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WIZZIT logoSecure chatbots for banking

16 October, 2018

Mark Zuckerberg recently stated: 

“I don’t know anyone who likes calling a business. And no one wants to have to install a new app for every business or service that they interact with. We think you should be able to message a business, in the same way you would message a friend. ”

Consumers demand fast, easy and secure payment methodologies. The instant messaging (IM) platforms like WhatsApp and Messenger created the opportunity for WIZZIT to develop the most innovative and secure Chatbot channel for banking. As the organisation that pioneered mobile payments with the first global launch of mobile banking in 2004, we are very excited about our new product offering for banks and financial institutions to offer this channel to their customers. 

Please give us a call to discuss how we can assist you with your chatbot channel.

We are also delighted to announce the opening of our WIZZIT Australia office -  in Railway House, York Street, Sydney – which has been specifically set up to service the Oceania and Asean areas. This supports our partner offices that we already have in Ghana, Nigeria, Egypt, Reunion, Latin America, Central Asia and East Africa with others to come on board early in the new year.

 

 

WIZZIT chatbot banking platform helps banks securely innovate and be customer-centric.

 

Digital banking is changing customer behaviour at an unprecedented rate, and analysts predict that the mobile payment market will reach $4,574 billion by 2023. Leading innovative banks are looking to launch chatbot banking – transactional banking and computer programs that can simulate human interaction through automated chats – into their retail banking channels to improve customer service with real-time personalised responses.

Customers have already moved beyond their expectations of conducting financial services on their mobile phones via bank apps, internet banking or USSD, to wanting to do so in their preferred instant messaging (IM) platform, such as WhatsApp, Facebook Messenger or WeChat.  
 
Banks can further grow their Artificial Intelligence (AI) capabilities by analysing their customer’s transactional banking and interaction behaviour data and responding or prompting interaction, creating better customer service and customer stickability. 

 

Social communication apps are changing the game around the world


Some of the most popular IM platforms in Africa, Latin America, India and Oceania are WhatsApp, Facebook Messenger and WeChat. Latin America is one of the most active regions for WhatsApp, which is used by more than 60% of the population in all Latin American countries. India has an estimated 250 – 300 million active WhatsApp users and 96% of all smartphone owners use WhatsApp for daily communication.
 
Concerning WhatsApp’s global reach, a recent study of 187 countries concluded that WhatsApp was the leading IM platform in 109 of them. This means that WhatsApp is the platform most favoured by 55.6% of the world’s IM users.
 
Facebook Messenger is second in worldwide popularity, claiming primacy in 49 countries including Australia, Canada and the USA.
 
Research indicates that customers spend, on average, between three and five hours per day on their IM platforms. It follows then that they would want to bank using the same platforms they spend their time on.



Apps are losing relevance––and it’s happening fast


Consumers are swamped with apps which are becoming ‘clunky’ compared to banking using a simple chat message. What’s more, research shows that people want to interact with their bank or financial services provider as easily and as personally as having a conversation is. Chatbot technology meets these requirements and is friendly, fast, easy and safe too. The benefits of a chatbot versus an app are:

APP

Chatbot

X Not dynamic

Can be accessed from anywhere in the world.

X Updates require new versions to be uploaded to the relevant app store; the customer must then download an update.

Users don’t need to download anything; simple just locate the bank’s chatbot and subscribe.

X Must be adapted per make and model of phone and operating system.

 Services can be added dynamically. No updates are necessary. 

X Must be vetted by each app store each time an update is required.

 Language can be changed based on a customer’s choice of language.

X They are slow.

 Supports a choice of currency in a multi-currency environment.

X Apps utilise substantial data and bandwidth.

 Peripherals of the phone can be accessed, such as the camera for Know Your Customer information.

 

 Access to the contacts to easily send money.

 

 No limit on responses, ensuring user-friendly answers and communications with customers.

Customer-centric banks must be in the spaces their customers occupy 

Digital behaviour combined with global markets’ growing interest in e-commerce present a unique opportunity for innovative banks to expand their access channels to IM platforms. The best way to do so is with the addition of secure, user-friendly chatbots for banking.


Security

Unfortunately, legacy systems have prevented most traditional banks from swiftly launching innovative offerings. Some banks have launched versions of chatbots but have steered clear of transactional chatbots due to security complexities. While their concerns are well-founded, they cannot afford to fall behind or take any reputational and security risks.

Secure chatbot banking interface from global fintech leader

WIZZIT (well-known for launching the world’s first USSD channel for feature phones 15 years ago, and for providing customised apps for Android and IOS) has a solution to help banks innovate. After two years of research and development, WIZZIT now offers a completely secure chatbot interface banks can use to offer their customers secure, fast and easy access financial services in the IM space.

Use your bank’s branding and delight your customers in 8 weeks

Banks can brand and integrate WIZZIT’s secure chatbot system into their core banking systems and existing web services in just eight weeks. This means their customers can enjoy the convenience and security of digital payment methods that suit them via the convergence of mobile, social media, instant messaging and e-commerce platforms. 

 

Additional digital financial services

In addition to chatbot banking, WIZZIT offers a suite of shared services that enable banks to remain relevant as millions of customers need and want to make digital payments for e-commerce & other transactions, such as:



- Virtual Card
- QR codes
- Money Send
- Mobile Banking
- Mobile wallets
- USSD
- Internet Banking
- Apps

A look at the use of instant messaging in Africa