Mind the Bank – Decoding the fine print
 Posted on 26/02/2014 - 16:05
Idea Outline
Open and collaborative financial literacy tool, where citizens can consult information about financial products, making better informed decisions and increasing their economic stability.

The Challenge
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.

The Solution

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.
A user would access the platform and enter information about a bank entity and kind of contract. He/she can obtain a summary with a simple but useful analysis of the specific product, including comparisons with other entities, pros and cons and a rating about its quality. This way, the user can have an easy and fast picture about the product, having more information to make a decision.
We aim at researching similar experiences and projects in other countries, like Terms of Service, Didn´t Read ( and offline initiatives from European consumer’s protection associations.

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 ( 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:

Video Link
None posted
Social Category
  • Civic Empowerment and Community Engagement
  • Economic Empowerment and Prosperity
  • Knowledge Society and Education

  • Tecnology Category
  • Audiovisual
  • Data
  • Open Source
  • Social Software
  • Web/Internet

  • Please log in to Rate this Idea

    Very interesting tool for the transparency and good information to decide the best choice (moral and economical) for the investments. Great!

    This is highly needed! Specially in a country like Spain, where we all have seen what happens when customers' lack of financial literacy meets major banks' lack of scruples.


    While I agree with the spirit I think the information is in the public domain and the motivation behind this service may be more about the past than the future, though I understand the need I think legislation on complex T&C's would be more useful.

    Banks make profits of people´s ignorance with financial Products. People really need this Platform!!

    I think is a very good idea above all in Spain.

    Because in spain we have been misinformed so many times in the past. Also because as workers we do not have info about contracts nor our rights as workers

    I think is a good idea because in Spain, al least, many people have been misleading in the banks.

    i think this project is very important implemented in Spain in the actual situation....