By Gautam Rajesh Shelley
Digital marketing has been evolving with time. In today’s age, just sending emails & SMS won’t blow up your sales; it’ll barely scratch your business’ sales potential. That’s why, to be relevant to their target audience and connect with them effectively, businesses are constantly seeking innovative engagement strategies. In recent times, WhatsApp, with its massive 2.3 billion monthly active user base has emerged as a powerful tool, especially for fintech enterprises.
WhatsApp started as a great alternative to texts and talks and became a big part of personal communications. Seeing its massive adoption, it was natural for businesses to tap into this growing channel. Over time, it has evolved into a versatile platform for businesses to connect with their customers in real-time. From customer support to sales and marketing, WhatsApp offers an abundance of opportunities for fintech businesses to streamline operations and foster meaningful relationships.
For example, E-mudhra preferred to use the WhatsApp Payment feature as a way of providing their customers with convenience in renewing DGFT certificates among other services. This clever application of WhatsApp not only makes things easier for consumers but also displays how flexible the platform is in boosting safe and swift transactions. Digio also uses WhatsApp to ease document submission and verification procedures. Be it gathering crucial records or verifying KYC details, Digio employs WhatsApp’s trusted channel to simplify business transactions and enhance customer experience at all times. Also, Niro is committed to taking embedded credit products that are easy to access to over 600 million internet users in India.
Note: Such use cases can only be achieved through WhatsApp Business API-based platforms, not the WhatsApp Business app.
Easy Access to Financial Communication
One of the primary roles of WhatsApp marketing for fintech businesses lies in its ability to provide instant and personalised communication. Unlike traditional channels such as email or phone calls, WhatsApp allows businesses to engage with their clients in a more direct and informal manner. This has facilitated quicker responses further fostering a sense of trust and transparency.
WhatsApp’s wide reach and accessibility make it an ideal platform for fintech businesses to connect with clients and prospects globally. With over two billion active users worldwide, WhatsApp provides a level playing field for businesses of all sizes to expand their reach and tap into new markets effortlessly. Fintech businesses are implementing WhatsApp in various practical ways, such as:
Easy Access to Financial Services: Services like loan processing, account management, and insurance updates can be conveniently accessed through WhatsApp, making financial tasks hassle-free.
Secure Transaction Alerts: Businesses can set up automatic alerts for transactions directly on WhatsApp, ensuring quick and secure notifications.
Document Submission & Verification: Fintech companies can collect important documents and verify KYC details directly on WhatsApp, maintaining privacy and efficiency.
24×7 Customer Service with Chatbots: By using WhatsApp Chatbots, businesses can provide round-the-clock support, answer queries, and even qualify users, making interactions smoother and more personalised.
Collect Payments on WhatsApp: Businesses can now accept payments directly through WhatsApp, making transactions more convenient for customers. For example, E-mudhra enables the renewal of DGFT certificates via WhatsApp Payments.
Promotions and Recommendations: Fintech companies can analyze customer data to offer tailored promotions and product recommendations through WhatsApp, enhancing customer engagement.
Financial Education: Companies can share valuable financial knowledge and tips on WhatsApp, helping users understand concepts like stock markets and protecting against fraud.
Get Verified Green Tick: Businesses can apply for a Green Tick on WhatsApp, signalling trustworthiness to users and enhancing brand credibility.
Customised Forms: Just like Meta’s lead form ad, businesses can create custom forms on WhatsApp, streamlining processes and capturing essential information efficiently.
In 2024, WhatsApp still stands as one of the most powerful instruments that can offer businesses many advantages. Its ever-growing users, constant involvement of the users, and versatile media-sharing ability provide a perfect platform for businesses to communicate with customers in a meaningful way. Empowering marketers of a firm through WhatsApp leads to an increase in customer engagement, enhanced brand loyalty, and business growth in the current virtual world.
The author is CEO and Founder of AiSensy