Page 27 - FIGI Digital Financial Services Consumer Competency Framework

4 CONCLUSION

From the above sections, the DFS Consumer Competency Framework identifies 15 competences which gives
rise to a total of 87 knowledge areas, 72 skill areas and 64 proactive attitude steps as summarised in the table
below.

Table 2 : Summary of DFS Consumer Competences

DFS Transaction Number of Com- Competence ID Knowledge areas Skills areas (-S) Proactive steps
Phase petences (-K) (-P)
Pre-transaction 6 CA1-1 4 4 5
phase (CA1) CA1-2 9 7 4
CA1-3 6 8 6
CA1-4 5 5 3
CA1-5 6 8 7
CA1-6 6 4 4
Subtotal 36 36 29
Transaction phase 5 CA2-1 7 7 3
(CA2) CA2-2 12 7 5
CA2-3 4 3 7
CA2-4 7 5 3
CA2-5 5 3 4
Subtotal 35 25 22
Post-transaction 4 CA3-1 5 2 3
phase (CA3)
CA3-2 7 6 6
CA3-3 3 2 2
CA3-4 1 1 2
Subtotal 16 11 13
Total 15 87 72 64
These competences are indeed aspirational, but ultimately necessary for all DFS consumers, including the most
vulnerable to be able to use DFS with confidence; the appropriate skill set; and to be well protected, as well
as financially included. We also recognize that engendering the recommended competences may require an
intensive national strategy, implementation of which could last a period of years.

Moreover, while users need to be competent, this should not absolve DFS providers of the responsibility of
providing suitable financial products on fair terms and conditions. Similarly, the financial consumer protection
legal and regulatory framework must be strong and enforced.

Digital Financial Services Consumer Competency Framework 25