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Redefining Account Opening with WhatsApp!

Feature
7 Jun, 2023
4 mins read

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'Time is money,' and in this fast-paced digital landscape, brokerage businesses constantly seek ways to optimize their processes and enhance user experiences. One critical area that posed challenges in the past was the time-consuming and cumbersome account opening processes.

Let's travel back in time and meet Ananya to understand the peculiarities of the problem.

Ananya was startled by the world of investments and wanted to explore the opportunities for wealth creation. But as she delved into the process of opening a demat account, she found herself drowning in the labyrinth of paperwork, complex procedures, and frustrating wait times. Her initial enthusiasm began to wane, and she sought a better, hassle-free account opening experience.

FYERS understands the importance of making things simpler, faster, and more user-friendly. From making account opening completely online and seamless, FYERS has recently harnessed the power of WhatsApp, the world's most popular messaging platform, and streamlined the account opening process.

"Users, rejoice!" With the ability to open accounts independently, individuals like Ananya can now experience a convenient onboarding journey like never before.

This blog explores how WhatsApp has redefined the account opening experience, making it effortless and efficient for users.

What are the key features of account opening through WhatsApp?

Understand the key features and functionalities of WhatsApp onboarding:

  • Automated Onboarding Flow

The onboarding feature incorporates automated workflows that guide users through the necessary steps. From collecting essential information to preferences, the process is streamlined, ensuring a smooth and efficient user journey.

  • Seamless Data Collection and Integration

Relevant user data, such as KYC details (PAN and Aadhaar) and financial information, is collected during onboarding. This data is seamlessly integrated into the backend systems, enabling data-driven decision-making and personalized user experiences, enhancing satisfaction and engagement.

  • Real-time Responses and Progress Updates

Users receive real-time responses and updates via WhatsApp, informing them about their onboarding progress and next steps. This keeps users informed about the progress of their account opening application and any additional steps required, ensuring transparency and reducing uncertainty.

What is the process to open a demat account via WhatsApp?

To open an account via WhatsApp, the user needs to have an active WhatsApp account on their mobile devices. Here's the step-by-step process for a quick understanding:

  • A user interested in opening an account with FYERS should send a 'Hi' message on WhatsApp to +919731162865 or click here to get started immediately.

  • Now the user will get prompted to validate their number using an OTP.

  • Post validation, images of important documents, such as PAN and Aadhaar, will be collected and scanned for verification. The user can manually enter details if the document scan system's response is unsatisfactory.

  • To proceed, minimal bank details, including the account number and IFSC, are collected and validated using a penny-drop mechanism. The manual entry option will be available if validation fails.

  • Additional information is taken from the user, with the convenience of selecting options from a 'list feature' rather than manual entry.

  • Lastly, a signature image will prompt, and a direct access link will be provided to complete the remaining steps on the Open Account portal, such as video verification, selfie upload, and e-signature.

Why are the remaining steps completed on the Open Account portal?

While WhatsApp offers a convenient and user-friendly platform for communication and onboarding, certain features and functionalities may not be available due to platform limitations. So, the WhatsApp platform provides a direct access link to the portal after the user uploads the signature. The remaining processes, including video Verification, selfie Upload, and e-sign, must be done on the OpenAccount portal.

What are the benefits of account opening via WhatsApp?

Understand the significant benefits of the onboarding feature via WhatsApp Channel:

  • Accessibility

WhatsApp is available on various mobile devices, making it accessible to many users. Opening a demat account through WhatsApp ensures users can initiate the process from their smartphones, providing flexibility and convenience.

  • Simplified Onboarding

Opening a demat account can be a complex and time-consuming process. However, with WhatsApp, the onboarding flow is streamlined and simplified. Users can easily navigate through automated workflows, providing the necessary information and documents step-by-step, making the process more efficient.

  • Enhanced security

WhatsApp employs end-to-end encryption, ensuring the privacy and security of user communications. Opening a demat account via WhatsApp leverages this robust security framework, giving users peace of mind that their sensitive information gets protected throughout the process.

  • Sense of connection

Onboarding via WhatsApp instills a sense of connection and commitment to the product.

  • Seamless Migration

Users can access all options on the portal, allowing for seamless migration between platforms during the onboarding journey. Whether they prefer to start on the portal and switch to WhatsApp or vice versa, FYERS ensures a smooth transition, enabling customers to choose the channel that best suits their needs and preferences.

How FYERS account opening via WhatsApp is a great initiative?

FYERS' account opening via WhatsApp is the first of its kind in the market. This pioneering solution enables users to onboard through WhatsApp, effortlessly eliminating complexities. From collecting essential user information to document verification and progress updates, everything is integrated into the familiar WhatsApp interface.

If users face any challenges during the process, a dedicated sales executive will reach out within 24 hours to assist.

Conclusion

WhatsApp has soared to incredible heights in the last decade, captivating users with its convenience, reliability, and extensive features & is widely installed/used across all smart phones.

With "Simplified Onboarding, powered by WhatsApp," FYERS showcases its commitment to enhancing user convenience. The familiar interface of WhatsApp, coupled with its real-time communication capabilities, has eliminated complexity and made the account opening journey effortless. You can also explore a varied range of products on FYERS platform here.

Are you ready to get started? Open your account instantly via WhatsApp and experience the seamless journey that awaits you. Take advantage of this opportunity to streamline your financial aspirations with FYERS!

A user interested in opening an account with FYERS should send a 'Hi' message on WhatsApp to +919731162865.

Integrating WhatsApp for FYERS account opening brings a seamless user experience, convenient communication, and enhanced security. It streamlines the process, making it effortless and efficient for users.

FYERS account opening via WhatsApp offers key features such as automated onboarding flow, guiding users through the necessary steps effortlessly. It ensures real-time communication, allowing users to receive prompt responses and updates. Additionally, the integration enables seamless data collection and integration into backend systems, facilitating personalized user experiences and data-driven decision-making.

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