WhatsApp has championed the space of communication since its arrival. With 1.6 billion users in 180+ countries, WhatsApp has emerged as the go-to messaging app because of its ease of communication. Moving ahead, enterprises are now looking forward to leveraging this space in the best possible way with the introduction of WhatsApp Business Solution. There’s a lot of buzz around how businesses will be reaching out to its customers using WhatsApp and it is for all the right reasons. For enterprises potentially looking out to enhance their customer experience, WhatsApp Business Messaging can be a real game-changer.
Over the last couple of decades, banks have been utilizing their legacy platforms to undertake commercial and retail banking. With rapid advancements in technology, these core banking functions are now evolving into modernized systems. When it comes to automation and digitization of banking functions, there is a vast dependency on technology and transformation. This is owing to benefits such as increased productivity, reduction in costs of ownership, integration of technology, better time management, delivery of superior customer experiences and the creation of digital and physical touchpoints through omnichannel approaches.
Organizations in the banking and financial services industries have websites and mobile applications integrated into their daily operations – both internally and externally. With increased digitization, comes better outreach and the ability to enhance customer experiences and involve more people in the banking network. One of the most interesting digital approaches that organizations in the BFSI sector have adopted is conversational banking.
In recent years, financial institutions have undergone a shift towards a digital-first mindset. As society moves increasingly online, consumer perceptions of the most optimal way to manage their finances have also begun to change. By 2024, an estimated 2.4 billion people will utilize online banking, whether that be through branch apps, saas solutions, or various fintech options.
One of the most salient aspects of today’s financial technology is the ability for businesses to better engage with their customers. Conversational tools such as chatbots mean that brands can provide high-level, multi-layered customer support, regardless of whether they’re a startup or a global name.
There is an inherent opinion by experts that the use of Artificial Intelligence (AI) in the Banking, Financial Services and insurance (BFSI) sectors can increase operational efficiency and bring about digital transformation in the industry. The reason is simple – conversational AI can bring about two-way communication interactions between these institutions and their customers.
So what are the current pain points that your customers are facing? The list begins right from endless queues in the banks for simple operations like, getting a demand draft, cash deposits, passbook updates, premium payments, etc. Even a simple query like ‘how to open a savings account’ needs assistance from banking personnel. Secondly, there’s the restriction of working hours. It doesn’t matter how urgent or long your query is, and you need to show up at a bank at the designated working hours of a bank, not to forget the ‘second-Saturdays’ and ‘bank holidays.’ The need for faster services, shorter queues, and enhanced customer engagement cannot be stressed enough.