Business Challenge for the Deployment of Banking Chatbot

The banking market in Azerbaijan is filled with several leading banks that have been on the market for a long time. So the concentration of the market leads to an increasing price for attracting new customers to smaller banks. As a result, the bank is going into digital technology.

With this in mind,  our client’s bank in Azerbaijan started the project in 2019. The primary purpose of the implementation was to engage new end customers thanks to the ability to build a digital bank in Facebook messenger and WhatsApp.

Our Solution

We developed a solution: the Banking Chatbot in messengers. It is a digital bank in Facebook Messenger and WhatsApp.

Such a chatbot solution has more advantages than physical departments. For example:

  • Onboarding of new end customers via chatbot is cheaper than via physical advertisement.
  • The chatbot can function even where the bank doesn’t have the departments
  • The chatbot in messengers allows easy engagement with the new banking audience – generation Z.
  • With the help of target ads, referral programs, and partnerships it helps to get new customers online faster.

 

Banking Chatbot Development Process

We started a banking chatbot development to solve the following issue: to build the interface for quick access to the bank services in messenger. And it was important to launch a solution’s MVP in 8 weeks.

We chose Facebook Messenger and WhatsApp as the communication platforms. Market research showed it was the most popular messenger in Azerbaijan (WhatsApp – 95% users, Facebook Messenger – 75% citizens).

The chatbot development process was divided into two phases. The first one is about MVP development at Facebook Messenger. And the next stage was about developing a banking chatbot in WhatsApp with the same architecture and functionality as the Facebook Messenger chatbot.

Banking Chatbot Solution Scope

Banking Chatbot Key Descriptions:

Issuance of loans and repayments

The chatbot provides issuance of loans in 30 seconds and repays the loan via option Payments.

Card issuing

The consumers get our client’s digital card that could be non-personalized and personalized (verified). The owner of a digital non-personalized card has limited options: deposit no more than $60 and total transaction balance no more than $600. The consumers with digital personalized (verified) cards receive a digital card without any limits plus cashback of 2% for purchases.

Card refill

Our client’s consumers can refill a card using a QR code, via other banks’ cards. Also, the bank provides card refilling from the bank’s filial and ATM. So every customer can find the nearest branches and self-service terminals at the chatbot. 

Payments

Consumers make online payments, card to card transactions, and internet purchases. The benefits of payments at chatbot are transferring commission 1%, the process is carried out via messengers, the transfer instantly goes to the recipient’s card.

Pay for a wide range of services

The banking chatbot provides payments for mobile communication, the Internet, TV, utilities, and even car fines.

Banking Chatbot_phone_image_example

Card management and security settings

The users can get the statement from the bank, card details and change them as well. They can change their password in messengers and order a physical card.

Referral programs

The functionality implies the generation of a referral link for registering another user in the bot. Also, the DIRECT card has a partnership with Visa that gives the bank customers many advantageous offers. For example, pay with a client’s Bank Visa card and get rewards for your shopping: a 5% discount at Bouquet, McDonald’s, a 10% discount, and bonus cashback at Bolt.

Technical Challenges We Overcame

Banking Chatbot _ kredit online _image

Security Compliance

In order for the solution to be a banking chatbot, we had to make bank and customers data secure. We solve this challenge by using tokens that provide confidence in data operations (exchanging, removing, editing, etc.).

Bank architecture challenge

Our challenge was to build a bank architecture that would include the specific construction of microservices and interactions. It allowed us to provide a scaling possibility of a solution.

Building interface challenge

One of the bot communication platforms is WhatsApp. Our challenge was to build a comfortable interface for quick access to information in this messenger. Because this platform hadn’t had such chatbots experience before. That was why we needed to create and register all chatbot message templates manually.

Integrations at Banking Chatbot Development

We have used the following integrations in our development process:

To provide the ability to control sensitive data we have integrated the On-Premise software program.

Easier integration with banking API was possible because of the Microservice Architecture. To learn more about Microservice Architecture, please read a case study about Digital Bank in Messengers. We have used the following core microservices:

  • Message API.
  • Customer API.
  • Webhook API.
  • API Wrapper.
  • ImageAPI.

Node-RED called each microservice in the right order to get the needed results. Node-RED made a chatbot constructor to quickly change clients’ flow.

Enterprise Service Bus integration. ESB ensured flexible and reliable data sharing, as well as transformation, routing of information and interactions control.

AzeriCard integration (National Processing System). This integration allowed us to provide internet banking, online payments, a possibility to manage the bank card online from messengers.

The Bureau of Credit Histories collects, stores, and analyzes information that forms clients’ credit history.

Business Results of Banking Chatbot Development

As a result of our solution implementation, our client in Azerbaijan received a cutting-edge solution on the Azerbaijan banking market. By launching a banking chatbot, our client’s financial institution in Azerbaijan exceeded all annual goals in 2020.

  • The solution increased customer engagement.
  • Our client managed to engage new customers via target Facebook advertising.
  • Our client gave out a lot of cash loans without having to build a cumbersome retail network in Azerbaijan.

 

If you want to know more or have any questions, please get in touch with us at SUCCESS@42FLOWS.TECH

Interested in reading more about the digital solutions of our company? You are welcome to explore our case study section. Please do not hesitate to contact us if you have any questions or remarks?

 

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