WhatsApp Banking – Making Banking Accessible

Posted by Nisha Gohel on / September 10, 2020
WhatsApp Banking – Making Banking Accessible

It is a mobile world where both individuals and enterprises are able to communicate with a humble smartphone. WhatsApp is one of the most popular messaging applications used by more than 1.5 billion users across 180 countries. It provides collaboration features through chats, sharing documents, pictures, videos and many more. The countries with maximum WhatsApp users are India and Brazil, while maximum market penetration is seen in European countries like Netherlands, Spain and Italy. A large base of over one billion daily active WhatsApp users, has provided a major impetus to the application making it a market leader in messaging application segment and a preferred partner for business communication.

With the recent event of enforced COVID-19 lockdowns across the world, WhatsApp has been used as an opportunity in a new user segment – Retail banking. Several banks in South-east Asia and Africa have already linked their services with WhatsApp to provide better customer service, enhance their banking services and better customer engagement.

whatsapp banking offering

How to use WhatsApp Banking

WhatsApp banking services are as easy to use as WhatsApp itself. Giving a call, missed call or an SMS from the registered number can set up WhatsApp banking. The bank then sends out a welcome message and initiates the conversation. Simply type Hi and the service are prompted with multiple options to choose from.

Modules and API Integrations

WhatsApp banking supports service modules like managed, project-based or self-service (SaaS) modules. Several countries like Afghanistan, Australia, Brazil, Bhutan, Canada, Columbia, Czech Republic, Denmark, Ethiopia, France, Germany, Ghana, Greenland and Guatemala permit WhatsApp banking. It can also be integrated using APIs with partners in multiple languages to cater to any geography across the globe.

How Safe is it?

WhatsApp banking involves end-to-end encryption making it one of the safest modes of communication. However, one must ensure confidential information such as PIN or passwords are not exchanged while messaging as traditionally WhatsApp does not offer any transaction facilities. It gets riskier in case of mobile device theft when banking data/information can be accessed and misused. During an attempted fraud or loss of device, user must immediately deactivate the WhatsApp account by emailing the mobile number with country code as the subject line.


MobiFin with WhatsApp Banking Solution

MobiFin, a Digital Financial platform, has unique offerings for banks and FIs to implement and launch WhatsApp banking. Panamax’s experience in unified communication and digital banking allows them to work on next generation banking needs. MobiFin Elite framework which runs on microservice architecture allow us to design customized menu options on WhatsApp as per bank’s product offering. Banks can create their own menu items and flows based on transactional purpose while using this channel for customer support activities.

Get in touch with our experts by scheduling a free demo session to know more about MobiFin Elite WhatsApp Banking.

Nisha Gohel

Nisha Gohel

Nisha Gohel is working as a Pre-sales consultant in Panamax with having more than 5 years of experience in Telecom and IT Domain. She is Electronics and Communication engineer & CCNA Certified working professional. In her professional journey till now, she has worked across the region in different roles of NOC engineer, Technical Executive & Pre-sales Consultant. She is keenly interested in learning & expanding her knowledge in domain-specific IT Products & Solution offerings. She is a traveler & foody by nature. She also loves to cook & call herself ‘Food Scientist’ due to her innovative & experiment-based approach in cooking. You can reach out to her at nisha.gohel@panamaxil.com