Synopsis- The Bengaluru-based fintech startup Slice has launched its first-ever UPI-powered digital department, modernizing the banking sector. This absolutely digital, paperless, “phygital” department allows you to do financial transactions utilizing UPI and digital kiosks, majorly focusing on tech-savvy people and college students. This transfer units the start of a big revolution within the banking companies business in India.
The primary-ever digital department is right here, as Bengaluru-based startup Slice has launched its first UPI-powered department within the coronary heart of India’s Silicon Valley. This marks a big achievement and units the transformation within the monetary companies offered in India, particularly by leveraging the nation’s most superior innovation for payments- UPI (Unified Fee Interface).
The Trendy Financial institution Department
The startup that was all the time recognized for its easy but environment friendly credit score options is now again within the limelight with its new-gen department banking companies. After the latest merger of the startup Slice and North East Small Finance Financial institution (NESFB), the began gained the regulated banking license and entry to conventional banking infrastructure, which resulted in Slice increasing into full-fledged banking companies. This new gen department doesn’t have the setup of some other standard department, as right here you’ll discover digital kiosks, good tablets, and QR codes as a substitute of counters with prolonged rows.
The “phygital” department
Not like conventional banks, this department has tried its finest to fully go paperless, by together with options comparable to
- UPI-based transactions: The companies offered right here, comparable to deposit, withdrawal, and switch of funds, are all finished utilizing UPI, both via a smartphone or a kiosk.
- Self-Companies: From probably the most primary companies, comparable to opening a checking account, getting a debit card, or availing of loans or some other monetary service, will be executed right here utilizing the tablets or the kiosks, together with the method of real-time digital KYC too. And it’s comprehensible if some people, particularly senior residents, will not be capable of undergo these procedures, therefore, there are even Slice representatives current on web site to information you if wanted.
- Digital Pockets Companies: The slice financial institution accounts can be linked to any of the UPI purposes comparable to Google Pay, PhonePe, or Paytm, with a purpose to make fund actions extra environment friendly.
- Paperless Ecosystem: As stated earlier than, Slice has most of its companies paperless. All documentation, signatures, and communications are digital, which contributes to a sustainable and eco-friendly banking expertise.
Why Bengaluru?
Town has all the time been recognized because the” Silicon Valley of India” across the globe, and with a giant inhabitants of tech-savvy people, Bengaluru has all the time been the perfect spot to start out one of these fintech wave. Moreover, the town has all the time been open to modern concepts, particularly within the fintech house, making it the perfect incubator for future-forward concepts.
The strategic location of the department in Koramangala enhances the start of this revolution as being the guts of the town, with nearly all of the inhabitants being college students or tech workers, who’re principally the core audience of Slice. Furthermore, the startup plans to make use of this department as a pilot with a purpose to collect suggestions earlier than opening extra branching in different metro cities.
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Using the Fintech Wave
The launch of this new digital financial institution is including to the transformation within the fintech revolution, with over 500 million UPI customers and the overall UPI transaction worth crossing ₹17.3 lakh crore in June 2025, India has by no means seen this degree of dependence on digital funds. Incorporating UPI right into a department has helped Slice sustain with the fintech pattern, as it’s a part of the broader mission of the startup to make banking easier, quicker, and accessible to extra people, particularly college students and the underserved phase. Moreover, the corporate can also be engaged on AI-driven customer support bots and gamified financial savings accounts to draw extra clients.
Regulatory Stance
Many of the tech-savvy people and college students have welcomed the approaching of the brand new gen digital financial institution, however on the similar time, there are additionally a number of people who’ve raised questions on its safety, compliance, and scalability. The RBI (Reserve Financial institution of India) has taken a cautious but supportive stance on Slice Small Finance Financial institution, and is able to promote such improvements, and encourages them to work intently with conventional banks with a purpose to guarantee stability and knowledge safety. With the acquisition of NESFB, Slice has most of its regulatory issues sorted out, however operational challenges comparable to educating first-time customers and cyber-fraud nonetheless exist.
How is Banking within the Future going to be?
The UPI-powered banking is only a glimpse into the way forward for monetary companies in India. Within the coming years, we will count on the expertise to develop fourfold making permitting a number of startups to supply banking companies, tech and experience-oriented, whereas conventional banks will stick with offering belief and regulations-oriented companies. Moreover, we will additionally count on different startups to affix this wave and set up extra UPI-enabled micro-branches and even absolutely digital financial institution branches.
The Backside Line
The Slice Small Finance Financial institution has people reimagine banking companies for the longer term. Setting the start of the transformation within the banking sector, we will see the boundaries between fintech and conventional banking blur. As Slice has give you its user-first design, seamless digital integration, and deep understanding of younger India’s monetary behaviour, now we will count on extra startups to affix within the rising wave of fintech in India.
Written by Adithya Menon
