Digital Banking is reshaping the banking landscape and conversational banking is one of the latest trends that is gaining popularity. According to Accenture Report 2024, 61% of sales were closed on the bank’s digital channels, and its cost-to-income ratio had fallen from approximately 50% to 43%. According to this report, pairing AI with people to offer personalized wealth advisory, guide commercial relationship conversations, tailor products for individual customers, enhance the quality of contact center interactions, and streamline their product application and onboarding processes, banks can improve their revenue by 6% or more within three years. Thus, conversational banking is being preferred by both banks and customers, for an improved customer experience. This can be achieved through communication platforms like WhatsApp.
Social Media plays a very important role as communication medium in our daily life and WhatsApp is the most popular instant-messaging platform, commonly used for media sharing and text exchanges. Now WhatsApp can be used for banking transactions as well. Banks can use WhatsApp for banking services and resolving queries on a real time basis. WhatsApp Banking is becoming a preferred banking medium by bank’s customers, due to a better customer experience through prompt responses.
WhatsApp banking takes advantage of the real-time messaging feature of WhatsApp and provides its customers instantaneous banking, right on their fingertips. This works like a “Digital Banker” chatbot that helps customers with banking operations like balance enquiry, account transactions, request account statements, cheques, pay bills and many more. Bank’s customers can text a simple “Hello” to the bank’s designated WhatsApp number and a list of useful banking operations will be provided to choose from. Customers just need to follow simple chat flow to perform their banking operations. WhatsApp Banking is rapidly growing popular among banking customers.
Easy and Convenient - Customers don’t need be tech savvy or download any additional app, for their banking transaction. It is as simple as chatting with a friend. Customers just need to follow simple chat flow to perform their banking operations.
Highly Secured - WhatsApp Banking has end to end encryption resulting a secured channel for all banking transactions through this platform. it is inherently and transparently secure. BankFlex servers ensure that all operations performed are fully audited.
24/7 Availability – WhatsApp Banking is one of the most convenient ways for bank’s customers to keep track of their banking account’s status anywhere and anytime. WhatsApp Banking uses an intelligent conversation engine for interacting with customers.
Increased Efficiency and Customer Experience– Due to automated responses, the banks can solve most of the customer enquiries instantly, resulting in improved efficiency for the bank and a hugely improved customer experience.
WhatsApp Banking is not just a concept anymore, it’s the talk of the town. To stay ahead of the curve, banks need to select an efficient and secured platform to provide their customers with an unmatched customer experience. BankFlex WhatsApp Banking uses the most popular chat application as a banking platform, in a secure and convenient way. Let us connect to know more about how your bank can improve customer experience by using this chat app without any complications.
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