A NEW WAY TO BANK #CHATBANKING

What is Chat Banking?

Chat banking is a new phenomenon in banking. Chat banking is an easy-to-use secure banking service that allows customers to perform banking services over chat apps like Facebook Messenger, WhatsApp, Telegram, or any other chat app. Chatbots can automate the answering of frequently asked questions and give immediate feedback to customers. In addition, clients can perform banking transactions without the need of calling the call center or walking into a banking hall.

Why introduce Chatbanking?

1. Improve Customer service & experience - the thin line that makes customers jump ship to your competitors is often in this area. If you give a ''wow'' service, clients will stick with you and recommend others to your brand.
2. Use Chat Apps that clients already prefer - WhatsApp is a de facto chat app with more than 2 billion downloads worldwide as per current statistics. Facebook on the other hand is the most popular social network with billions of users every month. Other apps like Telegram and WeChat are also popular in different regions like Asia. What better way to connect to your clients than with these platforms where they spend most of their time.

1. Reach a wider audience - While a banking app might reach only a portion of a bank's customer base, chat banking can reach even the unbanked. This enables the bank to cast its nets wider and grow its customer and revenue base while lowering business costs.
2. Differentiate your service - Chatbanking enables banks and financial institutions to differentiate their services. Clients want a faster digital banking experience and in this digital age, it is a sure way of keeping them hooked to your services.
3. Offer services anywhere anytime 24/7 - with the use of digital platforms, the bank can literally be ''omnipresent''. Chatbanking can be viewed as a new digital branch that is available for self-service at your client's fingertips 365 days a year.
4. Automate Routine tasks - I have talked about automation in my previous articles. The key focus among others here is cost containment and rapid scaling for your organizations. 50% or more of client queries are routine and can be automated so that support staff can focus on crucial resolutions and strategic work.

Services that can be deployed

Basic and even advanced banking services can be deployed on the chat banking application. Services that can be deployed include;

1. Account Opening
2. Check balance
3. Bill Payments
4. Transfers
5. Statements
6. Bank service/product catalog
7. Link accounts
8. Frequently asked questions
9. Reset banking pins

At Techno Brain Group we pride ourselves in helping both large and small financial services players implement chat banking and remain more competitive in the new digital landscape.

Need help with your #chatbanking journey? Feel free to get InTouch

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