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What role does WhatsApp Chatbot play in the banking sector’s growth?

Countless technologies have the potential to improve the banking sector. Technology has altered the way we conduct banking transactions over the previous several decades; indeed, new technologies are the flavour of the season.

Banking sectors are gradually embracing AI to create WhatsApp chatbot solutions, lowering costs and better servicing increasingly tech-savvy customers. Chatbots are frequently created to ease two-way communication and to replace channels such as phone, email, and text. The goal is to give prompt service and transactional assistance.

Aside from WhatsApp chatbots becoming increasingly automated, several companies around the world have begun to offer ready-to-use products that assist developers in building, testing, hosting, and deploying these programmes using AIML, an open-source specification for generating chatbots. A few platforms offer payment provider connection enabling easy payment processing based on a customer’s engagement with the bot.

The importance of digitization in the banking sector is highlighted in a Deloitte 2019 report, as FinTech continues to flourish and retail banking embraces mobile-centric client experiences at a rapid pace.

Chatbots must also establish a foothold in India. For example, Kotak Mahindra Bank was the first to introduce the “Keya” speech chatbot. Bank of Baroda has also implemented a chatbot to assist customers. The EVA (electronic virtual assistance) chatbot from HDFC Bank is the world’s largest AI-powered chatbot. EVA has now answered 5 million questions with an accuracy rate of 85%.

The following are the primary implications of WhatsApp Chatbot for the Banking Sector:

Customer AID
According to a Gartner survey, 85 percent of banks and businesses will use WhatsApp chatbots to communicate with clients in the near future. According to a different report conducted by Juniper Research, chatbots can help banking and FinTech companies save billions of dollars in labour costs by automating and implementing various conversational features.

The WhatsApp chatbot for banks is a great way to deliver customer service because they don’t have to wait hours or days to obtain answers to even the most basic questions.

Your WhatsApp chatbot can rapidly respond to all of the most popular questions and queries. If the chatbot becomes stuck and is unable to respond to a complex issue, it may quickly refer the query to a human customer service agent via WhatsApp’s simple and convenient communication platform.

Notification & Alerting
One of the continual challenges that banks and FinTech companies have is getting clients to read their notifications and alerts.

By using the WhatsApp API to send notifications, banks can greatly increase the likelihood of their consumers opening the messages.

Whether it’s sending a check deposit notification or a reminder to make an upcoming bill payment via a FinTech app, the WhatsApp bot accomplishes it all with ease, allowing banks and FinTech companies to be more efficient in their procedures.

Promotions and Direct Marketing
Banks and FinTech organisations can directly market to a huge number of consumers by sending direct WhatsApp messages, which serve as an automated dialogue, using a WhatsApp bot. Banks, for example, can email a customer a special promotional offer and take advantage of the bot’s ability to instantly start the sign-up process.

This lowers the risk of losing customers owing to a poor service experience or the difficulty of persuading a user to visit a website.

In the banking sector, WhatsApp Chatbot is becoming a new face for customer service.

As a natural evolution from their social and mobile engagements, the essential notion of natural language processing (NLP) and AI capabilities now offer new approaches to grasp consumers. Customers can also use the chat interface to communicate with various banking operations, including as reporting probable fraud on their credit cards, requesting an increase in their credit card limit, or getting a breakdown of their recent transactions. Chatbots can automate processes and meet client demands at any time of day or night, and they can do so more quickly and with less friction. Costs are decreased, efficiency levels are increased, and productivity is increased by minimising human-driven manual processing of duties. Additionally, financial savings can be put toward innovation, while conversational interaction helps to create memorable experiences, boost brand loyalty, and generate revenue.

Here are some of the key use cases in the banking and FinTech sectors where WhatsApp chatbot has shown to be incredibly effective.

WhatsApp Chatbot for FAQ
There are a lot of customer service chatbots out there, but one of the most typical uses for chatbots in the early phases of implementation is answering FAQs. The FAQ chatbot helps banks and customers communicate more smoothly by providing quick and straightforward answers to common questions. Customers may access the information they need at any time of day or night, eliminating the need to search through online pages or wait on hold for simple responses. It also makes public information available across numerous channels 24 hours a day, seven days a week, in a more seamless and less obtrusive manner.

Whatsapp Chatbot for customer waiting

Customers are impatient when it comes to waiting, so avoid putting them on hold for an agent or for the contact centre to open for business by automatically passing them to the chatbot, which can take a message, revert if necessary, or reschedule a callback.

Whatsapp Chatbot for Payment
A Payment chatbot can drive and tell clients about forthcoming payments ahead of time, including the due date and amount. It has the ability to confirm payment receipt and related information. Customers may also use the chatbot to make payments faster, without having to enter their account information each time they wish to make a transaction. Customers are authenticated by a Payment chatbot so that it may securely access their account information from bank systems, verify transactions, and process payments.

Whatsapp Chatbot for Onboarding
The client journey during onboarding is one of the most crucial aspects. It is a revenue opportunity for banks since they want to enrol new clients in their products and services as rapidly as possible, resulting in sales and a recurring revenue stream. In many cases, an easy onboarding process leads to greater acceptance and usage rates, which is one of the most important factors in decreasing churn.

If you want to construct a WhatsApp chatbot for your real estate business that is business-centric and can match your exact requirements in a matter of hours, you’ve come to the right place. With our expertise in bot development and customer insights, we at BotBuz would be delighted to assist you. Visit us at BotBuz or contact us at hello@botbuz.com.

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