NEW RESEARCH: How consumer advocates can shape the future of financial services

Today, Consumers International and CGAP release their report on: “The role of consumer organisations to support consumers of financial services in low and middle income countries”.

As technology delivers greater access to financial services, more consumers are now using financial products than ever before. A World Bank report in 2018 found in the developing world, 57% of account owners were sending and receiving payments digitally in 2014. By 2017, this figure grew to 70%.

Alongside CGAP, Consumers International looked at consumer experience in 32 low and middle income countries and how consumer advocates continually inform and defend consumers to ensure fairness and safety for all as the financial market grows. This includes Brazil, Fiji, India, Indonesia, Thailand, Lebanon, Morocco, Peru, Russia, Rwanda, Zimbabwe.

This report describes how consumer advocacy shines light on real consumer experience in financial services, informing and defending consumers every day. More importantly, it provides effective regulation models that spark innovation but also provide strong social safety nets for people.

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At time of economic crisis consumer protection is more needed than ever.  As we build back, can consumer organisations help shape sustainable finance, drive agile governance and support the design of truly consumer-centred business models?

Our sincere thanks to Consumers International members who shared their tireless work. Consumer advocacy continues to demonstrate the important role they play in ensuring financial service marketplaces are safe, fair and sustainable for consumers, with approaches that are varied, relevant for the regional context and effective.

The market for financial services is strong when consumer voices are heard, consumer rights are respected, and consumers have agency.

FURTHER ENGAGEMENT WITH OUR MEMBERS

This report is a great example of how consumer advocacy can support consumers of financial services. From these learnings and as part of our strategy to drive and deepen financial inclusion, we will continue to work with our members to innovate in the digital financial services space for and with all consumers.