Consumer financial capability can be improved through financial education initiatives which improve consumers’ understanding of products and services, empower consumers to know their rights and responsibilities at the time of making their financial decision. This is a value-add for any business: it builds trust, retains customers, maintains loyalty –all of which builds stability for businesses and markets in which they operate. While results have been mixed, and no one-size fits all, practitioners, providers, policymakers and researchers continue to develop approaches to bring financial education to scale. Human centered design aim to understand clients’ behavior, their preferences and the impact of financial inclusion initiatives. Demand-side data efforts also include the World Bank Global Findex, FinMark Trust’s FinScope studies, the FII ‘’Finclusion’’ program, among others.
What Human-Centered Design Means for Financial Inclusion
Yanina Seltzer and Claudia McKay
Well-established in other industries but relatively new to financial inclusion, human-centered design (HCD) is a process built on learning directly from customers in their own environments. The process challenges financial providers to understand, create, evolve, and test possible solutions and repeat the cycle for as many times as it takes.
How To Use Games For Financial Education
Posted by Trevin York, CGAP
The human brain is programmed to detect patterns, but often perceives finances as too dense or tangled to sort. Because they seem incomprehensible, finances are labeled as boring, and positive financial decisions remain difficult to teach via traditional methods.
Financial education is an important tool to achieve greater financial access as it helps consumers both accept and effectively use the products to which they increasingly have access. This map shows what frameworks have been enacted by various countries as reported by the World Bank’s 2013 Global Survey on Consumer Protection and Financial Literacy.