Secure Whatsapp Banking

“Login” to WhatsApp banking chatbot

It’s proven beyond doubt that Chatbot Banking on messenger channels is the most frictionless way to bank.
It does not involve downloading new apps, learning new interface, going through painful app upgrade glitches and of course saving time by using a conversational interface as compared to a rigid interface.

Our study shows that a bank customer can save 7 minutes per session on NLP based WhatsApp banking as compared to mobile app for achieving same goals.

While the early adopters of WhatsApp banking were happy to get account balance and basic services on whatsapp, it’s time to offer full banking services on WhatsApp.

How do we make WhatsApp banking secure?

Social media banking or Chat Banking can be challenging when it comes to user identity, data privacy and authentication of user for transactions.

Security and compliance requirements for a continuous scrolling interface like whatsapp are completely different from Mobile and internet banking as the users might leave the phone unlocked or lose their phone or face a sim swap issue which can lead to fraud.

Risk mitigation for WhatsApp banking chatbot requires multi-level security which is specially designed for chat banking applications.

BankBuddy has inbuilt security components to make your Chat banking security better than your existing Mobile/internet banking security:

A. Secure Registration – Self service, Hybrid Progressive profiling model
B. Omni Chat banking User ID
C. Intent based authentication (MFA)
D. Explicit login and logout
E. Inactivity based logout
F. Channel Deactivation

Secure Registration for WhatsApp banking is enabled via :

Self service registration using existing Digital channel credentials or Card+pin
Hybrid Onboarding - multi-level customer profiling with associated privileges (limited amount or transactions) to help onboard customers in a frictionless manner using combination of digital and physical channels.

Consistent Multi-channel Implementation with Universal login credentials

BankBuddy MFA module is seamlessly integrated with any of the chat banking channels - whatsapp, facebook or google assistant. This ensures that the user experience always remains consistent & same login credentials can be used by the customer in all the BankBuddy channels.

Explicit Login & Logout

All secure intents/transaction requires authentication prompt the user to login to chatbanking, which validates the request and allows the user to proceed with secure interaction on WhatsApp in the most secure and frictionless manner.

The user also has the option to explicitly logout after completing the transactions else the inactivity based timeout automatically ends the secure session for bulletproof security.