Page 14 - FIGI Digital Financial Services Consumer Competency Framework

Consumers need a set of competences to engage policymakers, and regulatory agencies, as well as pri-
in DFS transactions, to make informed choices, identi- vate actors and civil society.
fy and report suspicious products and service provid- The DFS Consumer Competency Framework con-
ers, to increase their welfare, efficiently enforce their siders the following DFS transaction process cycle:
rights, and to have confidence and trust in the digital
financial system. Given the rapid pace of change in • Pre-transaction phase.
the DFS landscape, consumers’ knowledge, skills and • Transaction phase.
attitudes need continual adjournments. • Post-transaction phase.
The DFS Consumer Competency framework goes
hand in hand with consumer protection legislation in For each phase, the competences, the knowledge,
providing a safe digital financial services experience skills and proactive attitudes are outlined. The
for all. The intended audience include public authori- competences identified for each DFS transaction
ties, consumer groups, consumer education experts, phase is shown in Table 1 below.

Table 1: Competences for each DFS transaction phase

DFS Transaction Phase Competences
CA 1.1 Search for information about costs, quality and terms of conditions of the ser-
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vice .
CA 1.2 Compare information on costs, quality and terms of conditions of the service.
Pre-transaction (CA1) CA1.3 Evaluate the commercial information provided and suitability for purpose.
CA 1.4 Manage digital identity and credit profile.
CA 1.5 Understand how to access digital financial service in a secure manner.
CA 1.6 Understand what is personal data and the risks to personal data.
CA 2.1 Understand how an electronic payment is initiated using digital channels and
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the conditions for the transactions to be completed (i.e. receiver receives payment).
CA 2.2 Make payments and accessing finance through digital channels.
Transaction (CA2) CA 2.3 Understand the terms and conditions of the DFS provider, including related
costs and risks
CA 2.4 Manage personal data and one’s privacy.
CA 2.5 Protect health and safety.
CA 3.1 Share information with the service providers (i.e. feedback) and other con-
sumers online.
CA 3.2 Know consumer rights and how to obtain redress.
Post-transaction (CA3)
CA 3.3 Know the responsible regulator to approach with intractable problems and
the mechanism for doing so.
CA 3.4 Keep up to date on developments in digital financial services.

12 Digital Financial Services Consumer Competency Framework