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WhatsApp Chatbot Advantages for Banking and Finances

By Jessica Jacob
08 / 11 / 2021

Digital transformation has reached the field of finance and banking. Banking and Finance is one of the areas that will get the most benefits of the digital transformation, achieved through progressive technologies and advanced connectivity standards. According to Deloitte 2019 Banking Outlook, digital methods have become a key strategy for the sector. With the growth of financial technology, retail banking is rapidly adopting a mobile-centric customer experience. Investment in mobile technology has increased dramatically, with banks spending on improvements in every channel, particularly in digital banking. 

Automation of existing processes is not enough. As outlined in the 2019 Retail Banking Trends, simplifying the customer journey is one of the top three priorities this year. Customers increasingly expect customized, value-added, real-time, self-service, and personal engagement services. Enabling clients to manage their financial lives without the hassle is now a real point of difference.

whatsapp chatbot

In this context, WhatsApp Business emerged as one of the most desirable channels by banks and financial companies. With the WhatsApp Business API, the financial sector can support customer service with real-time account balances, mini-reports, recent transaction records, real-time alerts, and even payment transfers (usually to existing contacts). As online engagement becomes more conversational, using chat apps to facilitate banking transactions for clients makes a lot of sense.

Also read: WhatsApp Business API: Basics and Ultimate Guidelines

What is a Chatbot?

Chatbot has been making business life easier. It can help automating different tasks from auto reply such as conversations with users and customer service with real-time alerts. Chatbot can also help record daily data logs for instance account balances, recent transaction records, and payment transfers. It also can efficiently conduct research and surveys. Specifically in the banking industry, WhatsApp chatbots can help provide a seamless customer experience by minimizing manual effort and increasing efficiency.

Simply put, the chatbot on WhatsApp is a piece of software that runs on the WhatsApp messaging app. Chatbots are supported by a specific set of rules or artificial intelligence. WhatsApp chatbot is basically designed to have conversations with humans via chat. Banks and finance companies can use WhatsApp bots to generate leads, provide support and provide assistance on the world's most popular messaging app.

In the highly competitive field of banking and finance, where consumers often complain about a clear lack of access to customer service and decent resources, WhatsApp bots can be a real game-changer that can facilitate easy interaction with potential and existing customers via an application they use the most.

Top 5 Use Cases - Whatsapp Chatbot For Banking & Finance

Below are some of the important use cases where WhatsApp API solutions have proven to be very effective in the banking and finance sectors.

1. Lead generation process

WhatsApp chatbot for banking and finance can be the best way to generate high-quality leads. By adding a simple “click to chat” feature on the most preferred chatting app, companies can engage their prospects via WhatsApp bots.

Once a customer initiates a conversation, their name and phone number are automatically retrieved. User knowledge of the WhatsApp API helps banks and finance companies engage them faster, thus driving them to more conversion.

2. Follow up with the potential client

Once you have collected the contact details of your prospect, they can now proceed to the qualification stage. Simply checkout and payment via WhatsApp bots, and it can help increase your conversion rate significantly.

3. Upload document

In terms of banking and finance guidance, submitting documents, including KYC and other eligibility verification documents is one of the most important steps. Usually, many clients quit at this point due to various reasons such as complex operations, inefficient channel management, or something similar.

WhatsApp chatbot for Banking and Finances allows you to simplify the process of sending documents as customers only need to send copies of the required documents via Whatsapp messages. This makes the entire document submission process simple, fast, and efficient.

4. Send information updates

WhatsApp chatbots can also be used for banks to send requests and information in real-time to customers such as:

  • Automation FAQ - Is my check/transaction clear? What documents do I need to submit and where? How do I apply for a loan?
  • Troubleshooting help

An excellent example of this is the WhatsApp chatbot for banking and finance that sends all relevant information such as account details, links to services offered and Google locations from the nearest ATM to newly joined customers.

5. Manage account details

WhatsApp banking bots can help customers simplify the process of managing their various account details and facilitate various account-related requests in a single WhatsApp conversation.

The bots are equipped to retrieve customer account information, including account balances, recent transactions, payment due dates, and other relevant details. The bank account bot can be used either as a standalone bot or as part of a personal finance management bot. It can handle queries such as user authentication, automate required tasks according to the customer's intention and add intelligence to WhatsApp conversations by accessing the required information.

Also read: Verification WhatsApp for Business to Build Trust with Customer


One of the main reasons banks lost their customers is poor customer service. As a result, the banking sector is now heading for a paradigm shift and starting to make a change in the way it communicates with customers.

WhatsApp chatbots for banking and finance make your banking services more accessible to customers, along with a satisfactory journey. This not only helps you retain your customers, but also attracts new customers to become loyal customers.

From those use cases, WhatsApp Business has proven to be very useful for the Banking and Finances field. But do you know that you can use not only WhatsApp Business, but also another messaging platform as an engagement platform for your customer in a single dashboard?

Try using OneTalk by, an omnichannel messaging platform that provides you with excellent omnichannel services with various features. Quick reply for template messages? check. Assign agents to designated topics? check. User analytics to provide you with insights? Check. Automated messages while your agents are away? CHECK!

Be a part of amazing customer satisfaction with OneTalk. We are waiting for you to join this seamless way to improve your customer journey and make unforgettable customer services. Click here to chat with our agent and see more features for you.

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Jessica Jacob
Jessica Jacob memiliki lebih dari empat tahun pengalaman dalam pengembangan strategis di sektor teknologi, dengan latar belakang kuat dalam penjualan korporat dan manajemen proyek. Di, dia berfokus pada inovasi dan pertumbuhan bisnis, membangun kemitraan strategis lintas industri. Sebelumnya, Jessica berperan aktif dalam mengembangkan kemitraan kanal baru dan memimpin tim lintas fungsi yang berhasil meningkatkan penjualan tahunan sebesar 45%.
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