New account opening on WhatsApp
58%
of banks state complexity as the major factor that pulled them away from
offering multichannel onboarding to their customers.
With over 2 million active users worldwide, WhatsApp has become one of
the most effective and convenient channels of customer interaction.
Offering WhatsApp-based instant account opening can become a
game-changer for banks looking to attract and frictionlessly onboard new
customers.
How can banks offer a secure and instant account opening on
WhatsApp?
The BankBuddy composite AI platform offers a comprehensive onboarding
experience on WhatsApp with flexible journeys based on customer status
(Diaspora, Resident, etc.) segment and product categories (Savings
accounts, joint accounts, current accounts, credit cards, wallets, and
loans, etc.).
It enables customers to complete new account opening in a matter of
minutes with hassle-free document upload, automated data extraction,
pre-populated values (based on location, customer segment, product), and
real-time document verification with liveness detection, face match, and
live agent chat.
Here’s how we do it:
Customer identification:
Identify new and existing customers with WhatsApp number-based
verification and initiate customer-specific onboarding journeys.
Ecosystem and third-party integrations:
Integration with core banking systems like Finacle and external APIs
including government databases, AML check – OFAC Interdict, Cifas
national fraud database, and more, to instantly verify customer
information and ensure regulatory compliances.
Instant document verification for retail and corporate/SME accounts:
For individual customers- ID check, passport check, signature and
address checks (against Electoral rolls, Phone Directory, etc.) and
validate IDs including passports, national IDs, and Driving license,
etc. with live selfie.
For corporate and SME account opening- UBOs and Officers check, PEP
Check Insolvency check OFAC check, Sanctions check, Adverse Media
information, and more.
Joint account opening:
Extend the facility of Joint Account Opening digitally on Whatsapp.
Customers can easily initiate joint account opening by submitting the
WhatsApp number and email of co-applicants. Onboarding link is
auto-generated and sent to all the applicants for seamless origination
and CIF creation for new applicants. End-to-end integrations ensure a
frictionless journeys resulting in enhanced customer experience.
Progressive profiling: Banks can set transaction limits and
enable instant account opening with or without debit freeze based on the
account type, level of eKYC, customer segment, or transaction type -
individual transactions or aggregate transactions.
Maker checker: Maker checker for bank admin to approve with
inbuilt document management system to store and view data. The added
authorization layer is to prevent any fraudulent activity, unintended
errors or deviating from the process.
Inbuilt analytics: Leverage Inbuilt analytics and machine
learning to analyze onboarding data and gather AI based insights
including new customer acquisition along with the location, segment,
product details), number of CIFs successfully created, existing customer
account opening flows, CIF details like mobile number & application ID
source, etc.
The BankBuddy omni-digital onboarding platform leverages AI models,
computer vision, and machine learning, to enable banks to complete
the entire digital onboarding journey, from customer registration,
document upload, data extraction, and verification, in a single
frictionless flow. Connect with us today to kick start new account
opening on WhatsApp
Read on to find about secure
WhatsApp banking customer journeys on the BankBuddy composite AI
platform.