|Mind the Bank – Decoding the fine print|
| Posted on 26/02/2014 - 15:05|
Open and collaborative financial literacy tool, where citizens can consult information about financial products, making better informed decisions and increasing their economic stability.
Financial products are part of our everyday life. We manage our money through bank accounts and credit cards, insurance provide us financial coverage against a range of events and investment products promise to multiply the money we already have. All of these financial products have become increasingly complex over time, making it difficult for normal citizens to understand neither the benefits of these products nor their costs, limitations or potential risks. As a result, customers make ill-informed decisions that jeopardise their long-term economic security. The global financial crisis has revealed the need for more effective consumer protection and empowerment through the promotion of financial literacy, a commitment the G20, the OECD and the EU have made.
We propose to create an online platform that will gather and interpret information about banking/financial entities and their products, making it easier for final consumers to understand the fine print.
Target group and social impact
The application will benefit every citizen, since any citizen can consult the database and contribute to the project. The use of the application will increase financial literacy and awareness and will reduce the chances of abuse and manipulation by financial entities. Users will increase in their understanding of financial products, developing the ability to make better-informed decisions.
Competences of the applicant
Fundación Ciudadana Civio (www.civio.es/en) is a Madrid-based non-profit organization using digital technology to promote government transparency and accountability. Our aim is to increase citizens’ participation and awareness, helping foster a stronger democracy. For more information, please visit: http://www.civio.es/en/#latest-work
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