Banks review services policy for WhatsApp

Banks in Mumbai, which had long sought to integrate WhatsApp as the main channel for potential customers, are reviewing their policies regarding the use of the messaging platform. This comes in the wake of common public concerns arising from the sharing of user data between Facebook between its subsidiary companies.
HDFC Bank, which has been giving customers the opportunity to earn money on bank account balances via WhatsApp banking, has suspended the center. Customers who want to ask for balance are asked to use a mobile banking app, network banking or other offline methods.

According to an industry source, previously the idea was a deep integration with banking systems and artificial intelligence discussions so that customers could get their service requests and even transactions done in a straightforward manner. Basically, the idea was to get and help all banking information through a social media platform, where customers spend most of their time, without going into net banking.
Now there seems to be some warning in using WhatsApp banking as a channel. It is unclear whether the HDFC BankNSE -2.28% change in WhatsApp services is part of a reorganization of the office or a WhatsApp policy review.
Fortunately, all WhatsApp bank conversations come with a label stating that while these are encrypted, the bank can use the service to store, read and respond to messages and calls. According to Rajshekhar Rajaharia, an online security researcher who has revealed policy changes, businesses and solutions providers will use WhatsApp parent company, Facebook, to store messages securely and respond to customers.
While Facebook will not automatically use messages to determine the ads you see, businesses will be able to use the conversations they receive for their marketing purposes, which may include advertising on Facebook. A spokesman for ICICI Bank, in response to a question from TOI, said, “Messages to the ICICI Bank WhatsApp Banking service are secure with end-to-end encryption. This clearly implies that WhatsApp or third parties cannot read them. Facebook or stored on Facebook servers. Facebook has now integrated the Whatsapp button on the banking homepage. Customers will have the option to chat with the bank at the click of a button. The button is also available in other ads. According to the privacy policy of WhatsApp, it will help to personalize the ads you see on Facebook. “

Experts say WhatsApp messages, encrypted, are much more secure than SMS, which appear on phone companies and government agencies and can be detected by hackers. However, the concern is not about hacking but privacy and organizations that use customer data to sell third-party products.

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