WhatsApp, apart from being the #1 messaging app in the world, is also a powerful tool for businesses. WhatsApp Business API powers customer communication, customer support, up-selling, and more.
SMS has traditionally been the most used medium for business communication. However, it is one-way communication and doesn’t offer much scope for interaction. Enter WhatsApp Business APIs!
Drawbacks of SMS
In the era of information overload, reading is often passive when there isn’t an element of interaction.
Think about how often you open your SMS app if it is not to check your OTP. Let’s see the other problems with SMS communication.
1. Spam and Promotional SMS fills up the inbox- It’s everyone’s story. Despite regulations that are in place, we all receive a lot of spam and unrelated messages. This makes it very hard to even find relevant SMS.
2. Fraud and phishing via SMS are other huge problems. Checking the authenticity of a text message received in the SMS app is not easily possible for an average smartphone user. People receive a ton of texts from random banks & financial services. That certainly decreases the overall credibility & the chances to bring some attention to your texts.
3. Lack of Interactive communication – There is no way for a customer to reply to or show interest when you send an SMS. It is one-way communication and hasn’t kept up with the changing times where interactivity plays a huge role.
4. Inability to send media files- If a bank wants to send their customer a PDF of their account statement, the only way to do so is to send it via a link. It adds unnecessary steps and makes the process longer than it needs to be. Text messaging is not bad. It’s just us who have been upgraded to be more interactive & engaging in conversations. WhatsApp Business API Solution not only solves the above problems but also comes with additional useful features for BFSI to engage & communicate with their customers on WhatsApp.
WhatsApp Business API For BFSI Powered by WHATSTOOL: The Solution
Since its inception in 2018, WhatsApp Business API has become one of the most desired communication channels for banks and financial companies.
WHATSTOOL, built on top of WhatsApp Business APIs, empowers BFSI companies to build a great customer experience on WhatsApp.
With the WhatsApp Business API, the financial sector can not only establish interactive communication with customers on their favourite chat app but also power customer service with real-time account balances, mini statement reports, latest transaction records, real-time alerts, and even payment transfers.
As online engagement becomes more conversational, using WhatsApp to facilitate financial updates for customers makes perfect sense.
Let’s dig deep into how WhatsApp Business API facilitates business messaging for BFSI.
WhatsApp Messaging: The Most Engaging Communication Channel
Being the most engaging communication, WhatsApp makes your customers actively interact with other people on their App. If you broadcast a personalized policy or finance offer, rarely, people will not interact with that message.
You can use WHATSTOOL’s interactive dashboard to send WhatsApp broadcasts, create chat automation & WhatsApp Chatbots, manage a Multi-Agent Team Inbox, manage contacts, personalize using APIs, and use third-party integrations.
Let’s understand how using the WhatsApp Business API solution solves the problem that SMS communication has.
It’s quite clear that feature-rich WhatsApp Business API communication is far more engaging than traditional SMS communication. Financial services need to set up their WhatsApp business account in a way that serves their customers with personalized messaging.
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