Bread & the Incredible Case of the Vanishing UI
Updated: Apr 22, 2019
These are my reflections on Parilee Edison Wang's presentation at our April 2019 meetup in NYC. Parilee is the Head of Product at Bread, which helps retailers offer a white label digital product for pay-over-time solutions. You can watch her presentation below.
One of the trends I’m excited about in fintech is “The incredible case of the vanishing UI”. As more and more financial data becomes accessible programmatically, consumers can spend less time filling out forms and more time getting results.
At our NYC meetup, Parliee, the Head of Product at Bread, shared one example of what this can look like. They spent a year working to trim their loan application form down from around ten fields to just four--first name, last name, email and cell number. As a result they saw a material double digit increase in conversions.
As Parilee says in her presentation, fintech companies win when they make complexity appear simple. On one had reducing the number of fields from ten to four is trivial from a design perspective. The real challenge is to ensure you are compliant, you aren’t increasing default rates and that your banking partner is comfortable.
Eventually, I believe, many of UI elements that consumers interact with today will be subsumed by increasingly automated services. A “long” time ago, you filled out lengthy paper forms. More recently, you filled out lengthy digital forms. Today, you fill out increasingly short digital forms. Tomorrow, automated services will fill out these “forms” for you and continuously monitor the best products that might exist for your needs. We're not there yet, but vignettes like Parilee's at Bread show how we are building toward that future.
You can check out more recordings on our YouTube Channel.