WhatsApp Banking – How to Use, Features & Benefits

WhatsApp is a widely used messaging application. While it allows users to stay in touch via chats, video sharing, voice/video calling, and other features, it is now collaborating with banks to offer instant banking services. You can also use the popular app to access various banking services anytime, anywhere. In fact, AU Small Finance Bank also offers WhatsApp Banking to ensure uninterrupted banking service to customers. Now you can avail a host of services from the comfort of your home.

What is WhatsApp Banking?

WhatsApp partnered with NPCI (National Payments Corporation of India) to launch banking and transactional services in November 2020.

AU Small Finance Bank linked its services to WhatsApp’s e-banking services to make it easier for customers to access a wide range of banking services through the world’s most popular messaging app.

Why WhatsApp?

With more than 530 million users in India, WhatsApp is the go-to choice to make banking services more accessible throughout the country.

The user-friendly interface, expansive network, and cutting-edge security are some of the other reasons that make WhatsApp an excellent Digital Banking channel.

Features of Using WhatsApp as a Banking Platform

• GDPR Compliance - Under General Data Protection Regulation (GDPR), customers can use WhatsApp to access banking services with utmost security.
• Encryption - WhatsApp uses End-To-End Encryption (E2EE), a secure method of communication that prevents 3rd parties from accessing confidential customer information when it is being transferred between systems or devices.
• Complete User Authorization - Users can opt-in and out of the WhatsApp Banking service as and when they like.

How Does WhatsApp Banking Work?

Banks use the services of a virtual chatbot to make their services accessible over WhatsApp. Customers are generally required to give a missed call from their registered phone number to the WhatsApp Banking number available on their bank’s website.

Here’s how one can get started with AU Small Finance Bank’s WhatsApp Banking:

• You simply need to give a missed call on the number +91 83 83 83 83 99 from your registered mobile number or scan the QR code available on the website and drop a “hi” on WhatsApp
• You will then receive a message with the menu of services and instructions on usage
• Select from the menu of services & your query will be addressed

How Does WhatsApp Banking Work?

Banking services on WhatsApp vary between banks. For instance, AU Small Finance Bank offers one of the most extensive lists of banking services through WhatsApp like:

• Check account details
• Update personal details
• Ask for Form 15G/15H
• Locate branches/ATMs
• Get answers to FAQs
• Track Service Requests
• FD/RD details

Payments through WhatsApp

WhatsApp for banks and financial services in India does not allow transactional services. As a result, you cannot use the WhatsApp Banking service to send money. However, WhatsApp now has a built-in payment feature.

Like other popular payment apps, people can use WhatsApp to make UPI payments. With the help of this feature, users can instantly send and receive money through WhatsApp.

Chat Banking: The Future of Financial Services

The simplicity, security, and popularity of WhatsApp makes WhatsApp Banking an effective solution for banks to offer improved and more accessible services. Banks will continue to innovate with chat-based banking solutions to meet customer expectations and maintain the momentum of their digital transformation.

Now that you know what WhatsApp Banking is, you can experience enhanced digital banking at AU Small Finance Bank. All you need to do is give us a missed call on +91 83 83 83 83 99 from your registered mobile number to get started.