Similar to different industries, the BFSI sector has been rising quickly yr on yr owing to digital transformation. However what can also be rising is the competitors for client consideration and their skill to maintain them engaged with customized experiences. That’s the place WhatsApp for BFSI has been making waves.
As per analysis, the BFSI market dimension was valued at $52.44 billion in 2019. It’s projected to achieve $164.08 billion by 2027, rising at a CAGR of 15.4% from 2020 to 2027. Whereas there’s a clear surge in demand for BFSI services and products, there’s additionally a gradual improve within the expectations that buyers maintain from these corporations.
Two of those expectations being the power to contact them simply as in comparison with conventional buyer assist route and personalization.
On this weblog, we’re going to stroll you thru why WhatsApp is turning into a number one alternative for BFSI corporations to ship partaking buyer experiences.
Banking, monetary companies, and merchandise might appear to be a ‘critical’ buy determination that shouldn’t be carried out over informal chats. However there’s additionally the truth that these are sometimes the purchases that overwhelm patrons attributable to their complicated nature, resulting in slower responses and really lengthy gross sales cycles for the businesses.
The right way to use WhatsApp within the BFSI trade?
With the WhatsApp Enterprise API and resolution suppliers making it less complicated for corporations to faucet into the totally different options of the messaging platform and arrange automation, there is no such thing as a a technique to make use of WhatsApp within the BFSI trade.
However listed below are some methods by which we have now seen main corporations within the BFSI trade beginning to use WhatsApp to streamline and simplify communication with clients in addition to prospects:
1. Comply with up with and nurture prospects
As you begin to run a number of campaigns to drive visitors to your web site, let prospects share their telephone numbers and opt-in to be adopted up on WhatsApp. This protects the prospect from having to reply calls or emails at hours that don’t match their schedule.
With the assistance of WhatsApp automation, you’ll be able to observe up with prospects on WhatsApp with a fast welcome message notifying them that you’ve famous their curiosity together with a catalog the place they’ll discover extra data. You may as well give them the choice to answer with a day and time you’ll be able to name to clarify the services or products intimately.
2. Simplify doc sharing
Numerous services and products within the BFSI sector require forwards and backwards of paperwork. Proper from evaluating if somebody is eligible for a mortgage to processing the mortgage request and issuing a financial institution launch for the quantity, it sometimes requires a number of interactions between an agent and the client. These interactions embrace having to print a number of copies of paperwork and amassing them one after the other, usually resulting in errors and disgruntled experiences.
WhatsApp affords an encrypted channel on which BFSI corporations can ease doc sharing between them and the client. From identification paperwork to course of requests like PAN playing cards, Aadhar playing cards or sharing KYC varieties, one can simply connect and ship paperwork on the messaging platform.
3. Optimize buy journey
The convenience of doc sharing and assortment additionally additional helps with optimizing the acquisition journey for purchasers. With the assistance of the WhatsApp Enterprise API, you may as well create checkout hyperlinks to gather funds for the services or products they’re opting in for or buying out of your BFSI firm.
For instance, if they’re shopping for life insurance coverage from you, you’ll be able to encourage them to pay for his or her first installment on WhatsApp itself with a checkout hyperlink or UPI. This might help your BFSI firm scale back drop-offs through the checkout course of.
4. Ship common updates
As soon as a purchase order has been made or a course of is underway, BFSI corporations can even use WhatsApp for automating updates and notifications. This helps ease client nervousness and their must name or go to the banking facility for each little replace.
For instance, if their mortgage is being processed, use WhatsApp to ship them notifications on which a part of the method their software has reached. This helps them additionally plan the primary installment of fee for which they’ve requested the mortgage.
5. Ship customized suggestions
Based mostly on occasion and interplay information, BFSI corporations can even use WhatsApp to upsell and cross-sell their services and products. With the assistance of catalog and suggestions, you’ll be able to introduce them to different services and products that may profit them by means of WhatsApp.
For instance, if they’ve just lately taken a automobile mortgage out of your firm, you’ll be able to attain out to them on WhatsApp to counsel a automobile insurance coverage that buyers generally take proper after. Whereas this helps you get one other sale from the identical buyer, it additionally ensures you’re including extra worth to them.
6. Educate prospects, purchasers and clients
BFSI corporations usually go off-radar as soon as a prospect turns right into a buyer. However with customers turning into extra data pushed, it’s vital for them to repeatedly feed their want for educating themselves.
They’ll use WhatsApp to construction out what we name a format of the normal e mail newsletters. The thought being that you simply use the messaging app to ship them informative content material on and across the services or products they’ve bought. For instance, if they’ve just lately invested in shares, sending them articles on find out how to handle a portfolio or when to increase their portfolio might help them with the subsequent steps they should take. This additionally helps enhance loyalty as you change into their go-to supply for data.
7. Promote new services and products
WhatsApp is a superb channel to advertise new merchandise, companies, offers and reductions. With a excessive open charge on campaigns, we additionally advocate BFSI corporations to benefit from WhatsApp broadcasts.
With WhatsApp broadcasts, corporations can ship over a fast message round what’s new. They’ll connect a fast PDF with extra particulars or a video across the marketing campaign that helps add extra context to the promotion. The corporate can even embrace a transparent CTA on their broadcast marketing campaign to put down the subsequent steps for the recipient.
8. Simplify scheduling calls and visits
Some services or products purchases require BFSI corporations and even clients to schedule a bodily interplay. With the assistance of WhatsApp, you’ll be able to share a simple approach for purchasers to schedule these appointments.
You possibly can both share calendar hyperlinks or just ask them to revert with a time and day that fits them the very best for the decision or go to. Giving clients this flexibility reveals how your organization cares about experiences and doesn’t need to rush them by means of the method.
9. Collect buyer suggestions
Client preferences are regularly altering. To have the ability to meet them extra proactively, BFSI corporations usually depend on market analysis – however it’s additionally vital to take inputs from their present clients.
Firms can use WhatsApp to collect buyer suggestions on their general expertise interacting with brokers or making a purchase order. The 2-way conversational nature of WhatsApp helps perceive suggestions higher.
10. Request evaluations and scores
Social proof is vital even for BFSI corporations. Shoppers must really feel assured of the services and products they’re going to decide to.
Firms can automate a assessment and score request message on WhatsApp to segmented buyer lists. You possibly can hyperlink the message to a listing, Google, Fb and even your web site for the client to shortly submit their assessment on.
11. Supply buyer assist and repair
With the assistance of WhatsApp Enterprise API, BFSI corporations can even present proactive buyer assist and repair. They’ll automate responses to often requested questions round every of their services and products.
This helps handle client queries and issues quicker, serving to them transfer them alongside the gross sales funnel quicker.
The right way to get began with utilizing WhatsApp in BFSI?
Regardless of the kind of campaigns your BFSI firm needs to get began with on WhatsApp, you have to entry to the WhatsApp Enterprise API for automations.
That is the place working with an omnichannel advertising platform like WebEngage comes into play. Utilizing the official WhatsApp Enterprise API, we assist BFSI corporations arrange customized campaigns with customized workflows on the messaging app, main to higher engagement and conversions.
Able to see how WhatsApp in BFSI might help develop your organization?
