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Envelopes and Einstein

Richard Branson is a big fan of the back of an envelope approach to creativity and I agree with him that “if you can’t write your business idea on the back of an envelope – it’s rubbish.” And he’s not saying anything new. Einstein was making the same point when he said “Everything should be made as simple as possible, but no simpler.” And who wants to argue with Einstein?

This week at Castlight some of us have been sitting around a table, trying to adopt the “back of an envelope” discipline to setting out our product suite for an upcoming website upgrade. Our technology can crunch through millions of customers’ bank accounts in minutes. It’s used globally, by some of the world’s biggest financial players. It’s poised to power the upcoming open banking revolution. It’s also transforming the way brokers and lenders are able to decision make and empowering borrowers to make good decisions.

And we have to get all that onto the back of a DL envelope.

We’re working on it but here’s a taster from our product suite, back-of-an-envelope style.

Affordability Passport

Our powerful secure platform allows customers to share transactional data from their bank accounts in real time with lenders. It breaks expenditure down into as many as 80 categories of discretionary and non discretionary spending. This information is merged with credit performance data to produce a comprehensive affordability report – or passport.

CaaS – our people, our technology

We provide our clients with access to our team of data scientists to review their organisation’s data analytics and provide solutions and enhancements. Clients can also outsource their customers’ transactional records to us and we will give you a bespoke categorisation service.

CaaS – our API, your developers

Our API which powers our Affordability Passport and Categorisation as a Service (CaaS) resource, is also available to customers on a “pay as you go” basis. If you are a lending institution or third party software developer looking to develop your own categorisation solutions, you can use our API, simply as a hosted service, programme it into your existing software service or use it a platform from which to develop your own categorisation software solutions.