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Fair Digital Finance Evaluation Framework

Principle 4: User-Centricity

Digital finance products and services center user needs and experiences.


Subprinciple: Quality User Experience

  • Customers are able to obtain products and services that are a good fit with their individual needs and circumstances.
    • The company takes reasonable steps to gather sufficient information on a consumer to assess whether a product or service is suitable for that particular consumer.
    • Sales materials clearly communicate key risks associated with the product or service.
    • Sales materials clearly communicate the conditions for obtaining the product or service.
    • The company does not utilize deceptive or misleading practices that nudge consumers into taking up more costly products or services than they need.
    • Customers are not required to take up additional products or services in order to obtain the product they need.
  • Customers can easily obtain a new product in an informed manner.
    • The onboarding process to obtain a new product or service is intuitive and straightforward.
    • App interfaces are designed to ensure that a product or service’s key terms and conditions are clearly conveyed to the consumer.
    • Digital onboarding processes integrate steps into the transaction flow that allow consumers to pause and reflect
      before finalizing signing up for a product.
  • Customers can easily cancel or transfer a product or service.
    • The company provides simple procedures/information to consumers on how to cancel and transfer products/or services
    • The company provides easily accessible means to cancel or transfer a product or service in a timely fashion.
    • The company does not charge excessive fees or penalties for cancelling or transferring a product.
  • Users are satisfied with the product or service provided.
    • The company analyzes user satisfaction and works to improve user satisfaction.’
    • Consumers indicate satisfaction with the product or service.


Subprinciple: Quality Customer Service

  • Company provides easy access to customer service that meets the needs of users.
    • Customer support is easy to access via multiple channels.
    • The company addresses customer service requests within a reasonable time period.
  • Effective grievance and redressal mechanisms are provided to address users’ concerns.
    • The company has written policies and adequate systems to handle and resolve complaints.
    • The channels and processes for dispute resolution are widely publicized to consumers via multiple channels.
    • The channels and processes for dispute resolution are widely publicized to consumers via multiple channels.
    • The company keeps consumers informed throughout the complaints handling process.
    • Complaints are resolved in a timely fashion within established timeframes.
    • The company analyzes complaints data to continuously improve its products, services, and processes.
    • The company participates in the CFPB consumer complaint process (even if not required) or an equivalent external dispute resolution (EDR) entity.