Heads up bankers: you better be able to run loans and other products via Facebook & Instagram Messenger or you’ll get left behind
Facebook reiterated earlier this month it’ll lean heavier into Messenger for businesses to communicate with consumers.
This is a continuation of a “Privacy” play Facebook announced more than a year ago. Back then, The Basis Point was having conversations with banks and software companies that power transactions (loans, account openings, etc.) for banks about how Facebook could eventually be the place where the transactions actually happen.
Now it’s time to dust off those conversations.
If traditional banks don’t embrace this as a way of communicating and actually transmitting docs and data for transactions, they’ll get left behind.
Comment below or reach out directly with thoughts. More on this topic later. In the meantime, here’s a CNBC piece about Facebook’s latest step toward this vision.
Facebook announced that all businesses will now have access to the application program interface, or API, for messaging on Instagram. This will make it easier for businesses to automate and manage direct message communication with users. For instance, businesses could create automatic responses or workflows for common consumer questions or requests such as “What’s your return policy?” or “Please track my order” before a chat with a live representative begins.
Already, these types of tools exist for businesses to message folks via WhatsApp or Messenger, but now, they will also be able to build similar messaging experiences on Instagram.
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