Reported by: banking|Updated: May 20, 2020
By Rajeev Yadav, MD & CEO, Fincare Small Finance Bank
Adoption of digital-first as a way of life in banking is now the official mantra of every banking institution across the world. It is the only shift that will bring in rewards, both in forms of customers and profits, in the new world order. It is now a proven means of new customer acquisition, and onboarding, enhancing customer experience and building long term loyalty.
Awareness first! Of course, if a potential customer is not acquainted with the product or service on offer, he/she will not suddenly sign up for a WhatsApp Banking service of the Bank. Today, more and more Institutions are putting their money in connecting with customers directly and connecting through their preferred channels. A serious attempt is being made to be part of the communication ecosystem of target customers, using ads, SEO, social media updates, and their own websites, all in order to build a direct relationship, as quick as possible. In this foray, WhatsApp has become a platform of choice for banks serious about their digital play. And, is it just customer engagement that is the objective? Surely not! The platform offers much more to the smart player who understand and adopts this platform the right way. For WhatsApp Banking can offer real-time information about accounts, resolve basic and a few advanced banking queries and transactions as well. Smart, ain’t it?
WhatsApp is a dominant player in the personal, social and business networking world. A platform with security and reliability as the cornerstones. No wonder it has nearly 400 million users in India alone.
So, what can WhatsApp Banking do for you and how do I start using it?
The Bank offering this service, shall provide a WhatsApp number. It may be mentioned on the website, or communicated through their branch/sales teams. As a customer of the Bank, you can store this number in your mobile and then simply start using the available services. That simple!
(Note: the registered number must be used for giving the missed call for availing WhatsApp banking service).
Among other things, you can start receiving communication, such as details of ATM withdrawals or Point of Sale (POS) transactions.
Besides the basic alerts, you will also have an option to be able to communicate with the bank in normal language such as “What is my balance?” or “Order a cheque book” etc. Many Banks are also allowing two-way communication with replies to messages and offers banking services such as checking balance and mini statements through WhatsApp. Yes, so if you wondering if it is worth becoming a customer, it is sure worth checking this one out!
Pitfalls of WhatsApp Banking: Though the channel is heavily protected and safe with no known breach of data, there may be situations where a mobile phone is lost or stolen and if the WhatsApp channel is freely accessible, personal data, including banking data may get compromised. Of course, if you happen to confront such a situation, inform your bank at the earliest. Also, you have the option to deactivate your WhatsApp banking account and inform the provider.
WhatsApp Banking rests with some other path breaking innovations that bode well about the future of banking. A WhatsApp Banking Bot which interacts in human language, that too multi-lingual, is one step ahead of the curve. This space is going to get more exciting in the future but the early movers will always have an advantage.Perhaps time to say goodbye to the branch visit and parking hassles – jump in to your favourite channel any time of the day and do all your transactions, hassle free!