Doing Digital Finance Right
On June 29, 2015, CGAP launched new research on responsible digital finance. The event explored:
- What common risks do low-income customers experience when using digital financial services (DFS)?
- Why do these risks matter for consumers, industry and the financial inclusion agenda more broadly?
- What solutions are emerging to advance responsible digital finance and whose job is it to ensure transparent, fair and safe DFS?
Digital delivery of financial services will undoubtedly play a central role in bridging the financial inclusion gap. But along with the potential benefits – easier access, lower costs, product diversification beyond simple money transfer and payment services – come risks such as opaque terms and conditions, agent misconduct or fraud that can harm customers and reduce their trust and usage of the new services. Better understanding and managing these risks can help advance customer well-being, provider success and financial inclusion progress.