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WhatsApp Chatbots for Fintech – A Complete Guide

Banks have been at the lead of technological modernisation. More so than ever in this century, such institutions have become big technology companies with banking licenses. At its essence, banking is not just about profit but about developing personal relationships. Indian Banks are working in overdrive to service billions of citizens. FinTech and Banks are the most beneficial domains of digital transformation facilitated by progressive technology and exceptional communication standards. 

WhatsApp Chatbots in Banking and Fintech

When it comes to marketing or customer service, the WhatsApp Business solution is one of the most powerful channels, as billions of people actively utilise the app in more than 180 countries to stay united. From automating conversations with users, facilitating customer service with real-time signals, account balances, latest transaction records, payment transfers, and efficiently conducting research/surveys, the WhatsApp Chatbot in banking and fintech can help the industry offer an impeccable customer experience, thus minimising hand-operated efforts and increasing performance. 

Recent studies reveal that 85% of the consumers prefer to get the chatbot solutions instead of revisiting sites and scrolling in or posting their questions in the search box. WhatsApp chatbot is designed to have a conversation with humans over text chat. Various FinTech companies can use WhatsApp chatbots to generate leads, extend support, and deliver assistance on the world’s most favourite messaging app. In a relentlessly competitive FinTech world, where consumers often grieve about the lack of straightforward accessibility to good customer support and service, WhatsApp chatbots can be a genuine game-changer that can promote easy interaction with your prospects and current customers through the app that they use the most.

Fintech companies must handle various complex databases and store their customers’ confidential data, and it is humanly impossible to handle everything at once. Instead of bringing more employees to manage added work and get them trained, chatbots make it simpler by operating everything flawlessly. The companies don’t have to depend on their workers, and no matter what time it is, they can locate the data on their system. 

Use Cases of WhatsApp Chatbots in FinTech

Let’s find out how these emerging technologies in fintech adapt the WhatsApp chatbot strategy and benefit the industry and its customers: 

  • 24*7 Customer Service

The 24*7 service can be united with a hotline number, website, quick text message support, mobile applications, and social media channels to enable customers’ service considerably. This service is an indispensable piece of staying connected, allowing a high level of professionalism, and helping customers through a complex process such as blocking card theft, account balance reports, generating pins, etc. 

  • Digital Transactions

Digital transactions in fintech chatbots are peer-to-peer payments and help the customers carry multiple kinds of money processes. For instance, the automation in fintech chatbot can link the bank account or Paypal or with other mobile apps such as Paytm, Amazon pay, etc., of the clients and assist them in paying bills, transferring money, online shopping, etc.

  • Loans and Insurance

Chatbots are meant to provide interactive insurance and loan product solutions to more customers at the ease and comfort of their homes. A person only needs to answer some particular and straightforward questions. A chatbot can then automatically answer their queries, offering them customised and cost-effective services and helping them in uploading the usual documentation to avail the services. 

Fintechs have redesigned customer expectations, setting new and greater bars for better UX. Any financial service provider that has not acquired a conversational strategy is already left behind. mTalkz’s seamless dashboard allows one to view multiple metrics to track the current functioning of the bot. They assure that by using their WhatsApp Chatbots, you can observe a 97% readability rate. There are infinite solution providers, but a provider like mTalkz acts as an API hub, enabling you to instantly start using the WhatsApp API for Business. Therefore, it is always more valuable to partner with technology companies to help you entirely, straight from setting up your WhatsApp Business API account to API integration to initiating and rendering the best results. 

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