Of all the current instant messaging solutions, WhatsApp stands out as the most popular – with around 2 billion active users worldwide, including many Generation-Z types. Generation Z is known as the money-conscious generation, which makes their decision to use WhatsApp for communications a reasonable one.
However, with strict WhatsApp FCA, SEC FINRA, IIROC, and MiFID II regulations, financial firms will need to learn to adapt and use WhatsApp, including a WhatsApp Archiving solution to ensure that they remain relevant yet compliant in the industry.
Regardless of the compliance issue, most Generation Z people have not experienced life without a mobile phone, which makes it reasonable to have a banking experience that’s well-suited for them. Many people now seek the automated and personalized banking experience offered by some tech behemoths such as Amazon and Google, which can affect the number of clients that traditional banks will have.
Banking Applications Are No Longer Sufficient
Millennials may have found mobile apps and online banking as an excellent solution for a reliable service in the financial industry, but Generation Z expects more. With an average attention span of some eight seconds, Generation Z doesn’t find much value in most apps, meaning that better mobile banking experiences are required.
Banking applications are no longer enough to cater to the needs of Generation Z, and financial companies must improve their services with WhatsApp Business.
Improving Banking with WhatsApp Business
Merely more automation of existing processes is also insufficient to meet the needs of the clients belonging to the Generation Z demographic. Rather, the frequency of Generation Z’s use of messaging apps motivates the use of WhatsApp Business for connecting people with financial companies.
Instant messaging is a natural answer to a variety of service requirement scenarios. For example, Generation Z students or employees might find themselves in an unfamiliar city, with an unexpected need for quick cash. Because they are unfamiliar with the surroundings, they’ll need to contact their banks to ask where the nearest ATM is, and the most convenient way to do so is through WhatsApp. The bank can quickly respond if it’s also using WhatsApp and send links regarding the nearest ATM through location and map sharing.
Financial companies can also respond to inquiries quickly when contacted through WhatsApp. People can contact their banks through WhatsApp to ask for their account balance and details and receive a prompt response regarding it.
Official WhatsApp Business Accounts
Using WhatsApp Business allows financial firms to have an official business presence in WhatsApp and establish credibility in the banking sector. Using an official business account in WhatsApp lets the clients trust the financial company and the ones they’re in contact with since the official account will contain a green badge, which indicates that the account is legitimate.
An official account also provides additional contact information, including the hotline, website, phone number, and other details.
Future of Banking with WhatsApp Business
Relying on WhatsApp Business is beneficial for financial firms, but it can pose a problem for them when it comes to user security, privacy, and compliance with regulations.
Banks that adopt WhatsApp Business to cater to the needs of Generation Z will have to ensure that they have a WhatsApp archiving solution so they won’t suffer any difficulties from complying with regulatory requirements.
The TeleMessage WhatsApp Archiver is the latest addition to our mobile archiving products. Our mobile archiving products securely record content from mobile carriers and mobile devices for a variety of ownership models (BYOD, CYOD, and employer-issued). With our multiple archiving solutions, you can always find the right tools or blend for your requirements:
TeleMessage offers cross-carrier and international mobile text & calls archiving for corporate and BYOD phones. Contact us to learn more about our mobile archiving products.
