As customers, we have all moved to WhatsApp or similar messaging platforms. Its time for banks to move into WhatsApp. As of now, banks send messages for balances, transactions, OTPs and what not… This should be done based on customer choice.
– Lower cost for banks. Currently banks spend several crores per year for messages. This should come down dramatically for banks.
– Lower cost for customers: Many banks are charging for SMS messages on monthly / quarterly basis. This should be get lowered for customers.
– Lower risk for customers: SMS messages are insecure and can be read during transmission. Add to that there are lots of softwares, which read your sms messages (and may be knowing your OTP all the time)
– Customer convenience: Customers are now used to these applications. It is easier to manage these messages through these apps.
We should see trend in this year… Do you see any challenge with this? What are the additional benefits?