How Teleduce Customer Support Software is Uplifting Neo Bank’s Approach?

The sturdy increase in the potential of the Neobanks is due to their low-cost model for consumers with zero to very low monthly fees.

It includes banking services such as minimum balance limit, deposits, and withdrawals. 

Millennials, small and medium businesses, individuals with irregular incomes, and those approving of convenient innovative technologies lead to the success of Neo Banks.

Take a look at the outstanding numbers that speak volumes about the evolution of Neo banks. 

There are 248 Neobanks worldwide. Prominent Neobanks in India include Open Money, Open Book, Jupiter, RazorpayX and Niyo.

Neo bank’s market size in 2028 is said to be accelerated to $722.6 billion. In 2021 it stands at $47.1 billion.

Neo Bank Market Size

What is a Neo Bank?

Neobank is a financial institution that gives customers a better and cheaper alternative to traditional banks. 

They are digital banks without any physical branches, offer services that traditional banks don’t, and do it more efficiently.

Let’s get into how neo banks are the future of modern banking and how they can achieve more with software like Teleduce.

How Does a Neo Bank work?

Neo banks follow one of the below approaches:

  1. Non-licensed Fintechs that partner with traditional banks and provide a mobile/web interface.
  2. Traditional banks with their own digital initiatives.
  3. Licensed neo banks that exist as their own entity without tying up with a traditional bank. This is usually with digital banking licenses in countries that
How does a Neo bank work-

Reasons for the Growth of Neo Banks

Customer Service

If it wasn’t for continuous customer support, even tech-savvy customers would lack behind the neo banking process.

At times customers want to make sure if they are following the right process in borrowing a loan or creating an account or filling the right details in a form and so on.

The only way to fast forward the issue or to be ensured of the right process is Customer Support assistance.

Though most of the netizens prefer emailing as their professional communication platform. There are a good number of consumers who would like to receive a solution from other means.

This brings us to the reason; why customer support software is diversified into Call, Email, SMS, and Whatsapp to foster quick conversation and provide a solution in their own comfort zone.

This is where neo banks outweigh all other banking systems with a more favorable growing number of customers choosing them.

Mobile Apps

Customers urge for a transaction to happen on the go.

Mobile apps provide an interface where the customers can check balance, view transaction history, last payment status, confirmation message, and transaction Id for reference.

All these at a click.

Cloud Communication

Entire infrastructure, hardware equipment which takes up physical space, more money, also inconvenient and not so flexible traditional telephone system into a cloud server.

With no space occupied, no extra costs involved, super flexible and convenient communication inside a single system.

That’s how neo banks communicate through a system to the customer.

Why is Teleduce the Choice of Neo Bank?

As the whole process of neo banking is online, tools and software must keep up with the process too.

For instance; OTP must be generated right away.

So internet, automation, SMS services must be fast enough to complete the customer request.

As we have seen how customer service plays a key role in operating a Neo Bank.

It is a must to opt for a tool that provides the fastest and best customer experience.

That is where Teleduce Inbuilt Cloud Communication comes into the picture.

Inbuilt Cloud Communication

Inbuilt Cloud Communication in Teleduce helps neo banks to foster communication, customer service.

Built-in Cloud Telephony is one of the best features to choose to close more deals.

It needs no infrastructure or hardware equipment. 

It’s inbuilt within Teleduce and you make a call from the system to your customer.

This avoids the conventional setup and extra costs involved for traditional telephone equipment.

Importantly, the entire process will not take more than minutes and you can start taking business calls from wherever you are. 

All you need is a virtual number,  you can also opt for IVR service which is provided by Corefactors.

You can connect Marketing, Sales, Support teams on a single call and redirect to the specific team based on the caller’s inputs.

With IVRS you can virtually be present 24/7 and not miss a single call and single lead.

Multi-Channel Engagement

Teleduce offers Inbuilt Cloud Communications in various channels like  Whatsapp, Email, Call, and SMS.

Lead Info With Communcation Option

What makes Neo banks different from traditional banks is in these features offered by Teleduce.

Allow us to elaborate,

Your lead or the potential customer is looking for a product on your website and needs assistance to choose the best that fits their requirement.

Evidently, the prospect wants to talk to someone regarding the same.

There are Email/Whatsapp options on the website to get in touch with the customer support team and have a seamless conversation about it.

So the lead performs the same and finally selects a product.

This is possible due to inbuilt communication in Teleduce.
As soon as a lead sends out an email about their concern, the support executive is notified of it in Teleduce itself and he/she is able to attend the lead with a single click.

the support executive is notified of it in Teleduce itself

This feature works even when a customer raises an issue on your WhatsApp business account.

The support Executive is notified instantly and the issue will be taken care of by the team.

Neo banks with multiple communication channels are for those looking for agility traditional banks fail to provide.

How Teleduce is helping Neo Banks like Open Money?

Bank operations are critical and transactions must be accurate.

Customers get skeptical if they don’t receive transaction confirmation messages or if money is struck.

Customers enquire about the problem and want to know that everything’s fine and in place.

With Neo Banks present virtually; customers get in touch directly with the support team

It’s similar to Teleduce. But the internal process of the support box makes all the difference.

Teleduce Customer Support Management

Support Box in Teleduce primarily focuses on resolving customer issues at a faster pace.

It does so with the help of two features.


When a customer lodges a complaint through Email/SMS/Whatsapp/Call. It is immediately assigned to an agent responsible for that category of queries.

The agent gets notified when he/she is assigned with a customer concern.

This approach allows the ticket to not sit idle and undergo the further process.


Another important addition to customer service in Teleduce is setting priority to a ticket.

Though every operation is critical; there are a few situations to be dealt with on emergency basis.

For instance, a customer wants to know- which type of loan best suits him. 

On the other hand, there’s another customer complaining that the money was debited from his account but didn’t reach the recipient.

Clearly, it’s the second complaint that has to be looked at on a priority basis.

Teleduce understands banking operations and that’s why- a Support Executive can set priority from high, medium, and low to a ticket in order to resolve quickly.

High Priority

Teleduce Virtual Calling Feature

Let’s say a lead dropped from your sales funnel.

Would you be interested to know what made them disconnect?


Now, what do you think is the best way to reach out to them?

Email, SMS is something they are going to ignore in this scenario.

Calling them timely is definitely going to help your sales team to know their situation better and to guide them through their desired product.

When you avail Teleduce IVR services – taking account of customer requirements, issues are way simpler. 

You can also make use of calling your customer based on their reviews.

What I mean is – If you have noticed a customer has rated your product “unsatisfied”  or did not like the user experience of your newly launched mobile application.

You can call them and make things better, which is a win-win because you are improving the product too.

Teleduce Call log reports also give you insights into the number of calls from the leads, duration of each call, recordings of the call and you can track them on a daily, weekly, monthly basis.

Call tracking will give a better idea of customer likes and dislikes about the product, flaws in any service, or their requirements. 


It’s the internet, technology, and highly efficient software that can drive customers to the Neo Banks.

That said, it might get challenging to serve and answer several customers at once. What helps is a robust tool like Teleduce.

Explore Teleduce Customer Support Box offered FREE for 7 days and witness the huge difference it can bring in resolving customer issues.

Integrated CRM to empower marketing, sales, and support teams with inbuilt cloud telephony.

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