Cardless credit for the cashless generation

NewDay

Developing a brand and app that targets our cashless society. Bip is cardless credit you control. A new type of credit, designed for the cashless generation. 

Apply for credit without it hitting your credit score. There are no hidden fees and one simple interest rate. Choose how you’d like to pay back, how you like, when you like.

“NewDay has launched Bip the UK’s first digital-only credit card, which can be added to the digital wallet of the user’s mobile phone”

Opportunity

  • The UK payments market continues its digitalisation marked by evident growth in methods available to customers
  • Digital wallet market rising, digital wallets account for 32% of all online payments. More popular than Debit cards (29%), and Credit cards (21%) in the UK payment market
  • Reduced servicing costs, accelerated adoption and paperless communication and chat bot servicing
  • Enhance digital document upload for applications. Boost CBRs by reducing never activated accounts from 11% to 5% and a slight lift in early utilisation per active user

Approach

Bip is a unique product in the credit card industry, so the approach we want to take was to manage risks through rapid prototyping and understand our primary market opportunities through customer testing.
 
Phase 1 – Activities
  1. Run research and capture market needs
  2. Conduct interviews to understand customer needs
  3. Conduct user testing to understand requirements 
  4. Design the basic site map for the app
 
Phase 2 – Activities
  1. Create and test a baseline journey and features
  2. Create wireframes and visual design
  3. Prototype and validate with qualitative user testing
  4. Develop a Design system library
 

User research

We ran two rounds of user interviews to understand our targets age’s group, their knowledge of credit cards and how they manage their money and finance habits when using credit. At the same time, we conducted a level of internal stakeholder interviews to help us refine the proposition and the brand, designing a visual identity and user interface that brings these to life. 

Defining our ideal customer profile

Our target customers sit in the middle of this diagram, between 18-34, ahead of the curve in terms of technology adoption and in the near prime / prime bridge space.

Prototyping key journeys

By rapidly prototyping the experience using Figma, we were able to perform unmoderated testing and receive immediate feedback to allow us to iterate and continously improve.
Onboarding process
Payment calculator
Spending caps

Information architecture

The below is the information architecture for New customers that have completed their eligibility online and continue to apply via the app, through to existing customers using the app.

User testing sessions

We conducted user testing sessions and gathered further customer feedback before the beta launch, through unmoderated usability tests with one internal and two external groups.
1. Explore the website
2. Onboarding journey
3. Explore the app

Our Assumptions

  1. The on-boarding process is simple and fast
  2. Bip is so accessible and easy to use that it becomes a primary source of credit
  3. The app is simple and intuitive to set up
  4. Customers feel empowered to make payments decision that is right for them (after 2 months)
  5. The timing and content of messages are beneficial (after 3 months)
First User Beta Feedback
“Innovative in the way there’s no physical card.”
 
“The app is clear and everything is exactly where I would expect it to be.”
 
“The app is set up in such a way that I feel that it is really helping me to manage my finances and spending. Great access to information.”

Launching the Bip Brand

Working closely with VentureThree branding agency, we focused the brand to be purely typographic. Influenced by digital money which is represented through Type and Numbers, we wanted Bip to portray a bold and strong statement that resonated with customers and an attitude to match.

Results

The feedback from customers has been hugely successful in terms of our expected goals of the waitlist, and users highlighted Bip as an instant spend, easy to use, user-friendly product overall.
1 0 %
30,555 0f 24,000 signed up
0 %
97% of testers would recommend Bip
0 %
found it easy to use to build better habits
0
AppStore rating
★★★★★
(6,653)

Impact

Over 30,000 sign ups on the Bip waitlist

Over 15,000 went on to check their eligibility

£4 in every £10 spent used the newly created 'virtual card'

7 in 10 customers had used Bip within 7 days vs 1 in 10 for cards

© David Standen