Business Solution finally allows you to offer services to consumers in the way they have long been waiting for. Conversational platforms become the primary communication channel, thus encourage users to communicate with the bank. Active customer service, available immediately, is possible thanks to the use of one of the most popular messengers in the world. Perfect for everyday communication, it can also be a good tool to contact the bank. Why?

First, by its popularity. People know WhatsApp and how to use it, so it can be a great complement to every bank’s contact channels. Second, it allows the bank to personalize and directly contact the customer without letting your conversation history disappear. What’s more, your value in the eyes of your customers increases in proportion to your accessibility.  With 24-hour chatbot-backed support, many matters can be handled automatically, without the involvement of employees’ effort. But in the case of more complicated matters, the bot can perform the initial qualification and collect the relevant data and then forward the conversation directly to the appropriate human assistant.

If you are wondering whether the use of WhatsApp in banking is safe for your clients, you can be sure –  it is. Until now, banks have taken rather modest steps on messaging apps compared to other industries. While these other industries can use instant messaging without major hurdles, banking is all about security.  With WhatsApp all messages are secured with end-to-end encryption, no account data of your clients is shared, and customers do not need to enter sensitive information such as a PIN. WhatsApp ensures easy and safe banking, any time and any place.

LiveBank integration with WhatsApp

Bearing in mind the needs of customers and this wide spectrum of mentioned opportunities, LiveBank ensures integration of WhatsApp and is ready to offer the bank of yours a convenient communication. Thanks to LiveBank, your bank’s customer inquiries directed through WhatsApp will go directly to one agent or a group of agents or will be picked up by a chatbot and transferred to the appropriate person after the first inquiry recognition.

New bank customers can contact the appropriate department by selecting a dedicated number or can send a message to the general number. Their query will be handled directly by the agent who will conduct the interview. As a result, the potential customer quickly receives information and answers to their questions. The bank’s current customers can also contact the bank via WhatsApp with any request, which, depending on the complexity, can be processed immediately in the messenger, or transferred to the mobile application, where the customer continues the conversation with the same agent, without the necessity to explain the situation again.

Importantly, LiveBank collects a conversation history, thanks to which, after logging in to the banking application, the customer has access to the full conversation conducted both via WhatsApp and in the app. LiveBank integration provides a seamless customer journey between available banking channels. Customers can use WhatsApp for simple queries related to products or services. If the issue of the customer requires authentication it’s possible to send a deep link and redirect the conversation to mobile banking without interrupting the conversation. After login, it’s possible to exchange sensitive information regarding customer personal data and products. Also, LiveBank remote advisors have access to the history of communication, in addition, can differentiate the channels by different colors of chat messages.

LiveBank also allows bank agents to send follow-ups to clients with whom they used to talk. Thanks to this functionality, the bank can stay in touch with both potential and current customers, confirming its commitment and building a positive impression.

Recently, we have lived under the rule of social distancing, but this new norm should not be reflected in customer service. When physical contact has been reduced, it is worth leveraging the versatility of messengers and use their potential as a tool for communicating with customers in the banking community.

Any questions?

Need quick hints? Feel free to contact us

Piotr Skrabski

Piotr Skrabski

General Manager
Ailleron Company

43B Jana Pawła II Avenue
Podium Park II Building
31-864 Cracow

Did you know?

A virtual branch will work perfectly wherever efficient service is crucial