How Does WhatsApp Banking Work?

WhatsApp or WhatsApp Messenger is widely used as an instant messaging service (IM- it is a cross_ platform centralized instant messaging)

It is an American freeware and voice-over service. It is maintained by Facebook, Inc. This widespread WhatsApp service enables the users to exchange text messages, video calls, voice notes, voice calls. Alongside sharing images, videos, documents, locations, and other services too. The WhatsApp application works not only on mobile phones but is also convenient to use on desktop computers.

WhatsApp upgraded its services to the next level. It is not only a software application anymore. It not only enables the users to chat, share documents, pictures, and videos. But also formed a partnership with banks to settle down the queries on a real-time purpose as an online bank software.

Formerly WhatsApp has accelerated its services in banking and transactional services throughout India. They allied with the Government of Delhi and the National Payments Corporation of India. Several banks formed their partnership with the WhatsApp services. They united their services with WhatsApp e-banking to facilitate better banking services in India. However, banks have boosted their banking services not only through WhatsApp but also on many other social media platforms.

WhatsApp banking is protected with end-to-end encryption as all the messages are secured in the same way through end-to-end encryption. Eventually, your account details are not shared with any individual. There is no need to input your confidential data such as PIN or password while using WhatsApp banking service or messages. As it does not offer transaction facilities.

WhatsApp banking services are extended by following banks like Private banks, Small Finance Bank, Leading Co Operative Bank, etc. This online bank software assists the customers to receive their updates and available services via the messaging platform.

Finacus Solution Pvt. Ltd. (FSPL) initiates the WhatsApp Banking Assistant. Through FSPL several banks or financial institutions can eliminate many drawbacks that are faced head-on by the banks or financial institutions with their customers due to lack of communication. Finacus’ solution characterizes itself with the innovative banking channel that connects the customers to the bank. They can communicate and expand digital financial services to a broader community of users.

Advantages of WhatsApp Services:

  • The Finacus Solution Pvt. Ltd. (FSPL) WhatsApp Banking is an End-to-End encryption solution
  • It sends notifications, information, and proposed Communication to customers. 
  • Finacus Solution Pvt. Ltd. (FSPL) WhatsApp Banking provides 24×7 service for their customers.
  • It also provides a keyboard-based auto-response
  • Intelligent conversation

They provide an in-build automated two-way messaging service to the customer. They provide the customer with a communication facility.

  • They provide maximum flexibility.
  • They have optimal control over their services
  • They provide the customer with smart operations- like a self-service dashboard, run campaigns, get reports, and analysis.
  • Finacus Solution Pvt. Ltd. (FSPL) WhatsApp Banking provides fully managed solutions for their customers.
  • It enables a Single API system in their online bank software.
  • Finacus Solution Pvt. Ltd. (FSPL) WhatsApp Banking provides you with Opt-in & Opt-out Management for the easy use of the customer.
  • They have a message template technique.
  • Interactive Two-way messaging conversation between the customer and the bank services
  • It provides the consumer with the menu of Core Banking system integration.
  • It also enables keyword-based Auto responses
  • It provides a smart dashboard
  • Rapid deployment

Transaction Performed using WhatsApp Banking Services:

  • It facilitates a balance inquiry.
  • It enables you to look over your mini statement.
  • It permits transaction status.
  • It helps with cheque book connected requests.
  • It enables you to help with debit card-related requests.
  • It enables deposit-related queries.
  • It provides an account statement.
  • Other facilities like fund transfer, Bill Payment (Financial Transaction), etc can be offered if requisite approvals/permissions are available

Bottomline

WhatsApp banking service has become a popular way for both customers and the banks to receive and send vital information regarding transactions and other services. Finacus with its revolutionary products and services is helping in making WhatsApp banking a successful endeavor.  Please call us for a free demo to know more about the products and services.

What are the Benefits of Contactless Customer Onboarding?

Technology has ushered every segment of the business with something or the other. For the bankers, it has made various banking processes simpler and secure. Unlike the banking methodologies followed two decades back where everything was done manually; modern banking takes into account the advanced digital infrastructure providing seamless, secured, and high-performance banking services to the customers.

The Core of Modern Banking lies in Real-Time Services

Customers have always looked for services that would provide them with comfort by being hassle-free. In these competitive markets, especially when FDI stands at 74% and 20% in private and public sector banks respectively, it is important for the institutions to offer the best services by introducing all possible means that would ease the hassles customers face. The management of the banks is now turning towards software-based companies to provide them with a new business model which would help increase and automate the banking engagements and customer relationships. These companies have stood up to the expectations of these financial organisations by providing them with innovative, integrated software solutions based on Artificial Intelligence (AI) and blockchain technology. The combination of the two in the online bank software ensures quick service to the customer without compromising with the security & safety of the information.

Advantages of Online Bank Software

Ever thought about how banking was two decades back? The employees in the bank fraternity who have either retired or going to retire in the next 3-4 years would recollect the days of the big ledgers, manual entry of data and transactions, the tension of data mismatch and forgery, and many more. The introduction of a centralised system and online bank software has provided the following benefits to the banks—

  • Quick redressal of customer complaints from any corner of the country
  • Keep track of the transaction and prevent money laundering
  • Secured mobile transaction and hence, reduced customers on the bank floor
  • Offer an end-to-end and point-of-sale solution 
  • Easy and quick bill payments for the customers
  • Conduct real-time and instant solutions to account opening and Know Your Customer (KYC) related formalities
  • Contactless Customer Onboarding process

Contactless Customer Onboarding with AI & Blockchain

AI and blockchain have been the buzzword and very few of us know that the application of these two technologies is now used in the contactless customer onboarding process. The recent pandemic has forced us to maintain a distance and banking falling under the essential services category, the bankers had no relief. They had to continue their services towards the people. One of the essentials being the opening of basic savings bank deposit account (BSBDA) and fixed deposits (FD). The use of the robust, agile, and future-ready online bank software has made contactless customer onboarding possible. The following are some of the ways by which banks have been benefited in using this product—

  1. Reduced Risk of Contamination

Banking professionals are not going to get in contact with a person (irrespective of whether he/she is a carrier or not). The person availing the services would have to upload all the documents on the cloud and a person would verify the details via video conferencing. Thus, eliminating the in-person verification process.

  1. Reduced Time of Customer Onboarding

The traditional onboarding process took close to two to three weeks with a lot of manual work and increasing the chances of errors. On the other hand, this online contactless customer onboarding feature of online bank software does not take more than 30 mins. The maximum time that is consumed is during the verification phase. This phase includes processes like the customer identification process via video conferencing and then checking compliance through open API. It takes a maximum of 15 mins.

  1. Reduced Error

Manual input has always been filled with errors. The introduction of technology and analytics has increased efficiency considerably. Banks at the global level are going for facial, biometric, and voice analytics for online onboarding with zero error.

Bottomline

The above-mentioned are some of the benefits associated with the use of online bank software and the online boarding process. Finacus are into the development of such kinds of software and are also offering a demo to get the application verified in terms of user experience and usability. 

Banking Software Providers For Real-Time Banking Solution

The banking landscape is undergoing some transitional phases in this decade. Consequently, they have been facing several infrastructural compliances, economic and competitive challenges. The internet banking is found to be a buzz word in the real-time banking infrastructure. As a result, these financial institutions are constantly looking for some solutions that might add to the efficiency with fewer expenses. 

Software becomes the only way to achieve this aim. So, several software providers are working on the development of the best online banking software. Here are some of the ways through which the banking software will help the bank employees and customers.

Optimized Customer Experience 

As per the research, most financial institutions do not offer the best customer experience plan. Around 40% of the financial institutions are not looking for different ways to enhance the customer experience. This can be possible to achieve with the banking software services to reduce the downtime, maintenance schedules and cut-off time. This will also offer some real-time core banking system, which will allow the customers based on some preferences to make use of the banking facilities during the odd hours. 

Integration Across Channels 

Recently, the banks have multiple channels on the daily banking operations that can be performed quickly. When these works are sophisticated and complete in them, it can be referred to essentially as the standalone system and all these are structured when you need to execute a set of functionalities. When it comes to real-time banking, it will sync multiple channels and it will also integrate all these standalone applications to give a centralized view, which is a great way to eliminate confusion. 

Manage Frauds 

Banks are one so the areas that have to be more careful from fraud. When you are choosing the best online bank software, it will help you with enough measures for the detailed encryption and several other security measures. So, people may not need to worry about the transaction process or managing cash or maintaining a relationship with the bank. 

Risk And Compliances 

The regularity might need to be introduced based on some guidelines, which is more important to implement and practice simultaneously. Governance and risk compliance might become high in priority when the credit market raises high. Few banks have already started enjoying the benefits from real-time banking and some are aiming to advance themselves to enter into this technology. However, in this micro-dynamic environment, it is vital for all the banks to focus on every approach that will aim in securing their stake in this market. Here, a substantial step in embracing CBS for real-time banking can also be included. 

Efficient Back-office Operations

Several top banking software companies are now working to make the work easier. Here, the overall banking process will be integrated. The process also involves staffing, transportation, employee benefits, and several others. This real-time system will help you to get rid of some manual intervention in the overall back-office process. As a result, it helps in reducing errors and time for the process. 

The Bottom Line 

Thus, you might have got some idea of the ways that this software is working and how it will be beneficial for the banking industry in recent days. Understand the complete benefits of it and know this could perform for you. Implement them in the right way to enjoy its pros. 

 

Top 10 Useful Facts You Should Know Of Online Banking

Through online banking, you can manage your money online with the help of your mobile or computer. There is no need of visiting the banks but can do all the bank associated activities at all your convenience. Online banking is very easy to use. Electronic money is getting very popular. Many countries in the world are operating completely cashless. Banks have contributed a lot to this evolution process. Now you can conduct business from anywhere and at any time.

Let us see some of the most useful facts that everybody should know about Online Banking solutions. However, its facts are as follows.

Open Accounts

You can check all kinds of accounts online. There is no need to print or sign anything. Previously, there was a need for you to spend a long time with a personal banker during the business hours to fend off the sales pitches. With the electronic signature now in hand, it takes just 10 minutes now.

Pay Bills

With the help of online banking, you can transfer the money to the payee electronically. It can be done even if you had to transfer a different amount every month. There is no need to write a cheque to pay the bills now. The bank can just take a print and mail it to you.

Transferring Funds

To move money from the checking account to the savings account or to put extra cash to your certificate of deposit or to open a brand new certificate of deposit there is no need to visit a bank. There are also ways in the banking software to link the bank account at different banks and can zap the money back and forth.

Apply For Loans

Loans will automatically make us remember the intensive paperwork. But now with online banking, you can type all the required information. The process will immediately start to cheque your credit and the bank itself will get back to you with an answer. Some lenders operate completely online and they make instant lending decisions.

Guaranteed Good Rates

Online banking provides competitive rates. However, you have to shop around to know where the best interest rates are given.

Deposit Cheques

There are many ways to deposit the cheque given by someone. The fastest and easiest option is to use the remote check deposit. You can just snap a photo of the cheque and give it to the bank for payment. There is no need to visit a branch or mail the cheque. You can also do the same with the mobile device.

Stay Informed

There are options in the online banking software, to check your accounts manually. You can even use the text messages to manage your account, check the balances and many more. With everything being easily available, opening an app to find the balance in the account can seem to be a lot of work. Instead, you can send a text and avail of the information.

View History

It is very easy to get access to online transactions. You can download all the historical statements as well.

Speed

The speed of the transaction is very fast because of the use of online banking along with the ATMs in comparison to the customary banking. Updating and maintenance of direct accounts are very easy. The time taken for changing the mailing address is also reduced to a great extent.

Dodge Fees

Online bank services will cost very less and still, all the online banking providers are providing many offers for us to take advantage of.