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conversational automation started as hype in most industries. However, today, the trend earns a space among the top most effective business growth strategies, banking and finance notwithstanding.
While automated conversations make up the core of this approach, messaging apps like WhatsApp are the unstoppable driver behind the growing adoption. WhatsApp banking is transforming the way financial institutions, fintech professionals, and developers approach customer-related operations, offering a real business advantage.
Given WhatsApp’s growth — it’s nearing 3 billion active users worldwide — its global reach and business potential can’t be ignored.
Why Does WhatsApp Banking Matter Now More Than Ever?
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today face significant pain points, including rising customer acquisition costs and high customer churn rates. In the competitive fintech landscape, the pressure is even higher.
According to this report, 73% of new Fintech users churn within the first week. Customer retention plays an important role here, especially considering that Fintech has the highest customer acquisition cost in the SaaS industry.
However, competition and customer behavior aren’t the only factors at play here. Today, the financial industry is under the same scrutiny customers direct towards any other eCommerce or brand on the market. Services like Amazon have set the bar of customer service . And it’s not just about 24/7 connectivity and availability. 72% of customers claim personalization influences their choice of bank.
How Does WhatsApp Banking Work?
WhatsApp banking is fax list enabled via the WhatsApp Business API, which allows businesses to connect their systems and services with the messaging tool. Using the API, banks and financial institutions can develop their own WhatsApp chatbots for banking to handle a wide range of customer interactions.
The WhatsApp Business API is key to creating seamless experiences in WhatsApp banking. It facilitates the integration of various banking systems, such as account management, transaction processing, and customer databases, with the WhatsApp platform. This integration also allows for real-time data exchange between WhatsApp and other tools, which ensures accurate and efficient interactions.
While rule-based WhatsApp chatbots were already game changers for the financial sector, AI-driven chatbots are further transforming customer service in banking.
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