Now You Can Do Basic Banking Via WhatsApp
Are you using WhatsApp for sending funny messages to your friends and family? Is your WhatsApp loaded with morning and nighttime greetings from your distinct relatives? Are you also the one who always ignores these stupid forwards from your school and college friends who you haven’t met for a long time? Yes, definitely WhatsApp is a great application that keeps us all connected but something which is even better about it is now we can do basic banking from our WhatsApp account and need not rush to bank, and stand in long queues to deposit or withdraw money or to pass on certain applications such as Home Loan, car loan or Personal Loan. Very soon, you may start receiving several notifications on your WhatsApp from your bank such as cash withdrawal through ATM and point of sales (PoS) transactions. There are at least five major banks that are in testing and pilot stage to make this come true for their customers so that they can remain connected with their bank by receiving important messages on the most used app that is WhatsApp.
According to the guidelines from Reserve Bank of India (RBI), banks are supposed to send you alerts for basic transactions, the point of sales transaction, ATM cash withdrawals and fund transfer to your registered mobile number through a basic SMS. At present, when you withdraw money from an ATM, your bank sends you a message about how much money has been withdrawn using your debit card. The SMS typically mentions the last four digits of your debit card, the sum you have withdrawn, the branch details of your bank, city name in which you opened a bank account, date and time. Along with this information, it also mentions the remaining balance in your account. Now the same message alerts will be sent to your WhatsApp, as it is the most used app these days and people to follow it religiously.
If you have signed up for email alerts as well from your bank’s net banking, then along with the SMS alerts, you also receive an email from your bank for all the transactions that you make. According to the RBI guidelines, the banks are not allowed to discontinue the SMS service but with the customer’s consent, it is possible to receive only WhatsApp alerts, if the only mode of communication they are choosing is WhatsApp. Apart from receiving alerts, there will be the possibility to communicate with the bank to get the answers for all basic queries from customers. This will allow two-way communication with answers to customer messages and provides basic banking services, like Apply for Personal Loan, car loan, Home Loan, checking the balance and mini statements, updating Aadhaar details through WhatsApp.
WhatsApp has been time after time bringing out new updates that are making it an integral part of the lives of its more than 250 million monthly active users in India. After launching the Payments feature that allows transactions to be made by scanning QR codes, WhatsApp will soon give you the chance to perform basic banking activities. As of now, only IndusInd Bank is providing these features of basic banking via WhatsApp. According to sources, IndusInd has started a pilot WhatsApp program wherein it is using the instant messaging app as a source through which it is planning to communicate with customers and provide them with basic banking services. Customers will be able to use these services just by saving the bank’s dedicated phone number on their Whatsapp.
Now, before you start over thinking about the list of basic banking activities that you will be able to do via WhatsApp, it is important to make it clear that you will not be able to make any NEFT/IMPS like transactions through your bank on WhatsApp, at least not as of now, maybe it also get into the list later. The private sector player is only offering access to services such as checking your bank balance, checking your reward points, getting a mini statement and updating your Aadhaar card details, through the app. These services will be given access to customers in stages, with the initial stage being one where bank account holders will get a notification about transactions made and other important information through WhatsApp. Moreover, customers will also be allowed to reach out to the bank for a two-way communication. According to the Economic Times, IndusInd bank claims to be one of the first banks that is launching banking services on WhatsApp. The Head of Savings, Digital, and Payments department at IndusInd, Ritesh Raj Saxena, stated that this move would facilitate ’on-the-go’ social banking service to the customers. He has also assured that the team is working towards extending more banking services through WhatsApp and will bring them on the plate once the test phase will be over.
Apart from the above-said services, what if you get the facility of applying for a Home Loan or a Personal Loan instantly on WhatsApp. Yes, this is absolutely true. You can apply for loans in a more easy way through WhatsApp instead of going through heavy paperwork for getting a loan approval. Now if you are curious to know the list of banks from where you can avail this facility of applying for a home loan via WhatsApp are HDFC Bank, Standard Chartered Bank, ICICI Bank, Fullerton India Bank, Kotak Mahindra Bank, RBL Bank, Bajaj Finserve, IndusInd Bank, DCB Bank, Yes bank and PNB Home Loan.
There are many perks of applying for a home loan or a personal loan through Whatsapp. Some of them are listed below
- Simple & Hassle-free Process
- Fastest Approval
- Step-by-step Assistance
- Easy Comparisons
- Widest Range of Options are Available
Other than infuriating forward messages, cheesy and common jokes, sharing personal moments through picture or videos, Whatsapp will now carry your bank in your pocket. Many users have already received this update and are sending money over this messaging app. The app is all set to include another set of banking features for the convenience of its users and basic banking services will be much handier when used via Whatsapp.