Bengaluru: To understand the evolving financial behavior of millennials & Gen Z, slice – India’s leading credit card challenger – encapsulates the year 2021 in a glance. The analysis reveals that the new generation is more open to trying new-age credit products & solutions. According to company data, out of the new members who joined slice in 2021, a whopping 48% were between the age group of 18-24 years. Another 36% who signed up were between 25-30 years old.
Today’s technology-savvy generation is looking for faster, efficient, and speedier consumer experiences for their financial needs, i.e., fast credit, fast resolution, and fast approval. With a customer-first approach & state-of-the-art credit underwriting system, slice leveled up their credit approval processes with close to 36% of the approvals happening within 5 minutes. The fastest approval took just 32 seconds.
Commenting on the year gone by, Rajan Bajaj, Founder & CEO, slice, said, “Millennials & Gen Z have been on Instagram & Snapchat for years, setting the bar for consumer experience very high. This generation has experienced tech like no other, and we don’t have to educate them on how to navigate an app. It is intuitive to them. They are a simple & straightforward bunch, as the data shows they’re keen on using a product that is transparent, hassle-free, and has no gotchas.
At slice, we aim to create a product that we as consumers would like to experience & use for our daily financial needs without compromising on consumer experience.”
The company data also captures the leading cities with slicers, and Bangalore topped the list with a maximum number of slice users, followed by Hyderabad and Mumbai.
Also, as work from home continued, the spend on groceries constituted the largest category accounting for close to 15 lakh card transactions. Out of all the offers slice rolled out in various categories, SLICEBINGE was the most used coupon, used over 3L times on Zomato. And it doesn’t stop there! The largest card bill stood at INR 9.5 lacs in 2021.
slice recently opened doors to the new-to-credit population with the newly introduced card with a limit of 2,000 rupees. Over the years, slice has built on its risk underwriting system, which has helped our members start their financial journey with ease.
