What is WhatsApp Banking - A Complete Guide

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.