TOP 11 USE CASES – WHATSAPP CHATBOT FOR BANKING & FINTECH

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1. Lead Generation Process

WhatsApp chatbot for banking & FinTech can be an excellent way to generate high-quality leads. Adding a simple click-to-chat feature on the most preferred chat app, companies can engage their prospects through WhatsApp bot. 

As soon as the customer begins the conversation, their name and phone number are automatically picked up. The user familiarity with WhatsApp API further helps the banks & FinTech firms to engage them much faster, thus pushing them further down to conversion.

2. Following Up with Prospects

Once you have collected the contact details of your prospective leads, they can now move to the qualification stage. A simple nudge and a push via WhatsApp bot can help boost your conversion rates substantially.

3. Document Upload

When it comes to banking and FinTech onboarding, document submission, including KYC and other eligibility validating documents is one of the most important steps. Typically, a lot of customers drop off at this stage due to varied reasons such as cumbersome process, inefficient channel management or something similar.

WhatsApp chatbot for banking and FinTech allows you to simplify the document submission process wherein all that the customer needs to do is send a copy of the required document via Whatsapp message. This makes the entire process of document submission simple, fast and efficient.

4. Sending Informational Updates

WhatsApp chatbots for banks can also be used to send real-time requests and information to the customers. Among these updates are –

  • Automating FAQs – (Did my cheque/transaction clear? What documents do I need to submit and where? How can I apply for a loan?)
  • Troubleshooting help

An excellent example of this could be a WhatsApp chatbot for banking and FinTech sending all the relevant information such as account details, links to services offered, and google location of the nearby ATMs to the newly onboarded customer.

5. Managing Account Details

WhatsApp bots for banking can help customers to simplify the process of managing various details of their accounts and facilitate different account-related requests in a single WhatsApp conversation.

The bot is equipped to retrieve customer account information, including account balances, recent transactions, due dates of payments, and other related details. Account bot for banking can be deployed either as a standalone bot or as part of a personal financial management bot that helps customers manage their finances better. It can handle queries such as user authentication, automating the necessary tasks matching the customer intents and adding intelligence to the WhatsApp conversation by accessing the information requested.

6. Instant Customer Feedback

After rendering your banking services, you can ask customers to rate you immediately via the same WhatsApp bot conversation. This will ensure real-time updates and a high-response rate, which is something extremely critical to banking and FinTech. 

The fact that WhatsApp is a frequently used and convenient app, enhances the chances that the customer responds to feedback surveys or messages. You can then leverage this feedback data to understand and serve the customers better.

7. Onboarding Customers

WhatsApp chatbot for banking can be used to start a conversation with potential customers while they are applying for a loan or visiting the website. You can offer the required help and onboard them eventually.

8. Payments and Money Transfer

Facilitating easy peer to peer payments, WhatsApp chatbot for banking and FinTech can assist your customers in making bill payments and transferring money without a hassle. By linking their bank or PayPal accounts to the bot, customers can easily shop, check their current financial balance and pay bills much faster.

9. Personal Financial Advice

WhatsApp chatbot for banking and FinTech can also be used to provide personal financial advice. Companies can analyse a person’s transaction history by their spending behaviour, followed by predicting future actions. This allows an AI-powered WhatsApp chatbot to serve as a financial assistant and make recommendations beforehand.

10. Managing Personal Finance

Thanks to WhatsApp chatbots for banking & finance, customers can check their balance and transaction history with just a couple of messages. They can also track their daily and monthly expenses and get spending insights similar to a personal financial manager, making it much easier for them to keep track of their personal finances.

Using WhatsApp bots, banks & FinTech companies can also help their customers set a fixed budget and send reminders to stick to it.

11. Savings Insights

Using WhatsApp chatbots, FinTech firms can offer smart saving insights to their customers. The bot can be used to calculate and inform the total savings customers can make. Based on the usage of their accounts, WhatsApp bot can be used to inform the customers of different schemes available.

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