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How Banking & Finance Can Use the WhatsApp Commerce solution

orai's blog on WhatsApp Commerce: The new wave of communication for BFSI 
WhatsApp Commerce for BFSI 

The growing popularity of messenger apps like WhatsApp in the past couple of years has led to changes in a wide range of industries. Created for large and medium owners (Enterprises and Brands) and brands, it allows companies to communicate directly with their customers through the messaging application.

WhatsApp is the world's most popular messaging platform, with over 2 billion people using it each month. With the WhatsApp Chatbot, it is possible to establish an engaging relationship with your customers by engaging them in the places they typically go to connect with other users. Customers today demand quicker, more personal experiences provided via mobile devices, primarily through messaging.

While WhatsApp Business API increases the possibilities available to businesses, it also develops into a platform that supports conversational commerce. As a result, "WhatsApp Commerce" was created, enabling the sale and provision of goods and services over WhatsApp. Businesses may simplify the process by offering complex financial services easier and more conversational throughout the customer's journey with WhatsApp Commerce.

WhatsApp commerce for the BFSI sector

The banking sector is one of the industries eager to take full advantage of this opportunity.

Banks are constantly looking for innovative methods to simplify, speed up, and engage consumer communication. Brands in the banking and financial sectors may now communicate with customers on the most widely used communication channel. With the advent of WhatsApp Business APIs, banks will be able to interact with their clients, immediately address their concerns, and deliver transactional notifications like account balance, alerts, and more. Financial institutions can instantly help clients at each point of their purchasing journey using WhatsApp Commerce, from the pre-purchase stage when they are in the assessing phase to offering them great post-purchase support.

According to NMSC The global chatbot in the banking, financial services, and insurance (BFSI) market was valued at ~$586M in 2019 and it is expected to reach ~$7B in 2030.

By adopting WhatsApp Chatbot insurance sector can-

  • Generate more qualified leads

  • Provide policy advisory to customers

  • Send personalized notifications

  • Assist with the policy claim

  • Handling other complex queries faster than ever

Use Cases of WhatsApp Chatbots in the Banking & Finance Industry

Here are the top use cases gaining popularity across the banking and finance sectors:

  • Automate outreach and qualify leads: communicate potential customers through various channels and determine leads in real-time. Consumers are instantly connected with an intelligent bot that utilizes specific, personal data to give specific responses for each user.

  • Giving personalized help to clients: After identifying customers by collecting their information and the WhatsApp chatbot could help financial institutions to sell their services by offering personalized assistance to customers.

  • Automate 24/7 customer support: Automatically answer customer questions over chat 24*7.. When they need to ask a question they can directly contact the WhatsApp chatbot for help in real-time.

  • Accelerate document collection: Speed onboarding by capturing documents via an AI-powered platform that can minimize drops.

  • Automated balance checking: Allow users to view their balance at any time via their mobile phones by contacting an AI.

  • Send relevant alerts and notifications: Reduce the number of late payments and banking queries by automating pertinent alerts and notifications. WhatsApp Push alerts) are a key component part of the WhatsApp Chatbot Solution, making it simple to reconnect with customers who dropped off or have not completed the onboarding process.

  • Promote new offerings and special offers: send personalized messages to your customers with special deals, promotions as well as banking services (credit cards and loans, for example. )

  • Post-purchase customer support: WhatsApp Commerce for finance and banking for automatization of repetitive mechanical tasks. This gives agents time to address more difficult problems with customers.

  • Enable instant payments: WhatsApp chatbot by leveraging the capabilities of WhatsApp Commerce such as Push Notification, companies can increase the rate of collection. Also, turn WhatsApp into the most complete payment collection platform.

  • Interactive messaging and multilingual support: Multilingual Chatbots are a potential solution that allows companies to transcend geographical boundaries and allow them to communicate with a wide range of audiences and cultures. Over 50 different languages can be available on WhatsApp Through financial services, you can interact by sending interactive messages to current or potential customers.

  • Fraud prevention: WhatsApp Chatbot in preventing fraudulent transactions associated with banking transactions by providing immediate confirmations and notifications.

WhatsApp Commerce: The new wave of communication for BFSI

By using WhatsApp Commerce for banking and finance, financial companies can expand their reach and offer a better customer experience to their clients. WhatsApp Commerce is the next generation of chatbots in banking which will provide customers with immediate, interactive information from any platform. And ORAI can assist you to achieve this without fail.

If you’d like to see all mentioned use cases of AI chatbots in banking in action, we can arrange a FREE DEMO for you. Or you can drop your questions over the WhatsApp chat now!

Swapnil Jain

CEO-ORAI Robotics

Stay in contact with ORAI

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