Why Decision Makers in Financial Services are Switching from SMS to WhatsApp Business API

WhatsApp business solution increasing Customer retention

The Dominance of WhatsApp Business API in Engagement, Efficiency, and Cost Savings

In the fast-paced world of financial services, decision makers are constantly on the lookout for tools that enhance engagement, increase efficiency, and cut costs. The WhatsApp Business API emerges as a powerful player in this space, proving that it’s not just a cost-effective alternative to SMS, but a superior channel for customer communication.

WhatsApp Business API is Expensive – Breaking Down the Misconception

Often, there’s a perception that WhatsApp Business API is a costlier alternative to traditional SMS or other web based chatbots. However, unlike SMS, which typically comes in fixed bundles, WhatsApp operates on a pay-per-conversation model. This means you pay only for what you use, providing a clear, modern approach to handling communication costs.

The Power of WhatsApp Engagement

WhatsApp Business API takes the concept of customer engagement to new heights. It breaks free from the 160-character limit of SMS and supports various types of content, from text and images to videos and documents.Quote stating 65% of people are visual learners

It’s also a platform for real-time, two-way conversations with your customers, a significant leap forward from the one-way communication common with SMS. Add to that push notifications and 24-hour conversation windows, and your customers are never out of touch.

Improved Contact Rates and Privacy

WhatsApp Business API also offers a significant edge when it comes to contact rates. According to a report from Mobilesquared, businesses using WhatsApp Business API experienced a 3 times higher engagement rate than traditional SMS. Compared to the traditional route of reaching out via call centres, WhatsApp maintains an open, ongoing dialogue with leads. Conversations remain available for future reference, with reminders and re-engagement happening at the customer’s convenience.

Success Story showing stats from Botswana Life WhatsApp solution

Additionally, WhatsApp offers a secure environment that respects your customers’ privacy. No more overhead conversations about finances or personal matters – WhatsApp allows for private, encrypted communication, putting the customer at ease.

Bridging the Communication Gap

WhatsApp Business API in South Africa continues to outshine traditional SMS in several ways. It offers read receipts and flaunts an impressive open rate of 98%. Even better, for user-initiated conversations from Meta owned channels, engagement is free for up to 72 hours. This translates into stronger customer relations without the added costs.

Embracing the Future with FCB.ai

Considering making the switch from SMS? At FCB.ai, we specialise in tailoring WhatsApp solutions to your unique business needs. We’re committed to ensuring a seamless transition so you can start leveraging the benefits of the API immediately.

Interested in discovering how to maximise each message you send? Book a free demo with FCB.ai today. The future of communication in the financial services industry has arrived. It’s time to embrace it.