Page 9 - FIGI Digital Financial Services Consumer Competency Framework

The DFS Consumer Competency Framework con- These competences are indeed aspirational, but ulti-
siders the following DFS transaction process cycle: mately necessary for all DFS consumers, including
the most vulnerable, to use DFS with confidence,
• Pre-transaction phase. with the appropriate skill set, and to be well protect-
• Transaction phase. ed and financially included. Moreover, while users
• Post-transaction phase. need to be competent, this should not absolve DFS
providers of the responsibility of providing suitable
The DFS Consumer Competency Framework financial products on fair terms and conditions. Simi-
identifies 15 competences across the three larly, the financial consumer protection legal and
phases of the DFS transaction cycle giving a regulatory framework must be strong and enforced.
total of 87 knowledge areas, 72 skill areas and
64 proactive attitude steps as shown above. The DFS Consumer Competency Framework is
meant to be a living document and should be regu-
The DFS Consumer Competency Framework also larly updated as the services and technology evolve
identifies the skills for vulnerable groups (i.e. women, over time.
youth, the elderly and disabled) to be able to use
DFS securely and safely.

Digital Financial Services Consumer Competency Framework 7