5 Ways FinTech Can Optimize Customer Communications with WhatsApp Business

Financial technology, or FinTech, has revolutionized the banking industry. Customers don’t have to visit a brick-and-mortar institution to apply for a loan, cash their checks, or manage their accounts. They […]

Financial technology, or FinTech, has revolutionized the banking industry. Customers don’t have to visit a brick-and-mortar institution to apply for a loan, cash their checks, or manage their accounts. They can transact, save, and invest right from their smartphones.

FinTech companies can better care for tech-savvy customers by communicating with them on their favorite messaging apps. With over two billion users worldwide, WhatsApp Business provides fantastic opportunities for banks to alert, engage, and educate customers, particularly in Latin America.

Here are five ways FinTech brands can leverage WhatsApp Business to enhance customer communications. 

1. Account notifications and updates 

In today’s digital world, consumers demand immediate support from businesses, especially when it comes to their money. FinTech companies can use WhatsApp Business to resolve customers’ concerns and questions in real-time. Send immediate alerts about suspicious activity, payment reminders, balance changes, transactions, and loan application statuses.

Not only does this benefit customers, but WhatsApp Business also drives business for FinTech firms. Almost 40% of Latin American consumers would open a bank account if the institution offered customer support via WhatsApp. 

2. Financial education for the people 

Only 51% of adults across Latin America have a bank account. Additionally, many people lack the financial literacy to manage their money efficiently.

Because of this gap, Latin America is a prime growth region for FinTech. Digital solutions make banking more accessible to everyone. Financial technology companies can also use WhatsApp to provide customers with guidance and educational tips. Bite-sized advice empowers Latin Americans, helps them make more confident decisions, and puts them on the path toward a brighter financial future.

WhatsApp is available in over 60 languages, allowing businesses to break down language barriers and easily communicate with customers across the globe, including in Latin America. 

3. Personalized promotions 

Today’s consumers expect personalized messaging from companies; the FinTech industry is no exception. Customer-tailored communication improves the user experience and increases loyalty.

FinTech firms can use behavior patterns and customer data to customize content that profoundly resonates with individual consumers. Personalized promotions demonstrate that a brand understands a customer’s risk tolerance, goals, and pain points. This deepens trust and boosts retention. 

4. Robust security

Almost 65% of financial institutions reported a ransomware attack in 2023. These cyberattacks put a firm’s reputation at risk and jeopardize customers’ sensitive information.

If a FinTech company identifies fraudulent account activity, they can instantly alert the customer. WhatsApp messages also feature end-to-end encryption. Customers can upload and share essential documents, like proof of loan eligibility or IDs, without putting their private data at risk.  

5. Enhanced customer onboarding 

A complex onboarding process is one of the biggest frustrations for banking customers. WhatsApp Business provides a solution by streamlining the onboarding process. A potential customer can start the account opening process and receive immediate assistance via a chatbot. This does away with lengthy forms and paperwork, improving efficiency and the customer experience. 

Embrace the future of FinTech with Mitto’s WhatsApp Business API 

The financial services landscape is constantly evolving. To keep up, FinTech companies must embrace intelligent tools. Mitto’s WhatsApp Business communication solutions allow FinTech firms to support and engage customers worldwide 24/7. Send real-time updates, personalized suggestions, and educational tips to ensure customers feel seen, heard, and empowered.

 

Contact Mitto today to see what we can do for you.