KNOW YOUR MONEY

Project background

Slice has been a lending-first product since its inception in 2016, providing credit access to over 3 million Indians. However, if you look at them now, Slice has completely pivoted towards being a payments-first product. This shift was highlighted by the launch of UPI payments in 2022 and the introduction of the Slice account in early 2023.

Aiming to become the go-to platform for all payment needs of Indian consumers, Slice offers a fast and user-friendly payments app. Users can make payments through Slice in two main ways:

  1. Slice account: This is a PPI (Prepaid Payment Instrument) account designed for users' everyday payment requirements. Users can add funds to this PPI wallet and make payments using a card or the UPI (Unified Payments Interface).
  2. UPI TPAP: As a third-party account provider, Slice enables its users to make payments from any of their personal bank accounts using UPI through Slice.

With thousands of UPI apps in the market, it is challenging to track all expenses in one place. In this high-consumer-spend economy, it is easy to lose control of your finances. Being aware of your financial health makes it easier to make informed decisions about your money.

Slice, with the goal of becoming the user's all-in-one finances app, aims to offer an option for users to track their expenses and gain a better understanding of their cross-product spending. This feature can serve as a retention strategy, as it will make it easier for users to monitor their expenditures. Additionally, it can act as an acquisition strategy. When users are looking for an app to fulfill their financial needs, they may consider Slice if they find the spend analytics app to be reliable and suitable for all their requirements.

How do we know this in a opportunity?

India's fintech sector has grown rapidly due to smartphone and internet usage. Expense tracking apps like Axio and Mint are highly popular in India. As of October 2022, Axio had 6 million users in India.

Currently, the "Activity centre" in the Slice app only shows transactions and lacks comprehensive spending analysis. Users are unable to identify spending patterns, trends, and anomalies effectively.

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Our user research in 2022 revealed that none of the available UPI payment options offer in-app expense tracking and budget management. Users currently rely on external SMS-powered tools for this purpose.

By adding spend analytics, Slice differentiates itself from competitors and offers complete financial solutions. This demonstrates care for users' financial well-being and builds trust.

As Slice aims to become a go-to financial app, establishing a niche and building credibility is crucial.