We’re looking forward to Thursday’s Financial Inclusion Summit in the Houses of Parliament with Lord Bird. It’s an exciting opportunity for us to talk about The Big View, our fintech tool which gives people with debt concerns access to a version of Castlight Financial’s affordability tool. Since it was launched earlier this year, in partnership with the Big Issue Invest and Advice Direct Scotland, advisers have been helping people get the bigger picture of their finances, by using the Big View’s data and interpreting the findings. Equipped with new financial insights the advisers have then been working with their debt clients to create pathways back to financial stability. The Big View is working, it’s making a difference.
So this Thursday we are hoping the summit will encourage debate and the sharing of ideas amongst finance professionals who believe, like we do, that financial technology has the power to be redemptive, to give people another chance.
One of those like-minded finance professionals is Frank Cooper III, BlackRock’s Global Chief Marketing Officer, and who has recently discussed how financial services can be used for everyone, not just the elite few, to become more knowledgeable about their finances. He delivered at keynote at the recent Money 20/20 Revolutionary Stage, “Is There Wealth Beyond the Wealthy”, and so much of what he was saying chimed with Castlight’s mission. Where we at Castlight talk about redemptive technology, Frank Cooper III was talking about the importance of empathy in financial technology. We are singing from the same hymn sheet.
This is what he said about the power of financial technology to help people:
“I think for us to really connect with a wider range of people so that more and more and more people have access to what we call wealth we need to step up the way in which we connect with people, the way we intuit how they think, feel and act, putting ourselves in their shoes.
I think we can leverage technology to actually expand empathy and understand people better.”
Financial technology tools like the Big View, can crunch through data and provide the behavioural insights that help us understand exactly how people think and feel and act. It allows to us do what Frank Cooper suggests – and put ourselves in someone else’s shoes.
And financial technology can certainly be leveraged to help us understand people and people to understand themselves. We share that passion with Frank Cooper.
But we have a tool that can transform understanding and empathy into practical help and solutions. Our redemptive technology can actually put people back on the path of financial wellbeing.
That’s a big responsibility. And that’s why we are thrilled to have the opportunity at the Houses of Parliament to share our ideas and listen to other people’s as we explore together how financial technology can make the world a better place.
Frank Cooper III is right to be excited about the potential for financial technology to change behaviours and help ordinary people become more financially stable. I wonder how excited he would be if he knew that here at Castlight Financial, we are already doing it and have a fintech tool already being used by individuals who are financially squeezed, struggling or debt-laden. And that it’s helping them back on the path to financial health and back to the lives they want to lead.
Because The Big View can track back through historical transactional data, it allows an individual to identify problematic financial behaviour which needs to be addressed or areas where simple changes in patterns and behaviours could significantly improve their financial wellbeing.
We like to think of it as “redemptive technology”, the kind of fintech that uses some of world’s most cutting-edge categorisation software to address one of society’s oldest problems.
So Mr Frank Cooper, if by any chance you are passing through London next Thursday, you would be very welcome to join us! And when you hear what we have to say, I think you might be tempted to jump out of your seat in excitement too!