The arrival of WhatsApp Banking in the financial sector is a trend worth knowing. What is it? It is a service that takes advantage of the popularity and ease of use of WhatsApp to offer the management of banking services. This approach allows users to access financial services and make transactions directly from the WhatsApp application, and is increasingly used by financial institutions because it provides a more accessible and convenient banking experience to their customers.
We are talking about a tool that serves to offer a more convenient and accessible banking experience, since users can access financial services directly from a messaging application that they already use regularly. In addition, it gives banks an effective way to interact with customers, improve satisfaction and optimize processes linked to finances.
What is WhatsApp Banking for?
This service falls into the field of conversational strategies, which means that they are based on enabling an automated or agent-assisted chat system. Some of the tasks and features that WhatsApp Banking enables:
- Balance enquiriesUsers can check their account balances and get information about recent transactions directly through WhatsApp conversations.
- Money transfersWhatsApp Banking allows users to transfer money between accounts, either within the same bank or to accounts at other financial institutions.
- Bill paymentsCustomers can pay their utility bills, credit cards or other services directly from the WhatsApp app, simplifying the financial management process.
- Alerts and notificationsUsers can receive alerts and notifications about important activities on their accounts, such as deposits, withdrawals, successful payments, etc.
- Service RequestsCustomers can make requests for additional services, such as activating a card, blocking an account, requesting checkbooks, among others.
- Customer SupportWhatsApp Banking is used to provide customer support quickly and efficiently. Users can ask queries, resolve issues, and receive responses in real-time.
- Security. Security measures are implemented to protect financial information and transactions, end-to-end encryption protocols, meaning that messages can only be read by the sender and recipient. This may include two factor authentication and end-to-end encryption to ensure user privacy and security. We will see later how Simpletech can add an extra layer of security to your WhatsApp Banking transactions.
Integration with chatbots
Many financial institutions use chatbots to manage interactions on WhatsApp Banking. These chatbots can provide automated responses, guide users through processes, and facilitate basic transactions.
The virtual assistants AI-based assistants are a great innovation that can boost WhatsApp Banking operations. These assistants can respond to voice or text commands, performing specific actions and providing instant information. It is a capability that not only speeds up the execution of tasks, but also facilitates natural and hassle-free interaction between businesses and their customers. At Simpletech we have WittySuite, a set of tools that allows the new user to perform the digital onboarding quickly, comfortably and safely, ideal for when the user needs to register in the company's banking system.
AI-powered care agents
At Simpletech we offer products and services that make it easy to implement WhatsApp Banking, whenever conversations need to be held with potential clients or users. We allow you to:
- Provide a automated customer support so that you always have an answer to your questions.
- Create interaction flows with chatbots to which you can apply AI.
- Transfer processes to the chatbot to save time and resources.
- Use software for personalized customer service by agents. When a conversation needs to be escalated to a human, we provide you with an omnichannel tool for customer service.
- Improve your agents’ productivity with AI features built into the agent tool, such as summarizing conversations, converting audio to text, extracting information from documents with OCR, categorizing conversations based on AI-suggested tags, and much more.
Real-time assistance with chatbots is an increasingly closer reality with increasingly better results, since AI is trained and manages to generate conversations that are increasingly fluid and more efficient. If you are interested in the world of large-scale conversations, we recommend this article on conversational marketing.
How to enhance the security of WhatsApp Banking with Simpletech
In principle, the WhatsApp Business API does not provide a way to faithfully confirm the identity of the customer. To solve this weakness, Simpletech has made the world's first implementation of voice biometrics for WhatsApp.
How does voice biometrics work for WhatsApp?
The voice is a factor that represents an unprecedented differential in terms of security. It is a unique and invulnerable feature of each individual thanks to the 72 parts of the human body involved in its unique creation. This makes it clear why voice biometrics implementations in the business world are increasingly used and valued.
What does it consist of?:
- A voice password is registered directly within WhatsApp in twenty seconds and can be used anytime the user needs to verify their identity.
- Using the algorithms, the voice is instantly verified using voice biometrics ensuring its authenticity to protect against falsification. It is possible to detect imposters (anti-spoofing) and the liveness of the audio, essential checks to ensure the identity of the user.
How to take care of security with conversational banking with Simpletech
Whenever financial services are discussed, one concept that cannot be overlooked comes to mind: security. The client must know that their savings, information and identity cannot be compromised. Hence the concept of KYC, which stands for “Know Your Customer”. That is, the “Know Your Customer” process that financial institutions carry out to verify the identity of their clients in compliance with legal requirements.
At Simpletech, thanks to our conversational technology, we offer a WhatsApp security system that provides customers with maximum security when carrying out their operations.
Besides:
- Digital onboarding. With our conversational system we can register the user while maintaining the highest security standards. One of our highlights is the voice biometrics.
- 2 Factor Authentication. Two-factor authentication (2FA) is a computer security measure that helps prevent or mitigate various threats related to unauthorized access to accounts and systems.
- Integration to credit validation API.
- OCR (optical character recognition) for capturing data in documents.
