What Does a Secure WhatsApp Banking Customer Journey Look Like?
WhatsApp banking is replacing erstwhile USSD based mobile banking and Mobile apps due to additional security and convenience. Here's a comprehensive list of security features we implemented at our partner banks to ensure their customers get the most secure user experience.
WhatsApp banking combines the convenience of mobile messaging with enterprise-grade security features, making it the ideal platform for modern digital banking experiences.
For Existing Customers
Progressive Profiling
Customers can only register with their registered mobile number after secondary verification from either a digital channel API or verification of personal information.
Chat Banking Credentials
Customers create their own ID and PIN outside of WhatsApp, serving as the second factor of authentication. Credentials are never revealed in conversations.
Secure Session Management
User sessions are created on login and remain valid for a predefined period or until explicit logout, ensuring secure continuous access.
KYC Levels
KYC levels impose transaction and amount limits for risk management and compliance, with controls for individual and aggregate transactions.
Additional Security Measures
- 2-Factor Authentication:OTP verification for all financial transactions like bill payments and transfers, ensuring protection even on WhatsApp web.
- Data Protection:All sensitive data is masked. PDF receipts with password protection ensure financial information remains secure even if the phone is lost.
For New to Bank (NTB) Customers
Secure Onboarding
It just takes a minute to open a wallet irrespective of whether you hold an account with the bank or not.
Regular accounts like CASA, Joint accounts, SME accounts can be opened instantaneously and securely from WhatsApp and other channels with a variety of authentication options:
- Debit freeze verification
- National ID check
- Face match and liveness detection
- Branch/agent secondary authentication
Safer than Cash
If you need to lend or give someone money, you can transfer money to their mobile even though they do not have a wallet. All they need to do is register themselves with the special link sent to them over SMS, and use that money safely. You can also have proof of giving money!
Your customers can start using your wallet with someone funding their wallet - with KYC (national ID and address proof), you can have your full-fledged Digital Banking Wallet as good as having a banking account.
Launch secure WhatsApp banking with a private label Wallet in just 4 weeks!
Ready to Launch Secure WhatsApp Banking?
Deliver a secure and frictionless WhatsApp banking experience to your customers with BankBuddy's comprehensive security framework.