Page 15 - FIGI Digital Financial Services Consumer Competency Framework

3�1 Pre-transaction phase
The competences for the pre-transaction phase are as follows:

1�1 Search for information about cost, quality and terms of conditions of the service
To search for and access information related to digital finance. To know where to obtain the information needed regard-
ing the various cost (direct and indirect) options for a DFS provider service and the terms and conditions of the service.
Knowledge area CA1.1-K1 Recognize that consumers should understand the exact costs (both direct
and indirect) and evaluate affordability for using the service if they want to bear these
costs before engaging in the transaction. [For gender sensitivity: Include also informa-
tion about the relevance of the digital financial inclusion service product].
CA1.1-K2 Understand that they need to read, watch, listen and comprehend the DFS
provider terms and conditions, including steps to use before accepting to use the ser-
vice.
CA 1.1-K3 Differentiate the selected product from similar products.
CA 1.1-K4 Understand the audio or visual medium used for advertising the product or
service.
Skills area CA1.1-S1 Know how to identify the costs for using the service.
CA1.1-S2 Know whether the terms and conditions stated are fair to consumers and leg-
islation in place.
CA 1.1-S3 Know how to compute the cost of the service.
CA 1.1-S4 [For gender sensitivity: Know the range of financial products and services
women can access from the DFS provider].
Proactive steps CA1.1-P1 Search for information about the costs for the service in the appropriate loca-
tions.
CA1.1-P2 If unsure, contact the DFS provider consumer information contact to obtain
relevant information or if necessary, the appropriate regulator.
CA1.1-P3 Contact other users of the DFS service to confirm the cost and terms of con-
ditions.
CA1.1-P4 Take advice from consumer advocacy organizations about costs, terms and
conditions and service provision of service provider.
CA1.1-P5 Searching and analysing different DFS options and comparing them with
available savings and desired objective to be met by DFS service providers.

Digital Financial Services Consumer Competency Framework 13