This is a compilation of 7 finance businesses that have used WhatsApp to:
- Increase customer satisfaction
- Reduce workload
- Increased engagement
For each business, we share:
- What the business is and does
- What their challenges where
- How they used WhatsApp
- The results they got.
Our goal is to help you see how finance businesses like yours use WhatsApp to delight their customers and grow their business.
Happy reading!
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ICICI Bank – banking services and customer support
By offering essential services through WhatsApp, ICICI Bank has made banking more convenient for their customers, leading to higher satisfaction and engagement while easing the pressure on their physical branches.
Company – ICICI Bank
ICICI Bank is one of those heavyweight names in the Indian banking sector that you’ve probably heard tossed around quite a bit.
It started in 1994 and has grown into one of India’s top private-sector banks.
What’s cool about ICICI is how they make banking straightforward and hassle-free, which is a breath of fresh air if you’re used to the old-school way of endless forms and waiting lines.
They offer a whole suite of services—think savings accounts, loans, credit cards, and investment products. Plus, their digital banking platform is top-notch.
Whether you need to transfer money, pay bills, or just check your account balance, you can do it all from your phone or computer, which is super convenient.
Their objective
ICICI Bank wanted to make banking more manageable and accessible for their customers by using WhatsApp, which many people use daily.
The goal was to offer essential banking services directly through the messaging app, ensuring customers could manage their finances quickly and conveniently without visiting a branch.
Services such as:
- Opening an account
- Checking balances
- Getting a loan
- Extending credit card limit.’
- Securing your credit and debit card
And more.
Their strategy
ICICI Bank built and launched a chatbot on WhatsApp to help their customers engage in secure WhatsApp banking.
Here’s how they did it:
- WhatsApp number: ICICI bank provided a number customers can message anytime. It was 8640086400. Customers can send “Hi” to the number to start a conversation with the chatbot.
- Access with bank registered number: The customers were to use the number they added in their bank registration to contact ICICI on WhatsApp for security.
- Keywords: They also provided specific keywords to carry out different actions. Life “balance” to check your account balance, “block credit card” to block your credit card, etc.
Check your balance.
Secure your cards.
Check transaction history.
And more. Watch this video to see what their customers can do on WhatsApp from the comfort of a couch.
Using WhatsApp, ICICI Bank provided a fast and user-friendly way for customers to access essential banking services, enhancing their overall experience.
The outcome
The results were positive, reflecting increased customer satisfaction and engagement. Here are some key outcomes:
- Higher customer satisfaction: The convenience of accessing banking services via WhatsApp led to a noticeable increase in customer satisfaction.
- Increased engagement: Customers interacted more frequently with the bank, using the platform to manage their accounts and explore new services.
- Reduced branch workload: With more customers using WhatsApp for their banking needs, the workload on physical branches decreased, allowing staff to focus on more complex tasks.
See how TelebuSocial can help you achieve this and more. Schedule a demo to see how it works.
Mukuru
Mukuru is a powerhouse in Africa’s financial scene.
With a mission to provide affordable and reliable financial services, they’ve become a lifeline for communities needing secure money transfers and other financial services.
Mukuru’s reach spans the continent, helping millions manage their finances and support their families.
The objective
Mukuru’s goal was simple but ambitious:
- Boost accessibility: They wanted to make financial services easier to access, especially for financially excluded people.
- Simplify processes: Move away from clunky methods like USSD and SMS, and offer a simpler solution.
- Cut costs and enhance efficiency: Reduce operational expenses while delivering a superior customer experience.
Their strategy
Mukuru hit the nail on the head by integrating WhatsApp Business Platform into their operations.
Here’s how they made it work:
- One-stop communication hub: By adopting WhatsApp, Mukuru provided a convenient platform for customers to handle money transfers and access other financial services.
- 24/7 virtual assistance: They rolled out a WhatsApp-powered chatbot virtual assistant that is available around the clock. This assistant helps users with account creation, money transfers, and more. For complex issues, customers are connected to live agents.
- Building customer trust: WhatsApp is incredibly popular in Africa, making it the perfect choice for Mukuru. By leveraging this well-known platform, they ensured customers could manage their financial transactions securely and efficiently—especially vital during the COVID-19 pandemic when physical operations were limited.
source: facebook.com
The outcome
Mukuru’s WhatsApp integration delivered stellar results:
- 12% drop in USSD usage: By shifting to WhatsApp, Mukuru reduced their dependence on USSD, which often faced service disruptions.
- Over $1 million in savings: Cutting down on USSD and SMS costs saved Mukuru over $1 million, and funds reinvesting into other business areas.
- 42% of transfers via WhatsApp: Almost half of Mukuru’s customers now use WhatsApp for their money transfers, proving the platform’s effectiveness.
- 15% Increase in CSAT Scores: Customer satisfaction in self-service channels soared by 15%, reflecting a much-improved user experience.
- 25% of new sign-ups via WhatsApp: During the pandemic, a quarter of new customers chose WhatsApp for sign-ups, showcasing its growing popularity.
Oliver O’Brien, Mukuru’s Head of Strategy and Business Development, says, “WhatsApp Business Platform has transformed our service delivery. It’s not just about transferring money—it’s about making the process smoother and more reliable. This innovation solidifies our position as a leader in next-gen financial services.”
See how TelebuSocial can help you achieve this and more. Schedule a demo to see how it works.
LAFISE Bank – secure, swift services
LAFISE Bank, Nicaragua’s second-largest and award-winning financial institution, is no stranger to setting the bar high.
When the pandemic hit, their call centers were flooded, and in-person banking was off the table.
Their challenge
With a surge in call volumes and the need for swift, secure remittance processing, LAFISE Bank faced a significant pressure point. They needed a channel that wasn’t just quick but also reliable, scalable, and capable of handling a growing customer base—all while adhering to security standards.
Their strategy
LAFISE partnered with Aldeamo to roll out a chatbot virtual assistant on the WhatsApp Business Platform.
source: facebook.com
Why use WhatsApp?
WhatsApp is where their customers are, and it’s a channel that combines convenience with security. The virtual assistant is designed to handle everything from transaction status checks to completing transfers.
Here’s where it gets interesting. Customers can access a menu on WhatsApp that allows them to view their transaction status, complete transfers, and even open new accounts. The system securely matches transfer IDs with national IDs, ensuring that transactions are both accurate and secure.
source: facebook.com
The results
LAFISE’s digital shift brought impressive results.
- They saw a 35% drop in call center volumes
- Customer satisfaction skyrocketed, hitting 100% for both WhatsApp interactions and live agent service.
- Their use of WhatsApp also contributed to a 20% growth in new customers and a 25% boost in new product sales.
- Average wait times through WhatsApp have improved by 90%.
- Call centre volumes have decreased significantly, freeing up resources and enhancing service quality.
Ana Cadillo Hasbun, Marketing Manager at Aldeamo, adds, “The Green Tick Verification on WhatsApp ensures that customers can trust their interactions with LAFISE as securely as they would in person while benefiting from the speed and ease of digital communication.”
Looking ahead…
Inspired by their success, LAFISE plans to expand the capabilities of its chatbot. Future updates include generating credit card PINs and purchasing fraud protection services through WhatsApp.
“We’ve seen a 48% improvement in transaction efficiency and a 25% rise in new product sales,” Carrillo says. “WhatsApp isn’t just a tool; it’s a bridge to deeper customer relationships and more efficient service.” — Manuel Carrillo, ITD Remittances Manager, LAFISE Bank
See how TelebuSocial can help you achieve this and more. Schedule a demo to see how it works.
Mutua Madrileña
Mutua Madrileña is one of Spain’s largest insurance companies, serving over 13.5 million customers with a wide range of services, including car, home, health, and life insurance, as well as investment products.
The company is committed to simplifying life for policyholders by integrating its services across traditional and digital channels to provide a seamless omnichannel experience.
Their strategy
Mutua Madrileña collaborated with Emergya to develop the EME virtual assistant for WhatsApp. Launched in 2018, EME was designed to integrate seamlessly with the company’s existing IT systems, allowing customers to access services and support 24/7 via WhatsApp.
Key aspects of the strategy included:
- Personalised messaging: EME, powered by WhatsApp, was equipped to handle 1,150 different conversation topics, enabling personalised and efficient customer interactions. This digital shift allowed the company to deliver services twice as fast as traditional web and app-based channels, with a 0.5-second response time to incoming messages.
- Automobile accident claims: In December 2020, Mutua Madrileña became the first insurer in Spain to support end-to-end automobile accident claims through a chatbot virtual assistant. This innovation reduced the time required to resolve claims by 30%, eliminating the need for human intervention and streamlining the entire process.
- Digital service expansion: By using WhatsApp, Mutua Madrileña was able to deliver new digital services rapidly, doubling the speed compared to traditional online methods. The ability to share images, videos, texts, and audio files directly via chat simplified complex processes like managing accident claims.
The result
Integrating the WhatsApp Business Platform has allowed Mutua Madrileña to enhance its customer service experience while reducing internal costs and increasing customer satisfaction:
- 30% faster in resolving automobile accident claims.
- 0.5 second response time to incoming messages.
- 300% growth in customer opt-in rates for customer care.
- 2x faster in delivering new digital services.
- 91% success rate in addressing requests via virtual assistants.
- 13% increase in click-through rates to customer web assistance.
- 20% of COVID-related communications are handled via WhatsApp, reducing customer service costs.
See how TelebuSocial can help you achieve this and more. Schedule a demo to see how it works.
Akulaku
Akulaku is a prominent financial company and e-commerce platform in Southeast Asia, with operations in Indonesia, the Philippines, Vietnam, and Malaysia. The company offers a range of financial services, including consumer financing, digital investments, digital banking, and insurance brokerage, aiming to meet the financial needs of customers in emerging markets.
Their challenge
Akulaku sought to improve its customer service experience while managing high volumes of messages efficiently. The goal was to provide a reliable, convenient communication channel that would ensure customer interactions were smooth and satisfying, without unexpected interruptions. Additionally, Akulaku wanted to enhance overall customer satisfaction and reduce costs associated with communication.
Their strategy
To address these challenges, Akulaku implemented WhatsApp as a primary communication channel. This move aimed to offer a stable, efficient, and convenient service experience.
Key aspects of the strategy included:
- Reliable messaging: By using WhatsApp, Akulaku was able to send an average of 300,000 messages per month, including one-time password (OTP) messages. This shift resulted in a 30% cost saving compared to traditional SMS services.
- Enhanced customer experience: Akulaku integrated a WhatsApp chatbot for customer queries which significantly improved customer satisfaction scores—from 40% with SMS to 90% with WhatsApp. The addition of List messages further streamlined customer interactions, allowing customers to access menu options and frequently asked questions more efficiently.
- Increased satisfaction with list messages: The introduction of List messages improved the consistency and clarity of responses, contributing to a 16% increase in satisfaction scores within one month. This feature also tracked customer journeys, allowing conversations to resume seamlessly and saving time for both customers and service representatives.
The result
Implementing WhatsApp and List messages has enabled Akulaku to achieve notable improvements in customer service and cost efficiency:
- 50% increase in customer satisfaction scores with WhatsApp.
- 16% additional increase in satisfaction with List messages.
- 30% cost savings using WhatsApp for sending OTPs.
See how TelebuSocial can help you achieve this and more. Schedule a demo to see how it works.
Banco Bolivariano
Banco Bolivariano is one of Ecuador’s largest financial institutions and a pioneer in online banking. They offer a wide range of financial services to both corporate and personal banking customers, making it a leading figure in Ecuador’s banking sector.
Their challenge
Banco Bolivariano, known for its digital innovation, wanted a faster, more personalised communication channel to meet the needs of its increasingly digitally savvy customers.
The bank aimed to reduce call centre volumes while promoting a credit card protection service to enhance customer satisfaction.
Their strategy
To address these challenges, Banco Bolivariano partnered with AI solutions provider Aivo to create “Avi,” an automated chatbot assistant powered by the WhatsApp Business Platform.
Recognising WhatsApp’s popularity in Ecuador, the bank aimed to expand its omnichannel approach and offer more efficient, versatile customer service.
source: facebook.com
Key aspects of the strategy included:
- Automated Digital Assistant: Banco Bolivariano introduced “Avi,” a digital assistant accessible through WhatsApp. Avi allows customers to access a wide range of services, from checking account balances to getting information on loans or investments. Avi also offers transitions to live agents when necessary, making customer interactions more efficient.
- Enhanced Customer Experience: The integration of Avi into WhatsApp provided a streamlined experience for customers. With Avi, customers can handle various banking needs through chat, including activating or deactivating credit cards for international travel. This flexibility and ease of use have made WhatsApp the preferred channel for 70% of the bank’s customers.
source: facebook.com
The result
Implementing WhatsApp as a primary communication channel allowed Banco Bolivariano to achieve significant improvements in customer service and sales:
- 98% of all customer inquiries were resolved through WhatsApp without escalation to a live agent.
- 56% of credit card additional services were purchased through WhatsApp, highlighting the channel’s effectiveness in driving sales.
- 46% decrease in call centre volumes, enabling agents to focus on more complex cases.
- 70% of customers now prefer WhatsApp over other digital channels, with higher satisfaction rates.
See how TelebuSocial can help you achieve this and more. Schedule a demo to see how it works.
Bank Mandiri
Bank Mandiri is a heavyweight in Indonesia’s banking sector.
Founded in 1999, it has established itself as the country’s largest bank, renowned for its digital services.
It offers a wide range of financial products designed to make banking seamless and efficient for its vast customer base.
Their challenge
Bank Mandiri faced two significant challenges:
Making payments easier: The bank wanted to simplify how customers could convert their purchases into instalment payments. Previously, this process involved sending SMS that was often too short to be helpful. Customers still had to call the bank to complete the transaction, leading to frustration and delays. With phone lines often clogged with calls, this method wasn’t keeping up with customer expectations.
Simplifying credit card verification: Verifying new credit card applications was cumbersome. Customers had to deal with lengthy phone calls to confirm their details, which added unnecessary delays and complications to what should have been a straightforward process.
Their strategy
source: facebook.com
Bank Mandiri decided to leverage WhatsApp to tackle these issues.
Here’s how they approached it:
- Automated installment payments: They implemented an automated system through WhatsApp to allow customers to convert their purchases into installment payments directly within the app. This new method eliminated the need for phone calls and long SMS messages. Customers could handle the entire process from their phones.
- Making credit card verification easy: Bank Mandiri set up a straightforward verification process through WhatsApp for new credit card applications. Customers received messages asking them to confirm their details by entering a unique code and birthdate. This automation sped up the approval process and reduced the workload on customer service agents.
- Building trust: To ensure customers felt secure, the bank integrated its well-known 14000 customer service number into WhatsApp messages. This move helped build trust, as customers recognised the official number and felt more comfortable engaging through the platform.
source: facebook.com
The outcome
The results were nothing short of remarkable:
- 42% increase in earnings: By using WhatsApp for instalment payment requests, Bank Mandiri saw a 42% increase in net margin income. The ease of conversion through WhatsApp led to higher revenue from instalment plans.
- 56% higher response rate: The new credit card verification process achieved a 56% response rate through WhatsApp. This was a significant improvement compared to the 10% response rate from traditional phone calls, making the process more efficient and effective.
- 37% of conversions: WhatsApp became the leading channel for conversions, driving 37% of all credit card application conversions. This surpassed other channels like SMS, call centres, and the bank’s website.
- 10,000 daily interactions: The bank now manages around 10,000 interactions daily through WhatsApp. They send out approximately eight million push notifications each month, keeping customers engaged and informed.
Sunarto Xie, Senior Vice President at Bank Mandiri, highlights the impact: “WhatsApp has revolutionised how we provide services to our customers. It has improved our efficiency and significantly boosted our business performance.”
See how TelebuSocial can help you achieve this and more. Schedule a demo to see how it works.
