6 Applications of WhatsApp Chatbots in Banking & Finance

Yellow Messenger

Since January 2018, when WhatsApp allowed businesses to use its platform, WhatsApp Business has achieved new milestones with passing times. WhatsApp Business API has provided multiple opportunities to use it for customer engagement, customer support, up-selling, cross-selling, increasing revenue, employee on-boarding, and much more.

What makes AI-enabled WhatsApp Chatbots loved by businesses of all sizes?

With the onset of artificial intelligence-related technology, the automation of various human-related manual works has changed to quite an extent. Communication, transportation, trade, and the market have completely transformed itself in various aspects. The change has made the world quite a different place to live in. The detailed journey of each sector using the respective suitable technological trend is lengthy to take into consideration in one blog. We will see how the major part of communication in customer service has changed through the most popular app, i.e., WhatsApp.

For lucid and simple chatting services, WhatsApp was launched back in 2009 by Brian Acton and Jan Koum. Today, this app is a cross-platform messaging service with numerous services attached to it. It allows various forms of online communication, including voice messages, video conferencing, media accessibility through sharing, document sharing, and location coordinates sharing with your contacts.

Earlier, the usage of WhatsApp was confined to informal relations and friend circles. As the service-client relationship bloomed with the extended versions of social media platforms, Whatsapp came up with a new business model that offers customer support and customer interaction using Whatsapp chatbot.

The WhatsApp chatbot integration helped organizations gain presence in their social network while maintaining employee engagement with customers and 10X enterprise growth. WhatsApp has become the perfect tool to get accessibility to a wide section of people using WhatsApp chatbot.

In 2018, the official business-oriented platform of WhatsApp business was launched and allowed business messages to be delivered, according to the scenario of any organization. It also allowed automatic responses and sorting along with the business profile of the organization with the help of the chatbot.

Yellow Messenger is one of the official partners of WhatsApp. With our advantage, you can get your business account verified and engaging with customers within 2 weeks.

official partner of whatsapp business platform

WhatsApp chatbot witnessed a boom in various industries because of its potential application in all industries. The potential impact of WhatsApp on the banking & finance sector is supposed to have been appreciated and anticipated in recent times.

As pointed out in the Retail Banking Trends 2019, simplifying the customer journey is one of the top three priorities for the coming years. With WhatsApp Business API, the financial sector is powering customer service with instant account balance, mini statement reports, latest transaction records, and payment transfers in an engaging conversation module.

Let us see the popular use cases of the WhatsApp Business in the Banking and Finance sector.

6 Applications of WhatsApp Chatbots in Banking & Finance

Report fraud/unusual transaction activities

The quick fix grievance corner in case of any unusual activity observed in the customer’s account could be a WhatsApp chatbot. Just one message on WhatsApp and the further process will be initiated by a bot, all by itself. No human intervention will be needed, and the level of alertness and productivity would be top-notch. Also, the usual delay experienced by customers while filing a complaint against any such act would be nil. The seamless approach to this use case holds a very important position to mitigate the problem of fraud transactions.

Lead Generation and Nurturing

The art of marketing and generating a loyal customer base is as important as developing the next five-year development plan for the organization. As 1.9 billion users are registered on WhatsApp and over 180 countries are connected through this one platform, reaching out to potential customers becomes easy.

The organically generated quality leads through WhatsApp chatbot help to widen the circle. But to maintain the leads, there is a strong requirement of a responsive mechanism of reverting and follow up through texts.

To avoid repetitive replies, the feature of quick replies decreases the manual workload of typing thousands of messages. The real-time replies guarantee customer satisfaction and build brand awareness, as well. The feature makes the banking and finance industry quite interactive with their customer base. The advertisements sent over WhatsApp tend to convert at a higher rate than any other platform. This results in profits in the banking and finance sector.

Customer Support

The long waiting queue on any customer service executive number makes the users lose interest in the service, and the credit goes down, but with the WhatsApp chatbot, the customers can stay acquainted with the details of their bank details, account, transactions, saving, funds, current balance and what not!

Also, the services are just one tap away, and hence hassle-free customer support can be ensured. WhatsApp Business notifications can be sent regularly on a user's registered number, and they can stay updated through the WhatsApp chatbot. The required assistance can be fetched through the WhatsApp chatbot.

Banking & Finance at Home

The banking and finance industry deals with a hefty amount of documents. The initial phases are quite tiring because of the number of form submissions, including KYC and various other eligibility proofs required as part of the process. This leads to higher drop rates and leads to non-convertible deals in the end.

WhatsApp chatbot simplifies the process and makes the process easily accessible with the comfort of home. The service is popularly known as WhatsApp banking because the whole process gets completed on WhatsApp. The general alerts and notifications related to the bank account are constantly sent through the WhatsApp chatbot.

Even the launch of many banking campaigns related to loans is sent to customers in the form of conversational ads. This makes them aware of the scheme and campaign, and they don't even have to visit the bank physically. This application of WhatsApp naturally decreases the difficulties faced by customers when they visit a bank. Be it about long queues or the infinite lunch breaks!

whatsapp banking advantages

Agent Support

Even with the conversational ai system, the need for human presence might be required. In those situations, a voice and video chatbot sub integrated can really help out. Or a simple ticket system chatbot where the bot will collect your information and schedule a call with the agent. As it’s a bot it will still be the first level of support to help out users with general queries. Whatever queries the chatbot cannot answer can be transferred to the agent in real-time. At the backend helps agents with the conversation journey and helpful answers to the customers’ queries.

Personal financial adviser

The general mindset of people who invest their money is a bit uncertain about the plans and schemes offered by the bank. They often visit banks or their financial institutions frequently to discuss that and waste unnecessary time.

WhatsApp chatbot, on the other hand, takes a few inputs from the user and presents the best plan and scheme according to the requirements and scope of the investor. This saves time and effort to such a great extent that investors start feeling easy with their financial planning.

As WhatsApp chatbot advises efficiently about the money investment plans, it also looks out for the optimum performance of various plans executed by the investors. It further helps in managing the financial plan delivered to avoid any loopholes.

The best part is the maintenance of the insights of the customer by WhatsApp chatbot and hence successfully raises the bar for customer satisfaction. It ensures the best outcomes as when the scope is out of its artificial intelligence reach; the bot quickly sends an alarm for some human help to intervene. Hence the balance is maintained successfully by installing WhatsApp chatbot in the banking and finance industry.

whatsapp chatbot as financial advisor


There are a few steps to get started with the Whatsapp business chatbot; but once the customers are adequately informed about its usage, the benefits of Whatsapp chatbot starts surfacing and helps in 10X growth of the company.
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