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What’s App in the Banking Industry? Here’s all you need to know

When a social media tool is explored properly it can open new doors, with Whatsapp opening its doors to the banking industry we can expect streamlined automation in various banking services. Most of the banks have an effective chatbot service which caters to customer queries, nevertheless, there’s always a scope to improve.

“There’s a way to do it better – find it.” ~ Thomas A. Edison

Banking and Fintech industries are the most benefitted when it comes to technological innovation in reducing human intervention in monotonous tasks and enhancing their effectiveness.

Synergies created with Whatsapp

Whatsapp has a huge customer base of over 2 Billion users across 180+ countries and is considered to be a safe tool for connecting due to its end-to-end encryption. In India, the user base reported as of July 2019 is over 400 Million. Hence, it’s easy to use user interface and a wide audience can create synergies when it joins hands with the Banks and Fintech companies.

What all services will the Whatsapp Chatbot provide?

Automation of conversations with users and improving their service with real-time alerts about account balance, transactions, payment transfers and answering their FAQs is directly done through the Whatsapp number registered by the user with the Bank. It can help the banks in opening new possibilities of improved customer service with minimal manual efforts.
The chatbot runs on artificial intelligence and helps the banks in assisting their users with 24×7 support on few services mentioned above.

The core areas covered by Whatsapp chatbot are alerts and notifications, customer service, FAQs, and lead generation for the banks. It can also provide information on the Fixed Deposits, Pre-approved loans and credit cards. Transaction banking is not on the list for now.

Banks offering Whatsapp Banking

Currently, this service is offered by ICICI Bank, Kotak Mahindra Bank, HDFC Bank, Saraswat Bank, and IndusInd Bank.

How much are the banks charging for Whatsapp Banking?

The banks do not charge any fee for availing this service. It is provided so that the customers can resolve their queries 24×7 without any problems that they face while phone banking or branch banking.

Is Whatsapp Banking secure?

The chat is end-to-end encrypted, and the data is safe. The risks arise in case you lose your phone. The procedure to get this service deactivated from the bank is lengthy if you’re not using the registered mobile number.

Easy set-up for users to opt for Whatsapp Banking

The links below would take you the respective URL of your banks to explain the set-up procedure for whatsapp Banking. It usually starts by sending a text to a specific number provided by the bank.

ICICI Bank

Kotak Mahindra Bank

HDFC Bank

Saraswat Bank

IndusInd Bank

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