This week Consumers International launched a global campaign for transparent digital finance. Poor transparency has long been a problem in financial services, but now more than ever there are billions of consumers (1) using banks and other financial services and (2) using or connecting to these financial services digitally.
Over mounting concern on both digital finance’s general lack of transparency harming consumers directly (whether inadvertently due to small text size of terms and conditions on a phone screen, or deliberately burying and obfuscating key terms and information) and eroding trust in financial services in general, the launch of Consumers International’s transparency campaign on April 16th already had more than 25 digital finance experts calling “for urgent action to improve consumer understanding and trust in digital finance services through greater transparency”.
You can find out more about the campaign for transparent digital finance from Consumers International here (https://www.consumersinternational.org/news-resources/news/releases/consumers-international-launches-global-campaign-for-transparent-digital-finance/).