Identical to different industries, the BFSI sector has been rising quickly 12 months on 12 months owing to digital transformation. However what can also be growing is the competitors for shopper 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 measurement was valued at $52.44 billion in 2019. It’s projected to succeed in $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, there’s additionally a gradual enhance within the expectations that buyers maintain from these firms.
Two of those expectations being the flexibility to contact them simply as in comparison with conventional buyer help route and personalization.
On this weblog, we’re going to stroll you thru why WhatsApp is turning into a number one alternative for BFSI firms to ship participating buyer experiences.
Banking, monetary companies, and merchandise could seem like a ‘severe’ buy determination that shouldn’t be finished over informal chats. However there’s additionally the truth that these are sometimes the purchases that overwhelm patrons as a consequence of their complicated nature, resulting in slower responses and really lengthy gross sales cycles for the businesses.
Tips on how to use WhatsApp within the BFSI business?
With the WhatsApp Enterprise API and answer suppliers making it easier for firms 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 business.
However listed here are some methods wherein now we have seen main firms within the BFSI business beginning to use WhatsApp to streamline and simplify communication with prospects 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 may observe up with prospects on WhatsApp with a fast welcome message notifying them that you’ve got famous their curiosity together with a catalog the place they’ll discover extra info. You can even give them the choice to answer with a day and time you may name to clarify the services or products intimately.
2. Simplify doc sharing
Various services 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 usually requires a number of interactions between an agent and the shopper. These interactions embrace having to print a number of copies of paperwork and accumulating them one after the other, typically resulting in errors and disgruntled experiences.
WhatsApp provides an encrypted channel on which BFSI firms can ease doc sharing between them and the shopper. From identification paperwork to course of requests like PAN playing cards, Aadhar playing cards or sharing KYC kinds, 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 can too 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 may 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 firms also can use WhatsApp for automating updates and notifications. This helps ease shopper nervousness and their have to 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 cost for which they’ve requested the mortgage.
5. Ship customized suggestions
Primarily based on occasion and interplay information, BFSI firms also can use WhatsApp to upsell and cross-sell their services. With the assistance of catalog and suggestions, you may introduce them to different services that may profit them via WhatsApp.
For instance, if they’ve not too long ago taken a automobile mortgage out of your firm, you may attain out to them on WhatsApp to recommend 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 prospects
BFSI firms typically go off-radar as soon as a prospect turns right into a buyer. However with customers turning into extra info pushed, it’s essential for them to repeatedly feed their want for educating themselves.
They will use WhatsApp to construction out what we name a format of the standard electronic mail newsletters. The concept being that you just 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 not too long ago invested in shares, sending them articles on the best way to handle a portfolio or when to increase their portfolio might help them with the following steps they should take. This additionally helps enhance loyalty as you turn into their go-to supply for info.
7. Promote new services
WhatsApp is a good channel to advertise new merchandise, companies, offers and reductions. With a excessive open charge on campaigns, we additionally advocate BFSI firms to take advantage of WhatsApp broadcasts.
With WhatsApp broadcasts, firms can ship over a fast message round what’s new. They will connect a fast PDF with extra particulars or a video across the marketing campaign that helps add extra context to the promotion. The corporate also can embrace a transparent CTA on their broadcast marketing campaign to put down the following steps for the recipient.
8. Simplify scheduling calls and visits
Some services or products purchases require BFSI firms and even prospects to schedule a bodily interplay. With the assistance of WhatsApp, you may share a straightforward manner 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 most effective for the decision or go to. Giving prospects this flexibility exhibits how your organization cares about experiences and doesn’t need to rush them via the method.
9. Collect buyer suggestions
Shopper preferences are regularly altering. To have the ability to meet them extra proactively, BFSI firms typically depend on market analysis – but it surely’s additionally essential to take inputs from their present prospects.
Firms can use WhatsApp to assemble 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 opinions and rankings
Social proof is essential even for BFSI firms. Customers have to really feel assured of the services they’re going to decide to.
Firms can automate a overview 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 shopper to rapidly submit their overview on.
11. Provide buyer help and repair
With the assistance of WhatsApp Enterprise API, BFSI firms also can present proactive buyer help and repair. They will automate responses to incessantly requested questions round every of their services.
This helps tackle shopper queries and considerations sooner, serving to them transfer them alongside the gross sales funnel sooner.
Tips on how to get began with utilizing WhatsApp in BFSI?
Regardless of the kind of campaigns your BFSI firm desires to get began with on WhatsApp, you will have entry to the WhatsApp Enterprise API for automations.
That is the place working with an omnichannel advertising and marketing platform like WebEngage comes into play. Utilizing the official WhatsApp Enterprise API, we assist BFSI firms 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?
