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WhatsApp Channel for Neo Banks

1 out of 5 people on the planet already use Whatsapp.

Not only does this messaging app has a massive reach, but it has also managed to make people hooked onto its platform.

It’s great to have mobile apps and web financial services, but people don’t visit those channels as often as they visit their Whatsapp. Hence to constantly stay on their mind for any of their financial needs, you need to make sure you are accessible to them on their preferred channel.


3 applications of Whatsapp Chatbot in banking and finance

The cut through a wildly competitive field like banking and finance, Whatsapp chatbot can prove to be instrumental. Here are the three primary provinces where it can help you:

Customer Service

A study conducted by Gartner suggests that 85% of banks and businesses will interact with customers through chatbots soon. Another study by Juniper Research tells that chatbots can help save banking & FinTech players billions of work hours through automation and implementation of various conversational tools.

It is an ideal channel of communication for you to provide customer service to your users. They need not wait in the queue of the customer service centre for hours. Through Whatsapp chatbots, they get instant and round the clock service.

Alert and Notification

The chances for a bank notification to get missed is comparatively higher than the chances of a Whatsapp notification. Traditionally, WhatsApp sees a delivery rate of 100% and an open rate of 97%

Sending alerts and notifications related to cheque deposits and upcoming bills via Whatsapp will boost the chances of getting the notification seen. This enables banks to have purposeful communication with their customers.

Promotions and marketing campaigns

Whatsapp chatbots can also be used to run promotions and marketing campaigns. As discussed in the above two points: Better customer service through automation coupled with the likelihood of attention can lift the CTR (Click through rates) for your offers and campaigns.

WhatsApp has seen a 100% deliverability rate and 3x the conversions.


It could lead to effective ROI (Return on Investment) through enhanced customer engagement on your marketing communications.


5 Use Cases of Whatsapp Chatbot

Below are the five use cases of Whatsapp chatbots in the banking and fintech functions

Lead generation

Adding a simple click to chat option on Whatsapp can help you engage prospects. After somebody clicks on the ‘click to chat’ option, it opens a dialogue between you and your prospect, and since the user is familiar with the interface, it’s much easier to engage them.

However, they are still only at the first stage of your marketing funnel, and you have to push them down through your communication to convert them.

Customer Onboarding

 Once your lead is ready to convert into a customer, the most important stage arrives; customer onboarding.

This is crucial because typically, many people drop at this stage due to lengthy processes, inefficient channels etc. Whatsapp chatbots can help you overcome this problem by simplifying the onboarding process.

The customer need not go through rigorous KYC checks; they only need to send a copy of the required documents via Whatsapp message.

Informational update through Notifications

You can also send real-time updates and information like account details, links to services offered, and google location of the nearby ATMs etc, to your newly onboarded customer through Whatsapp.

You can also send answers to FAQ’s that come through. Instead of transferring customers to 40-page FAQ sections, answer queries on the go using WhatsApp Chatbot.

Digitalise requests forms -

Digitise non-financial transactions/activities like blocking the card, requesting a cheque book etc., through Whatsapp. Enable customers to initiate requests in just a message without the need to fill physical forms.

Advisory Feedback

A study by Moz suggests a single negative review can lose a company as many as 22% of its customers. Hence you need to take timely feedback from your customers to constantly improve your processes.

Track customer satisfaction through the process to determine specific drop off points and work towards them.

Examples of Whatsapp Chatbot in banking and FinTech

DBS Wealth Chat -

DBS is a leading financial services group in Asia. It offers DBS wealth chat – a service that allows its clients to easily interact and transact with their relationship managers (RMs) via WhatsApp.

It enables its clients to use WhatsApp messaging to access DBS wealth services while maintaining all the regulatory compliance standards.

Axis Direct’s Virtual Assistant on WhatsApp

Axis Direct is the stockbroking and financial services subsidiary of Axis Bank. The company has launched a WhatsApp-based virtual assistant to offer personalised market information to customers.

The Whatsapp bot offers research ideas, personalised alerts, and market updates. It is also equipped to offer stock quotes, live portfolio values, and answer all sorts of investor queries on WhatsApp chat.

It’s an investment you will not regret making

Whatsapp chatbot is genuinely an investment in your company; it helps you with everything from lead generation to customer service. Additionally, it enables you to save time and money by automating tasks while also being the most convenient and accessible channel for your users.



Comments: (2)

A Finextra member
A Finextra member 03 September, 2021, 12:00Be the first to give this comment the thumbs up 0 likes

What is your view for customer onboarding on Whatsapp? Granted it will include lots of steps even with Aadhar seeding, however Is ther a way onboarding can be done on this channel?

Abhinav Paliwal
Abhinav Paliwal - PayNet Systems - India 03 September, 2021, 12:25Be the first to give this comment the thumbs up 0 likes

A user can be registered as a customer even if she does not provide any KYC - Such a customer has limited rights.

Most of our clients are using Whatsapp / Facebook chatbot based based onboarding as it has better conversion rates.

Aadhar or any other regional KYC process can followed in stages. 

Abhinav Paliwal

Abhinav Paliwal


PayNet Systems

Member since

08 Jun 2021



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