What is WhatsApp Banking - A Complete Guide

02 Dec 2022

Back to all Articles


WhatsApp Banking - Introduction

Banks are trying to win tech-savvy customers with a digital-first experience. WhatsApp banking is another addition to this convenience package of digital banking. As Avi Lousky, VP of Product Management, at Lightico points out, "When bankers can take customers through a single, seamless journey, everyone wins”. Making customers' banking journeys comfortable with personalised and contextual customer experience, WhatsApp banking creates closer interactions with customers.

What is WhatsApp Banking?

WhatsApp is a direct platform that allows banks and customers to meet in an instant window. Banking services on WhatsApp were launched in India in 2020 partnering with NPCI (National Payments Corporation of India). Customers can receive direct messages from the bank on new product notifications and alerts in their messenger. Customers can send direct messages to their bank seeking answers to their queries. From typical banking inquiries on fixed deposits, preapproved loans, credit cards, outstanding amounts and reward points, the option allows you to carry out fund transfers and bill payments too.

Why is WhatsApp banking a natural choice?

In 2021 India had 487.5 million people communicating on WhatsApp, according to a survey conducted by https://worldpopulationreview.com/country-rankings/whatsapp-users-by-country . With such a huge customer base bridged by WhatsApp, banking services through WhatsApp are a convenient option.

Attributes of WhatsApp as a Banking Platform

WhatsApp as a Banking Platform comes with safety features bolstering user confidence.

GDPR Compliance

Adding security and privacy to this private account General Data Protection Regulation adds features like no message archiving, encryption and pseudonymization to build a framework where your data is secure.

Encryption

Further securing data and making all banking-related confidential information watertight, they can be shared safely in the interface.

IT Security

Banks take extra care to safeguard all customer information. Running multiple secure transmissions through penetrative tests, the IT security enables to scan and remove vulnerabilities whenever they deem necessary.

How Does WhatsApp Banking Work?

Banking services on WhatsApp are mostly guided by AI. A virtual banking chat box guides customers through simple tasks like opening accounts, getting details on their existing accounts and other banking tasks.

So how does WhatsApp banking work?

  • If you are a Bank of Baroda customer, you can call from your registered mobile number or send a 'Hi' from your WhatsApp to 8433888777, the Bank of Baroda WhatsApp Banking number.
  • This service is available in English and vernacular for Indian and overseas customers.
  • You will receive an immediate response from the bank welcoming you to their instant banking services on WhatsApp.
  • A menu of the services offered will roll out on the screen, select the service you require. From digital banking channel-based services to fast tag services, wealth management services and digital loan services to other services and facilities, this instant banking solution is the easiest way to reach your bank account.

How to send money through WhatsApp?

Payments through WhatsApp were launched via UPI last year. WhatsApp banking services does not allow payment transaction through WhatsApp.

  • Select the ‘₹’ symbol in your chat window.
  • Choose your bank from the drop-down menu.
  • Verify the registered banking telephone number
  • If the WhatsApp number is the same as the registered bank number, a verification message will reflect on WhatsApp
  • Once you add the bank account, continue processing the UPI payment through WhatsApp
  • To send money to your select the ‘₹’ symbol from your chat window
  • Enter the amount and proceed with the transaction. This setting also allows you to check the balance.

Fingertip banking start chatting with your bank

You can get all the information about WhatsApp banking from your bank's website. Once registered, you can start chatting with your bank by sending a 'Hi' to initiate the conversation and agree with the terms and conditions of WhatsApp banking set by your bank.

Wrap up!

Digital banking through WhatsApp is completely safe only if you do not lose your phone. Make sure when using WhatsApp banking, to keep your phone locked. If the phone is stolen, contact your bank to deactivate your WhatsApp banking account. Though banking technology is in its nascent stages, banks are moving towards delivering easy-to-navigate services through seamless digital platforms offering branch experience through improved and extended technologies.

Popular Articles

Tag Clouds

Related Articles

Leave a Comment

Thanks for submitting your details.

Types of Digital Banking

Different types of digital banking systems in India have not only touched the urban elite but are also permeating the rural sector. Digital banking is categorised by different types of digital payments. These modes of digital payment use electronic means replacing cash and cheque. Let us discuss this in detail.

What is a Digital Saving Account - A Complete Guide

With technology filling gaps in the banking sector, digital savings accounts are answers to long winding queues and endless document verifications needed for savings accounts. In the words of Brett King CEO and co-founder of Moven, 'Banking has to work when and where you need it,' and that is the exact purpose that a digital savings account serves. Liberating you from tedious procedures, digital banking, first through internet banking and now through smart mobile banking apps, has redefined banking concepts. Saving accounts can be opened instantly with all banking features embedded in an app, your account is at your command, without the requirement of a physical presence at the branch. Supported by strong government and RBI initiatives, digital-first solutions have ushered in a new digital age in banking. It is banking with added features and more customer convenience features as compared to regular savings accounts.

Add this website to home screen

Are you Bank of Baroda Customer?

This is to inform you that by clicking on continue, you will be leaving our website and entering the website/Microsite operated by Insurance tie up partner. This link is provided on our Bank’s website for customer convenience and Bank of Baroda does not own or control of this website, and is not responsible for its contents. The Website/Microsite is fully owned & Maintained by Insurance tie up partner.


The use of any of the Insurance’s tie up partners website is subject to the terms of use and other terms and guidelines, if any, contained within tie up partners website.


Proceed to the website


Thank you for visiting www.bankofbaroda.in

X
We use cookies (and similar tools) to enhance your experience on our website. To learn more on our cookie policy, Privacy Policy and Terms & Conditions please click here. By continuing to browse this website, you consent to our use of cookies and agree to the Privacy Policy and Terms & Conditions.