Responsible Digital Finance Ecosystem (RDFE): A conceptual framework

Though recent technological trends have improved overall customer experience and convenience when accessing and using financial services, they have also led to an increase in consumer risks largely arising from fraud and data misuse. This working paper presents a conceptual framework for achieving a Responsible Digital Finance Ecosystem (RDFE), where a wide range of actors—financial sector and other authorities, DFS providers, consumer representatives, and market facilitators—come together to safeguard consumers from potential harm and ensure that digital financial services enrich their lives. It outlines four key components, Centricity, Collaboration, Capability, and Commitment, and draws on real-life examples and case studies to provide a framework for financial consumer protection.

• Date: 20/09/2024
• Author(s): Eric Duflos, Juan Carlos Izaguirre, Sai Krishna Kumaraswamy, Laura Brix Newbury, and Myra Valenzuela
• Sector: Any
• Topics: Inclusive finance
• Regions: Global
• Resource type: Publications
• Institutions: CGAP