In addition to being the world’s most popular messaging App, WhatsApp is also a powerful business tool. WhatsApp Business API is used to power customer communication, customer support, upselling, and other functions.

SMS has traditionally been the most popular business communication medium. However, it is one-way communication and does not allow for much interaction. Let’s talk about WhatsApp Business APIs!

In this article, we’ll look at the benefits of WhatsApp over SMS and how the BFSI sector uses the power of WhatsApp communication through Surepass to improve customer engagement, support, and overall business.

Drawbacks of SMS

In this day and age of information overload, reading is frequently passive when there is no interaction element.

Consider how frequently you open your SMS app if it isn’t to check your OTP. Let’s look at some of the other issues with SMS communication.

1. The inbox is clogged with spam and promotional SMS- Everyone’s story is the same. Despite the regulations in place, we all receive many spam and irrelevant messages. This makes it extremely difficult even to find relevant SMS.

2. Another significant issue is SMS fraud and phishing. An average smartphone user cannot easily verify the authenticity of a text message received via the SMS app.

People receive a large number of texts from various banks and financial services. That certainly reduces your overall credibility and chances of attracting some attention from your readers.

3. Lack of interactive communication – When you send an SMS, there is no way for a customer to respond or express interest. It is one-way communication and has not kept up with the changing times in which interactivity is essential.

4. Inability to send media files- If a bank wants to send a PDF of a customer’s account statement, a link is the only way to do so. It adds unnecessary steps and lengthens the process beyond what is necessary.

Texting is not a bad thing. We are the only ones who have been upgraded to be more interactive and engaged in conversations. WhatsApp Business API Solution solves the problems listed above, but it also includes additional features that allow BFSIs to engage and communicate with their customers on WhatsApp.

WhatsApp Business API for Financial Services Institutions Surepass Powered: The Solution
Since its launch in 2018, WhatsApp Business API has quickly become one of the most sought-after communication channels for banks and financial institutions., built on top of WhatsApp Business APIs, enables BFSI companies to create a great customer experience on WhatsApp.

The financial sector can use the WhatsApp Business API to establish interactive communication with customers on their preferred chat app and 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, WhatsApp to provide customers with financial updates makes perfect sense.

Let’s look at how WhatsApp Business API makes business messaging easier for BFSIs.

1. WhatsApp Messaging: The Most Engaging Communication Channel

As the most engaging communication platform, WhatsApp actively encourages your customers to interact with other people on their App. People will rarely interact with a personalized policy or finance offers if you broadcast it.

Surepass’s interactive dashboard allows you to send WhatsApp broadcasts, build chat automation and WhatsApp Chatbots, manage a Multi-Agent Team Inbox, manage contacts, personalize using APIs, and use third-party integrations.

Let’s look at how the WhatsApp Business API solution solves the SMS communication issue.

Interact with verified businesses via WhatsApp Business Verification– Because WhatsApp controls the entire service, it verifies enterprises to build trust among business users. The green badge indicates that this is the official company account, where customers can ask any question.

It includes additional contact information, such as its website, phone number, and other details. Customers with a verified profile can communicate with this channel with confidence about their banking and financial services.

2. User Opt-In & Spam Protection-

Fraud and spam protection are critical in the financial services industry. The importance of user opt-in in setting up your service on WhatsApp cannot be overstated.

An end-user must first agree to receive financial messages or transactional updates via your WhatsApp Business solution by opting in through a third-party channel such as your website, App, email, or physical form.

Before allowing businesses to send messages to their customers, WhatsApp verifies each business-initiated message (called a message template). This significantly reduces the likelihood of spam and fraudulent messages.

Surepass dashboard also displays the Quality Rating, which may decrease when a company attempts to spam its customers. A low-Quality Rating may result in a permanent ban from using the WhatsApp API Solution.

3. End-to-end encryption–

When it comes to financial communications, security comes first. WhatsApp Business API messages are encrypted and secured over HTTPS from Surepass to the device.

This means that financial institutions can send and receive sensitive information such as payment requests, addresses, and so on in business-to-customer communications.

Financial institutions can not only share media such as images, documents, and videos, but they can also use list messages and CTA buttons.

List Messages:

These messages can function as a menu, displaying options for various services.

CTA Messages:

These interactive messages can be used to entice customers to call or visit your website or in personalized WhatsApp Marketing campaigns.

4. Real-time Customer Support:

Banking and financial services can set up multi-agent support on a single WhatsApp Business Number using the WhatsApp Business API. Surepass has a dedicated team inbox where you can quickly bring your customer support requests on WhatsApp. WhatsApp support is exceptionally efficient and dependable.

WhatsApp Chatbot & Automation: By enabling a WhatsApp Chatbot on your WhatsApp Business number, you can easily automate responses to FAQs and general queries about loans, credits, and transactions.

Surepass provides a no-code chatbot builder that allows you to create and integrate a chatbot into your WhatsApp Business account. We can design chatbot flows with lists and CTA messages to make conversations more engaging and efficient.

Financial services can also integrate WhatsApp Business with third-party CRMs or business-management apps. For example, once a user’s banking information has been verified, he will receive an instant onboarding message.

6. Catalog on WhatsApp:

BFSI and FinTech companies can display their product or service catalog directly on their WhatsApp Business number. As a result, end-users can make more informed purchasing decisions.

It is undeniable that communication via the feature-rich WhatsApp Business API is far more engaging than traditional SMS communication. Financial services must configure their WhatsApp business account to provide personalised messaging to their customers.

Get the WhatsApp Business API with Surepass.

Surepass has assisted some of the most prominent BFSI companies, including Ditto and MoneyTap, in developing their communication strategies.

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