WhatsApp is not just a messaging app anymore; it has over 2.5 billion users globally, and it is a disruptive force for businesses, especially in the BFSI (Banking, Financial Services, and Insurance) sector. If we talk about India specifically, WhatsApp is the main app used for communication, which presents a golden opportunity for BFSI organizations to communicate and efficiently reach their customers.
Why WhatsApp is Perfect for BFSI
Times Mobile understands what customers expect today, they look for fast, convenient and secure services. Therefore, BFSI companies can benefit by optimizing their operations and by personalizing interactions with customers using WhatsApp. And the numbers do not lie:
Did you know that WhatsApp messages have an open rate of 95%, while emails barely reach 21%?
89% of customers love WhatsApp-based banking services.
On top of that, content that’s easy to read and chatty gets 40% more engagement.
So now, let’s talk about how BFSI companies can use WhatsApp for KYC updates and much more.
1. Faster Customer Onboarding
Acquiring new customers can be difficult, but WhatsApp has made the whole process a much easier experience. You can safely share documents, send OTPs (One-Time Passwords) and receive real-time updates. All of this will help you to simplify the processes and keep you informed of what is going on with your customers.”
- Document Uploads: Customers can conveniently upload their KYC documents via WhatsApp.
- Instant OTP Authentication: Instant identity verification keeps things moving.
- Instant Notification: Customers get real-time notifications on their KYC or application status at any time.
2. 24/7 Customer Support with AI Bots
WhatsApp is not only for messaging but it is also a very great customer support channel. With WhatsApp’s AI-powered chatbots, customers can get answers to basic questions (about account balances, loan eligibility, and card issues) that too 24/7.
Here’s how it works:
“Hi! How can I help you today?
- Card Services
- Account Balance
- Loan Services
- Insurance Updates”
Customers can quickly select an option and get instant answers without waiting in line. For anything complex, they can talk to a human agent.
3. Real-Time Transaction Alerts and Notifications
By using WhatsApp’s features, BFSI companies can provide real-time alerts to their customers about their account activity. Be it a credit card transaction, a loan EMI due date, or a suspicious transaction, the customer is alerted in a matter of seconds.
4. Lead Generation and Qualification
WhatsApp can also be used to capture leads and see which customers are a good fit. Whether it is to secure a loan, credit card, or insurance policy, BFSI companies can run ads on WhatsApp or just put an easy ‘Contact Us’ button on their sites. When someone is curious, they can use that button and contact the company on WhatsApp and this is where an AI bot will ask some basic questions to collect information and see if they are a good potential match. If everything looks good, the bot can set up a meeting or pass them on to a sales rep for the next steps!”
For example:
“Hello! Are you interested in a personal loan?
To see if you qualify, please answer a few quick questions.“
After the customer provides their details, the system can qualify the lead and schedule a meeting with a relationship manager.
5. Loan Application Updates & Processing
Getting a loan means sending out tons of messages back and forth with clients (for updates, documents, and approvals), but with WhatsApp, this can be much simpler! It can send real-time updates regarding missing documents, and even be used as an easy way to coordinate a quick verification call! Overall, it just speeds things up!
Customers are informed at every stage, so there is no need for repeated emails and phone calls.
6. Paperless Policy Management for Insurance
Insurance companies can also reap significant benefits using WhatsApp by moving their policy management to a paper-free (i.e., online) service. Customers can receive policy documents, premium receipts, and renewal reminders directly via WhatsApp. They can also report claims and track their status all within WhatsApp.
Why Choose Times Mobile’s WhatsApp Business API?
You can better connect with your customers in a quicker, smarter way with Times Mobile’s WhatsApp Business API. As a leading WhatsApp Solution Provider, we offer a range of exciting features that make it much easier and more efficient to talk to your customers.
With broadcast notifications, multi-agent chat, and payments via WhatsApp, you can mobilize your team and connect with your customers quicker than ever before. Our easy to use chatbot interface allows you to automate responses while ecommerce catalogs help display your products. Your team can also take advantage of segmented contact lists and in-depth analytics to personalize interactions and evaluate performance. Times Mobile helps you provide seamless, high-quality service that keeps customers happy.
No responses yet