A financial sector that works for consumers has a suite of products and features that are suitable to consumers’ needs, are safe from cybercrime and that protect consumers’ privacy. Ideally, empowered consumers exercise an informed choice, understand the information disclosed to them, and have their voice heard in their interaction with financial services providers and agents.
The reality is often different. Cenfri’s consumer outcomes work aims to bridge the gap. We have worked with Consumers International, CGAP, GIZ, FSD Kenya, FSCA South Africa and the SADC Secretariat. Our track record includes policy briefs, regional consumer protection guidelines, financial inclusion measurement, measurement of consumer outcomes, and country-level consumer protection technical assistance.
We also have a significant body of work on behavioural science and its application in the financial sector.
Consumer outcomes: the holy grail. If you think about it, consumer protection is the ultimate raison d’être of all financial sector regulation. But what is “success” in consumer protection? The approach to financial consumer protection regulation has evolved over time. In recent years, more regulators have started to shift from a
Consumers face several frustrations with the potential to affect their experience of digital financial services. These include system glitches, inappropriate design, fraud, cybercrime, data breaches, opaque pricing, and more. The Digital finance: The consumer experience, 2023 report, which Cenfri developed for Consumers International, provides an assessment of the scale of
Consumer outcomes: the holy grail. If you think about it, consumer protection is the ultimate raison d’être of all financial sector regulation. But what is “success” in consumer protection? The approach to financial consumer protection regulation has evolved over time. In recent years, more regulators have started to shift from a
Our work at Cenfri rarely follows the typical rhythms of the calendar year, yet, as 2024 draws to a close, we thought it would be good to reflect on what we’ve achieved. It’s been a busy few months: we’ve worked on around 50 projects and undertaken work-related travel to 19
Women are significantly less likely to use formal banking services than men, due to a range of barriers to access and use. A lack of gender-disaggregated data makes it difficult to identify specific ways in which women may interact with financial products and services differently than men. One area that is little understood
This blog series seeks to generate a broader discussion on the data that is needed to close the gender gap in financial inclusion in ASEAN. A previous blog post argued that the headline data available on financial inclusion in the ASEAN region – the percentage of women with access to
Have you heard of the Fosbury Flop? Probably not. But you’d know one if you saw it. It’s the technique that high jumpers use when jumping back-first over high bars, commonly seen at the Olympics. It wasn’t always the accepted way of doing things, of course. Previously, athletes approached the
Astute business executives know that their customers are not the rational decision makers that economic models presume them to be. People often make suboptimal decisions that don’t reflect their needs or best interests. For instance, customers overspend on their credit cards, fail to save enough for retirement or don’t take
The importance of data for closing the financial inclusion gender gap. The 2014 Global Findex Report identified that in developing economies, women are 9% less likely to be formally banked than men, with 59% of men and 50% of women having bank accounts. The financial inclusion community is actively addressing this gap, but
Financial services, including savings accounts and investments into capital assets such as land, have traditionally excluded women in the ASEAN region. Evidence shows that including them can greatly influence the intergenerational wealth of their families. This report focuses on the role played by remittances in achieving broader development objectives with
Jonathan Zinman explains why he thinks further research is required in order better understand the drivers of decision-making and the ways in which technology can be used to test behaviourally inspired innovations. According to available research, which factors have proved to be the most powerful influencers of financial decision-making? This is
