This Company Is Trying To Change The Way We Pay Bills

This Company Is Trying To Change The Way We Pay Bills
Banks, Insurance & Financial Services

Broadridge has three new concepts that would make bill paying simpler and easier

Jennifer Passas
  • 2 november 2017

Paying and trying to understand most bills is a pain. A company called Broadridge, which sends out 5.5 billion bills for over 5,000 companies a year is looking into developing the bill of the future. Broadridge has teamed up with design consultancy Huge to work on new concepts for what bills could be like in the year 2025.

As reported in Fast Company, five teams mocked up a number of concepts over eight days that were pared down to three core ideas. The concepts were all inspired by the challenge to transform the bill experience from adversarial to empowering. The first is an idea that centers around the idea that your bill is a personal assistant. The assistant is able to scan through all of your bills to predict how much money you will have left after paying the bills as well as ideas on how to save money, through lowering your thermostat or various promotions companies might be offering.

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The second idea stems from creating a smarter paper bill. Many people still want paper bills so this second concept is a paper bill whose design elevates the most important information. It uses easy to read typography that is clear and highly legible. The concept also has a digital component. With this concept if you are curious about your bill you can place your phone beside the bill and a digital bill pops up on your phone screen with more information.

The third idea transforms your bill into a responsive network. This last prototype is akin to a Facebook for bills. The network allows you to update your address in one place so that no bills fall through the cracks when you move. Additionally, if there is a change in your income, perhaps an increase in salary, it would offer deals for mutual funds, ways to invest and project how you could save the additional money for long-term stability.

Broadridge had an internal vote and the third idea won with the consensus amongst the group that it would be great if the best ideas from all of the concepts informed what the bill of the future will be like. Broadridge recognizes that the front-end interfaces are outside of their capabilities and for any of theses ideas to become a reality they would need a number of partnerships with bank and personal assistants like Siri or Alexa.

Broadridge

Paying and trying to understand most bills is a pain. A company called Broadridge, which sends out 5.5 billion bills for over 5,000 companies a year is looking into developing the bill of the future. Broadridge has teamed up with design consultancy Huge to work on new concepts for what bills could be like in the year 2025.

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