We’ve said before that “nobody is average”. But it’s something worth repeating because it’s so fundamental to our vision for Castlight.
We are living in an environment where it’s easy to feel that many companies think they know us simply because they have some limited data on our life and our choices.
Market researchers and pollsters will put us into categories depending on our age, ethnicity, where we live and what we earn. Amazon will recommend what book we might want to read next, based on what we read last week. Sainsbury’s will send us money-off vouchers for food items they think we might want to buy again because we bought them before and Facebook will suggest new friends, because they are friends with other friends.
I’m not saying these aren’t helpful interventions. They are just limited, suggestions based simply on what, on average, people would do or want, given an average situation or choice.
Categorisation As A Tool
At Castlight Financial, we don’t do “average” and we don’t fit people into categories. In fact we have turned that entire concept on its head. We use categorisation as a tool for individuals to demonstrate their unique financial behaviours. Our categories are used to serve our customers, to demonstrate their differences.
Our CastScore, the world’s first affordability score, measures an individual’s affordability, their capacity to take on safe credit, by taking that individual’s transactional data and categorising it into over 180 categories of income and outgoings. And then it creates a unique 3D picture of their affordability.
The result of this? A CastScore affordability score which records the nuances of an individual’s financial behaviour and reflects the complexity of an individual’s life.
Nuanced Financial Behaviours
The categorisation engine which underpins CastScore is the most powerful engine of its kind in the UK. We are proud of this. But where we are going now, in 2019, is truly ground breaking. The Chinese may have made it to the dark side of the moon, but I am even more excited by what our team of data scientists are doing with our categorisation engine. CaaS, our engine, is constantly being trained by our data science team to “think” more like a human. They are creating an entire “interpretive” layer of technology over the number crunching and category sorting layer. That means, when it reviews an individual’s transactional data it records or “understands” way more than a set of credits and debits. It interprets the transactions and recognises nuanced financial behaviours. It understands the stories of people’s unique financial lives.
CastScore for instance, understands Black Friday. It understands Christmas. It understands that a baby has been born or a student has set up in a new flat. The interpretative technology recognises that these are blips of event-specific spending. It understands why the account has wobbled and it sees it steady again. It understands context and factors it in to its affordability scoring.
Growing Ever More Human
It’s a tough old world out there for many people and I’m thrilled that CastScore’s ability to “understand” provides what I like to call “redemptive” technology. That is, affordability technology that allows for mistakes to be made and then corrected, forgiven.
And CastScore’s interpretive function is not only helping individuals who experience blips in their spending patterns. It’s also enfranchising customers with thin credit files, by allowing them to demonstrate their unique stories and understanding their financial journeys.
I’ll come back to CastScore, there’s so much more to tell. But for now, I’m so delighted that CastScore is growing ever more human, all the more equipped to see us in all our glorious individuality and difference.