digital financial services rules

This year the International Conference on Financial Literacy and Financial Availability is held for the 5th time. For this reason, participants in the opening discussion of the anniversary event will discuss the preliminary results of the project and, in particular, talk about the qualitative changes in both areas that have occurred on the financial market in Russia and abroad since 2015.

The main and obvious change is the widespread introduction of digital financial technologies and the growing importance of fintech companies. How do new realities affect the implementation of national strategies for financial literacy and financial inclusion?

How are the development and adoption of standards for protecting rights of consumers of digital financial services going and who stands by this process?

How are business models and principles of client service of financial institutions being transformed under the influence of new technologies?

What is the expert role of professional associations and unions on the financial market? Who sets consumer protection standards in the digital environment?

How to ensure the development of sustainable digital financial skills among different categories of citizens?

client route in a digital environment based on big data

Digital finance opens up new opportunities for consumers of financial services.

As a result, the level of requirements for products and service methods offered by financial institutions is growing.

At the same time, reputational risks increase, as due to the enhanced influence of social media, any published client feedback becomes instantly public.

How to ensure a personal approach to the client at all stages of his journey to receive a digital financial service?

How to continuously stay in touch with the client and which communication channels are the most productive?

What valuable knowledge does a client profile contain and how to respond quickly to his changed needs?

How to effectively optimize business processes and the development strategy of a financial organization based on customer feedback?

volunteer programs and online self-study services

The era of digital finance sets new challenges in financial education.

Despite the fact that the majority of citizens recognize their responsibility for the state of their personal budget, their practical skills in financial planning still leave much to be desired.

On the one hand, the online environment offers a wide range of services and applications, including those developed by financial institutions, which help to independently establish control over personal finances.

On the other hand, many consumers of financial services still need additional individual counseling, as well as external motivation and encouragement.

What is the role of educational institutions in building sustainable financial planning skills among young people?

How understandable and user friendly are the online personal budget management tools?

How accessible are personal financial consulting services for the socially vulnerable categories of citizens?

financial institutions as a diversified social service

The ever-present penetration of digital technologies, the growing value of big data, and arrival fintech companies in the financial market put financial institutions in the need to move from aggressive marketing strategies to receptiveness to the real needs of a client at certain stages of his life cycle. 

In addition, consumers of financial services perceive the purpose of financial organizations differently. 

For some, it is a safe place to keep money, for others it is a source to replenish the family budget, for third it is a channel for investing personal funds. 

Under the influence of these factors, financial institutions are increasingly offering related products and services that help customers in simple, accessible and convenient ways to solve key issues in the organization of their lives and thereby effectively manage personal finances. 

Participants in the session will discuss how the changing role and functionality of financial institutions serve to improve the quality of life for a wide range of citizens and meet the interests of financial services consumers.

newest methods for identifying and protecting consumer data

The rapid introduction of new technologies in the financial market means that for most categories of citizens, access to a range of financial products and services has become much easier and faster. 

At the same time, far from all consumers think about how safe particular independent financial solutions are and how well their personal data is protected in the digital environment. 

Participants of the session will discuss basic cyber risks and effective methods for overcoming them; the required interaction between financial institutions, government agencies and the expert community in order to protect the digital personal data of consumers; necessary educational activities for citizens in the area of cybersecurity.