World Consumer Rights Day, celebrated annually on March 15, will be held in 2022 under the theme 'Fair Digital Financial Services'.
The World Consumer Rights Day was established on March 15, 1983, twenty years after the historic speech of U.S. President John F. Kennedy.
Since 2000, Consumer Rights Day has been established at the state level in our country on March 15. Consumer Rights Day coincides with another state holiday in Belarus – Constitution Day.
The World Consumers Organization (Consumers International), of which the Public Association "Belarusian Society for Consumer Protection" is a member, has presented the theme of World Consumer Rights Day: "Fair Digital Financial Services". In 2022, consumer organizations worldwide will focus their efforts on protecting consumers of digital financial services. From March 14 to 18, the World Consumers Organization Forum "Fair Digital Finance Forum" will also be held. The International Confederation of Consumer Societies (KonfOP), of which the Belarusian Society for Consumer Protection is also a member, will take part in the forum.
Every year on March 15, the consumer movement celebrates World Consumer Rights Day, raising global awareness of consumer issues and ways to protect their rights. In 2022, the focus of consumer organizations is on digital financial services. The consumer movement will conduct campaigns and research aimed at developing digital financial services that are inclusive, secure, fair, sustainable, and that keep user data protected.
In the context of a rapidly changing market, World Consumer Rights Day will give impetus to the first global discussion on digital financial services, with the main focus on improving the position of consumers.
Digital technologies are fundamentally transforming traditional markets for payments, lending, and insurance, becoming a key factor for financial services consumers. In the short years since their widespread adoption, digital financial services and financial technologies have brought about significant changes worldwide:
By 2024, the number of digital banking consumers is expected to exceed 3.6 billion. (Juniper Research, 2020).
In developing countries, the share of account owners sending and receiving payments digitally increased from 57% in 2014 to 70% in 2017 (Findex 2017).
39% of companies prioritize fintech adoption, highlighting the global demand for a more innovative financial landscape (JDSpura, 2020).
However, the spread of digital financial services has introduced new risks for consumers and amplified traditional ones. Furthermore, the access issue has become more acute, with vulnerable populations finding themselves in an even more precarious position in an increasingly cashless society.
There is compelling evidence that these risks have increased in recent years, with crises such as the COVID-19 pandemic only exacerbating them. Ensuring fair digital financial services for all consumers requires a global and coordinated approach. In particular, the rapidly evolving and complex nature of digital financial services demonstrates the need for innovative regulatory approaches.
It is now more important than ever to develop a common approach to the characteristics of fair financial services in the digital world, and the role that consumer-oriented financial services can play in addressing global challenges such as sustainable development. 2022 will be a decisive moment for change due to upcoming events such as the review of the G20/OECD High-Level Principles on Consumer Protection in Financial Services.