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Generative AI Powered WhatsApp chatbot for Financial Services
Financial Institutes around the world are gearing up for WhatsApp chatbots by adopting
technologies like Artificial Intelligence (AI) and Natural Language Processing (NLP). This is
because of the massive penetration and increase in usage of WhatsApp across the world. In this
article, we will explore why Financial Institutes want to develop a WhatsApp chatbot, and how
they can leverage WhatsApp.
Let’s know more about this strategy and what are the NBFC Functions that are being executed through WhatsApp. This article will also help you understand how WhatsApp, Artificial Intelligence, Bot Technology and the latest Generative language model like ChatGPT together can improve marketing and customer services in Financial Services Sector.
Let’s know more about this strategy and what are the NBFC Functions that are being executed through WhatsApp. This article will also help you understand how WhatsApp, Artificial Intelligence, Bot Technology and the latest Generative language model like ChatGPT together can improve marketing and customer services in Financial Services Sector.
WhatsApp for Everyone
WhatsApp has 2 billion active users worldwide. It is ranked as the most used
mobile messenger
app in the world, more than 100 billion messages are sent each day on WhatsApp.
The average
WhatsApp user on Android spends 38 minutes per day on the app.
The WhatsApp Messenger app was already quite popular worldwide across all age groups. And has grown significantly under Facebook (Meta), becoming the most popular mobile messaging app on the planet. Financial Services sectors can take advantage of it’s wide accessibility, expansive network, and end-to-end encryption.
The WhatsApp Messenger app was already quite popular worldwide across all age groups. And has grown significantly under Facebook (Meta), becoming the most popular mobile messaging app on the planet. Financial Services sectors can take advantage of it’s wide accessibility, expansive network, and end-to-end encryption.
What is WhatsApp chatbot for Financial Services?
The Financial Services chatbot on WhatsApp is basically designed to have a conversation with
humans over chat. It acts as a Virtual Assistant to facilitate easy interaction with prospects
and existing customers, generates leads, resolves queries, offers support, and delivers
assistance as and when needed through the app that they use most. In an extremely competitive
FinTech space, where consumers often complain of the lack of accessibility to a Finance
Company’s services and lengthy & unsatisfying customer support, WhatsApp bots play a vital role
and can be a real game-changer. Juniper Research predicts that 63% of interactions in financial
institutes will be automated by the end of 2023 using chatbots.
Streebo Smart WhatsApp Bot for Financial Services is powered by leading artificial
intelligence (AI) in the market such as leverages leading NLP engines such as IBM
Watson
Assistant, Microsoft Copilot Studio, Power Virtual Agents, Google Dialogflow from GCP, Amazon Lex from AWS, and Wit.AI
from
Meta.
These bots are capable of accurately interpreting and responding to customer queries in real-time. In their most recent release, they have integrated GPT series language models and APIs from Open.AI to create ChatGPT-like solutions specifically for the Financial Services Industry.
These bots are designed to have human-like conversational abilities and impressive context-switching capabilities, allowing them to seamlessly transition between different conversation topics, even with complex tasks.
This bot provides voice & chat support on WhatsApp in multiple languages along with Live Agent Support. It is secured and trained until it provides 99% accuracy and is pre-integrated with a wide variety of Core Financial softwares such as EdgeVerve Finacle, Oracle, and SAP among others. The Smart Bot for WhatsApp Financial Services also provides the Advanced Analytics of user interactions that can be used to take business decisions. Accenture research shows that 57% of NBFCs agree that chatbots can result in large ROI with minimal effort.
These bots are capable of accurately interpreting and responding to customer queries in real-time. In their most recent release, they have integrated GPT series language models and APIs from Open.AI to create ChatGPT-like solutions specifically for the Financial Services Industry.
These bots are designed to have human-like conversational abilities and impressive context-switching capabilities, allowing them to seamlessly transition between different conversation topics, even with complex tasks.
This bot provides voice & chat support on WhatsApp in multiple languages along with Live Agent Support. It is secured and trained until it provides 99% accuracy and is pre-integrated with a wide variety of Core Financial softwares such as EdgeVerve Finacle, Oracle, and SAP among others. The Smart Bot for WhatsApp Financial Services also provides the Advanced Analytics of user interactions that can be used to take business decisions. Accenture research shows that 57% of NBFCs agree that chatbots can result in large ROI with minimal effort.
Functional areas of Financial Services where WhatsApp chatbot has brought transformation
A Generative AI Powered WhatsApp chatbot is better than a form for generating leads. It’s better
than phone calls for customer support and more effective on emails for customer engagement as it
can write human-like responses over emails. Messages delivered on WhatsApp see 3x of the
conversion of other channels. 51% of users prefer online financial services channels and around
26% of them would prefer using an asynchronous messaging channel like WhatsApp to perform their
financial operations rather than talking to a human agent.
Let’s go through the best use-cases for a Financial Services WhatsApp chatbot.
Let’s go through the best use-cases for a Financial Services WhatsApp chatbot.
Marketing/Prospect Bot on WhatsApp
By staffing Financial Services with this 24X7 available Intelligent WhatsApp Bot, marketeers can
empower their agents to both cross-sell and improve their customer conversion rate by an average
of 23% thus reducing their call center costs as well.
Advertising & Lead GenerationFinancial Services chatbot on WhatsApp can send advertisements on WhatsApp Chat that has a 100% delivery rate, 95% open rate and 78% click-through rate (CTR) which helps in generating leads efficiently. It becomes easier to generate leads instantly through WhatsApp with minimal effort and cost.
Prospecting & ConversionsOnce a financial institute has collected a prospect’s contact details, they can now move to qualification. If a lead’s demand is defined as intent and it has the ability to purchase, a lot of these leads are still lost at the last hurdle. In such cases, ChatGPT powered WhatsApp Bot can help by resolving user queries instantly. The user familiarity with WhatsApp API further helps Financial Institutes and NBFCs to shorten the sales cycle thus pushing them further down to conversion. Retargeting lost leads can help boost overall conversion, ensuring improved topline revenue.
Cross-Sell & UpsellFinance Companies can also send promotional notifications to existing customers in order to Cross-sell the products. The Advanced Analytics feature provided by WhatsApp chatbot for Financial Services can be used in identifying such customers. WhatsApp Financial Services Bot can be used to inform customers of different schemes available specifically for them.
Customer Service Bot on WhatsApp
AI Powered WhatsApp Bots for Financial Services made 65% of Consumers believe ‘customer service’ was smooth. Further, 47% of consumers would interact with Finance companies through chatbots and 57% of consumers are interested in chatbots for their instantaneity.
Account ManagementWhatsApp Bots for Financial Services can help customers to simplify the process of Account Management and facilitate different account-related requests in a single WhatsApp conversation. The bot is pre-trained to retrieve customer account information from a variety of enterprise backend systems & Core Finance softwares such as EdgeVerve Finacle, Oracle, and SAP among others. This information may include account balances, recent transactions, due dates of EMIs, and other related details.
Payment & Money TransferBy accessing their financial accounts through the WhatsApp Bot that follows compliance with the security protocol by the Financial Institutes and NBFCs, customers can make easy bill payments, P2P payments, EMI payments and transfer money without a hassle. Customers can alsoeasily shop, check their current financial balance and pay bills much faster.
Loan Application & ManagementWith the help of a Pre-trained WhatsApp Bot for Financial Services and Lending processes, Customers can seamlessly apply for a loan. On the other hand, the Bot also helps Financial Institutes and NBFCs to easily process the application through various steps like document upload, underwriting, disbursement, notifications along with collection services.
Documents Upload & ManagementIn various financial processes, customers have to share a wide variety of documents with Financial Institutes and NBFCs on a day-to-day basis. In order to faster the processes of KYC, Customer Onboarding and Loan Application Processing among others, gathering the required collateral and managing the same becomes smooth when a WhatsApp Bot is in your workforce. The bot allows both agents and customers to exchange documents, images, and audio with each other with ease. This digital financial services feature on WhatsApp prevents the loss of customers and makes the entire process of document submission simple, fast and efficient.
Instant FeedbackAfter using Financial Services on WhatsApp, Finance Companies can ask customers to provide feedback immediately in the same conversation. This will ensure real-time updates and a high-response rate, which is something extremely critical for Financial Institutes and NBFCs.
Personalized Financial AdviceWith the Advanced Analytics feature of the WhatsApp Financial Services chatbot, Financial Institutes and NBFCs can now leverage this customer usage & feedback data to understand and serve their customers better. They can also track their daily and monthly expenses and get spending insights, and can also help their customers set a fixed budget and send reminders to stick to it. The bot can be used to calculate and inform the total savings customers can make. This feature can certainly improve customer satisfaction and prevent customers from shifting to other FinTech platforms.
The Bottomline
One of the primary reasons for finance companies to lose customers is poor customer service and
lengthy processing. As a result, the financial services sector is now gearing towards a paradigm
shift in the way customer communication takes place. WhatsApp chatbot for Finance Companies
makes your financial services more accessible to customers. This not only helps you retain your
customers but also attracts new ones to become loyal customers.
Pricing Model
Pay Per Usage
(per message/token based pricing)
Starts at $99/month for multi-tenant SAAS or $999/month for single-tenant (Private Hosting)
Per User Pricing
Starting @ 1$/user – unlimited chats
Single-Tenant Ready-to-Go Pre-Trained Smart AI Agent: Customer can choose to Buy the AI Agent Solution (contact sales for pricing)
Frequently Asked Questions
What is the WhatsApp AI Agent for Financial Services?
The WhatsApp AI Agent for Financial Services is an artificial intelligence virtual assistant that enables consumers to obtain access to various financial services from WhatsApp.
How do financial institutions utilize WhatsApp AI Agent for Financial Services?
This application can be used by financial firms to offer customers assistance regarding customer support, inquiries about loans and credit cards, account-related questions, payment reminders, updates of the application process, fraud detection, generation of leads, and onboarding customers.
Can the AI Agent help with loan and credit card inquiries?
Yes. The AI Agent can guide customers with loan eligibility, required documents, interest rate details, application steps, repayment information, and credit card features. It can also help users choose suitable financial products based on their needs.
Can it send alerts and reminders to customers?
Yes. The WhatsApp AI Agent can send payment reminders, due-date alerts, transaction notifications, account updates, application status updates, and fraud-warning messages. This helps customers stay informed and take timely action.
Is the WhatsApp Financial Services AI Agent safe?
Yes. WhatsApp Financial Services AI Agent can be created to have safety measures like authentication, encryption, roles, and audit trails along with integration with core financial systems, banking platforms, and CRM systems.
