How the financial industry uses WhatsApp in a privacy-compliant way

When it comes to financial topics, a great many customers attach great importance to competent and, above all, personal advice. At the same time, however, a lot is changing: the world is becoming more digital, and customers expect the same from their financial service provider. In order to be able to advise customers in the best possible and uncomplicated way even in the digital age, the right communication media are crucial. The younger generation is reluctant to pick up the phone, and e-mail is also becoming increasingly unpopular for communication. Open rates are in the basement and sending documents via mail is often cumbersome. WhatsApp offers a contemporary alternative that is used by 60 million Germans every day.

‍

WhatsApp and data protection: Is its use permissible?

‍

Many companies already use WhatsApp to chat with customers. However, this is often done in ways that do not comply with data protection regulations. For example, employees often use their private WhatsApp account or the WhatsApp business app to write to customers. Both are not privacy-compliant for several reasons.

‍

In order to use WhatsApp in compliance with the GDPR, there is no way around the WhatsApp Business API introduced in 2018, a WhatsApp interface developed specifically for corporate communications that can be used via a partner such as Mateo. Communication via the WhatsApp Business API is end-to-end encrypted and cannot be viewed by anyone except the interlocutors themselves. All customer data is also stored on servers in Germany. This means that all data protection requirements are fulfilled so that WhatsApp can be used without any concerns.

‍

WhatsApp vs. email: The advantages at a glance

‍

WhatsApp is not only the number one communication channel for young people to chat with friends and family on a daily basis. Older people have also discovered WhatsApp for themselves by the millions. Communication via the medium is simple, fast and personal, but above all free of advertising. As a result, WhatsApp messages are seen and read almost 100% of the time. It's a completely different story with e-mail: Mailboxes are drowning in spam, mail accounts are overflowing with advertising. Many messages are no longer read at all or are simply lost among hundreds of newsletters and advertising messages. On both sides, this can lead to annoyance in communication: Customers may not receive important and time-critical information, and in the company you wonder why you don't get a response from the customer. With WhatsApp, you ensure that your messages are actually read and offer customers a personal contact medium to your company.

‍

Reading tip: We have already written a detailed article for you on the topic of WhatsApp vs. e-mail newsletters. Read it here.

‍

WhatsApp marketing for the financial industry

‍

WhatsApp can be used for more than just 1:1 communication. With Mateo, the messenger can also be used as a marketing channel. With a WhatsApp newsletter, you can integrate the channel into your performance marketing and use it for customer acquisition. WhatsApp is also ideal for reactivating existing customers. With over 95% open rate, a WhatsApp newsletter is much more effective than its email counterpart. In addition, there is no spam folder, so messages are guaranteed to arrive and be read within a short time.

This example WhatsApp newsletter from an asset manager shows how diverse the information you can send can be. Make sure you always offer your customers added value.

‍

‍

Conclusion: WhatsApp fits the financial industry

‍

Using the WhatsApp Business API and Mateo, you can integrate WhatsApp into your customer communications in the financial industry - and you should. 60 million Germans use WhatsApp every day and would love to chat with companies. WhatsApp is a great way to engage with customers and build a long-term, personal relationship. This helps you fully exploit the potential of existing customers and convince new clientele of your company.

‍

Interested? Book yourself a free, no-obligation demo appointment and learn more about Mateo and WhatsApp communication. Book here.

Customer contact via WhatsApp for the financial industry

WhatsApp and data protection: Is its use permissible?

WhatsApp vs. email: The advantages at a glance

WhatsApp marketing for the financial industry

Conclusion: WhatsApp fits the financial industry

Start in just 15 minutes with Mateo

Blog & Articles