{"id":267,"date":"2023-07-12T08:20:39","date_gmt":"2023-07-12T08:20:39","guid":{"rendered":"https:\/\/dvararesearch.com\/centre-for-customer-protection\/?page_id=267"},"modified":"2024-08-14T06:02:11","modified_gmt":"2024-08-14T06:02:11","slug":"spotlight-projects","status":"publish","type":"page","link":"https:\/\/dvararesearch.com\/centre-for-customer-protection\/spotlight-projects\/","title":{"rendered":"Spotlight Project"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"267\" class=\"elementor elementor-267\" data-elementor-post-type=\"page\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-320020f elementor-section-full_width elementor-section-stretched elementor-section-height-min-height elementor-section-height-default elementor-section-items-middle\" data-id=\"320020f\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;stretch_section&quot;:&quot;section-stretched&quot;}\">\n\t\t\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-3fed855\" data-id=\"3fed855\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-39adfe6 elementor-widget elementor-widget-heading\" data-id=\"39adfe6\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.15.0 - 09-08-2023 *\/\n.elementor-heading-title{padding:0;margin:0;line-height:1}.elementor-widget-heading .elementor-heading-title[class*=elementor-size-]>a{color:inherit;font-size:inherit;line-height:inherit}.elementor-widget-heading .elementor-heading-title.elementor-size-small{font-size:15px}.elementor-widget-heading .elementor-heading-title.elementor-size-medium{font-size:19px}.elementor-widget-heading .elementor-heading-title.elementor-size-large{font-size:29px}.elementor-widget-heading .elementor-heading-title.elementor-size-xl{font-size:39px}.elementor-widget-heading .elementor-heading-title.elementor-size-xxl{font-size:59px}<\/style><h1 class=\"elementor-heading-title elementor-size-default\">SPOTLIGHT PROJECTS<\/h1>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-e25720f elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"e25720f\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-f72e966\" data-id=\"f72e966\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-883f5f3 elementor-reverse-mobile elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"883f5f3\" data-element_type=\"section\" id=\"Seeking\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-e654113\" data-id=\"e654113\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-b213560 elementor-widget elementor-widget-heading\" data-id=\"b213560\" data-element_type=\"widget\" id=\"Seeking\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">SEEKING THE CUSTOMER'S CONSENT<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c147e33 elementor-widget elementor-widget-heading\" data-id=\"c147e33\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">CAN BEHAVIOURAL SCIENCE HELP DESIGN CUSTOMER-FRIENDLY CONSENT FORMS?<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-208c9b9 text_img elementor-widget elementor-widget-text-editor\" data-id=\"208c9b9\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.15.0 - 09-08-2023 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p>A consent artefact is a digital document that records a user&#8217;s consent to share their personal data with a provider, or via the provider, to a third party. Obtaining informed, prior, and explicit consent is often seen as an important tool for customers to establish control over their personal data. However, evidence suggests that customers do not actively peruse or understand consent artefacts, falling short of the regulatory standard of free, informed, explicit, and revocable consent.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-485511b elementor-widget elementor-widget-html\" data-id=\"485511b\" data-element_type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<button id=\"myButton\" class=\"shbt\" onclick=\"myoneFunction()\">See More<\/button>\r<script>\rfunction myoneFunction() {\r var element = document.getElementById(\"sechide\");\r element.classList.toggle(\"secshow\");\r var btn = document.getElementById(\"myButton\");\r\r    if (btn.value == \"See Less\") {\r      btn.value = \"See More\";\r      btn.innerHTML = \"See More\";\r    } else {\r      btn.value = \"See Less\";\r      btn.innerHTML = \"See Less\";\r    }\r}\r<\/script>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-abf1615\" data-id=\"abf1615\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1843f72 elementor-widget elementor-widget-image\" data-id=\"1843f72\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.15.0 - 09-08-2023 *\/\n.elementor-widget-image{text-align:center}.elementor-widget-image a{display:inline-block}.elementor-widget-image a img[src$=\".svg\"]{width:48px}.elementor-widget-image img{vertical-align:middle;display:inline-block}<\/style>\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/dvararesearch.com\/centre-for-customer-protection\/wp-content\/uploads\/elementor\/thumbs\/21-qam2e383q9brfqru1vg10i9hs39snil44xbsycyank.jpg\" title=\"SEEKING THE CUSTOMER&#8217;S CONSENT\" alt=\"SEEKING THE CUSTOMER'S CONSENT\" loading=\"lazy\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-7def009 elementor-reverse-mobile elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7def009\" data-element_type=\"section\" id=\"sechide\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-2173af5\" data-id=\"2173af5\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-6faa76f text_img elementor-widget elementor-widget-text-editor\" data-id=\"6faa76f\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<figure id=\"attachment_3448\" aria-describedby=\"caption-attachment-3448\" style=\"width: 303px\" class=\"wp-caption alignright\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-3448 \" src=\"https:\/\/dvararesearch.com\/centre-for-customer-protection\/wp-content\/uploads\/2023\/08\/Blue_Entrepreneur_Personalities_Business_Infographic__2_-removebg-preview-e1690880813113.png\" alt=\"\" width=\"303\" height=\"600\" srcset=\"https:\/\/dvararesearch.com\/centre-for-customer-protection\/wp-content\/uploads\/2023\/08\/Blue_Entrepreneur_Personalities_Business_Infographic__2_-removebg-preview-e1690880813113.png 316w, https:\/\/dvararesearch.com\/centre-for-customer-protection\/wp-content\/uploads\/2023\/08\/Blue_Entrepreneur_Personalities_Business_Infographic__2_-removebg-preview-e1690880813113-151x300.png 151w\" sizes=\"auto, (max-width: 303px) 100vw, 303px\" \/><figcaption id=\"caption-attachment-3448\" class=\"wp-caption-text\"><strong>Illustration 1.4 <\/strong><\/figcaption><\/figure><p><span style=\"color: var( --e-global-color-text );\">\u00a0<\/span><\/p><p><span style=\"color: var( --e-global-color-text );\">This project employs behavioural science tools to ask why customers do not engage with consent artefacts and how that can be reversed. The specific use case we took up for the study is digital lending and (therefore) the consent screens presented by RBI-licensed account aggregators. We discover that the macro- context of a borrowing journey is characterised among low- income borrowers by financial desperation, the urgency of time and an acute awareness<\/span><\/p><p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-3032 alignleft\" src=\"https:\/\/dvararesearch.com\/centre-for-customer-protection\/wp-content\/uploads\/2023\/07\/Social-network-ideas2.jpg\" alt=\"Dvara\" width=\"220\" height=\"292\" srcset=\"https:\/\/dvararesearch.com\/centre-for-customer-protection\/wp-content\/uploads\/2023\/07\/Social-network-ideas2.jpg 2177w, https:\/\/dvararesearch.com\/centre-for-customer-protection\/wp-content\/uploads\/2023\/07\/Social-network-ideas2-226x300.jpg 226w, https:\/\/dvararesearch.com\/centre-for-customer-protection\/wp-content\/uploads\/2023\/07\/Social-network-ideas2-771x1024.jpg 771w, https:\/\/dvararesearch.com\/centre-for-customer-protection\/wp-content\/uploads\/2023\/07\/Social-network-ideas2-768x1021.jpg 768w, https:\/\/dvararesearch.com\/centre-for-customer-protection\/wp-content\/uploads\/2023\/07\/Social-network-ideas2-1156x1536.jpg 1156w, https:\/\/dvararesearch.com\/centre-for-customer-protection\/wp-content\/uploads\/2023\/07\/Social-network-ideas2-1541x2048.jpg 1541w\" sizes=\"auto, (max-width: 220px) 100vw, 220px\" \/><span style=\"color: var( --e-global-color-text );\"> that they may be denied formal credit for no proper reason. This macro-context shapes individuals\u2019 micro-decision of consent, immediately placing them on the defensive. Furthermore, the shrink-wrap design of consent artefacts offers little scope for negotiation or challenge, affording customers little real choice or control. As a consequence, customers feel resigned to passively comply.\u00a0<\/span><\/p><p>A customer-friendly consent artefact would assuage the negative emotions triggered by prospects of borrowing, empower customers during the process and be easy for the customer to comprehend. For this to happen, the consent form should have the elements as shown in <b>Illustration 1.4<\/b><\/p><p>At the time of this publication, the team is translating these principles into specific design recommendations which will be piloted with customers of a lender and account aggregator to test their effectiveness.<\/p><p>Read all our writings under Customer&#8217;s Consent <a href=\"https:\/\/dvararesearch.com\/centre-for-customer-protection\/seeking-the-customers-consent\/\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration: underline;\"><strong>here<\/strong><\/span><\/a>.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-a7e0ba3 elementor-reverse-mobile elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"a7e0ba3\" data-element_type=\"section\" id=\"Addressing\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-e747b1b\" data-id=\"e747b1b\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-638efa5 elementor-widget elementor-widget-heading\" data-id=\"638efa5\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">ADDRESSING DEBT DISTRESS<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9b97aa9 elementor-widget elementor-widget-heading\" data-id=\"9b97aa9\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">HOW CAN LENDERS DETECT AND ALLEVIATE BORROWERS' DISTRESS?<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1d211b3 text_img elementor-widget elementor-widget-text-editor\" data-id=\"1d211b3\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>In India, signs of borrower distress have appeared in many states over the past decades, often exacerbated by natural disasters and political events, making many borrowers unable or unwilling to repay. The presence of such distress has adverse consequences not just for the borrower but also for financial service providers, and the larger financial system.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9160533 elementor-widget elementor-widget-html\" data-id=\"9160533\" data-element_type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<button id=\"myButton3\" class=\"shbt\" onclick=\"mythreeFunction()\">See More<\/button>\r\n<script>\r\nfunction mythreeFunction() {\r\n var element = document.getElementById(\"sechide3\");\r\n element.classList.toggle(\"secshow3\");\r\n \t\r\n \tvar btn = document.getElementById(\"myButton3\");\r\n    if (btn.value == \"See Less\") {\r\n      btn.value = \"See More\";\r\n      btn.innerHTML = \"See More\";\r\n    } else {\r\n      btn.value = \"See Less\";\r\n      btn.innerHTML = \"See Less\";\r\n    }\r\n}\r\n<\/script>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-943c2ad\" data-id=\"943c2ad\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-ad0ef13 elementor-widget elementor-widget-image\" data-id=\"ad0ef13\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/dvararesearch.com\/centre-for-customer-protection\/wp-content\/uploads\/elementor\/thumbs\/shutterstock_2243981771-qa9dku8omx0pqmeyrbnr4eprgbtauc334hx5j0hkkw.jpg\" title=\"Dvara\" alt=\"A Framework for Detecting Over-indebtedness and Monitoring Indian Credit Markets\" loading=\"lazy\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-7b06431 elementor-reverse-mobile elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7b06431\" data-element_type=\"section\" id=\"sechide3\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-e5e0664\" data-id=\"e5e0664\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-8847319 text_img elementor-widget elementor-widget-text-editor\" data-id=\"8847319\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>The customer protection concern is firstly one of improper credit decisioning. Here, regulations are in place but are not adequately reflected in the decisioning procedures that financial service providers actually employ. Even if the credit decision properly identified a worthy borrower, distress may set in for one reason or another, but default remains the only signal of distress available to the lender. This is especially true because low-income households often hide distress by using various desperate measures to repay loans, such as postponing necessary medical care or pulling children out of school.<\/p><p><em style=\"color: #72310c;\"><span style=\"font-weight: bolder;\">We have partnered with the Robert Bosch Center for\u00a0<\/span><span style=\"font-weight: bolder;\">Data Science and Artificial Intelligence (RBCDSAI) at\u00a0<\/span><span style=\"font-weight: bolder;\">IIT Madras to develop a machine learning model that\u00a0<\/span><span style=\"font-weight: bolder;\">will use the borrower\u2019s past repayment behaviour,\u00a0<\/span><span style=\"font-weight: bolder;\">demographic characteristics, and economic activities\u00a0<\/span><span style=\"font-weight: bolder;\">to determine whether the borrower is in distress.<\/span><\/em><\/p><p>Our approach is to design a tool that will detect distress after a loan has been made. This is not a trivial problem because it means uncovering something that is unobserved from analysing what is observed, which is repayment behaviour. We have partnered with the Robert Bosch Center for Data Science and Artificial Intelligence (RBCDSAI) at IIT Madras to develop a machine learning model that will do precisely this, i.e., use the borrower\u2019s past repayment behaviour, demographic characteristics, and economic activities to determine whether the borrower is in distress. In our work thus far, we have completed the development of the machine learning model and deployed it across the borrower base of a non-bank lender with over 1.5 million customers. We are in the process of validating the model\u2019s result using field surveys.<\/p><p>Once distress is confirmed, we propose to test various solutions (or protocols) to alleviate it. In such solutioning, we will strive to remain within the scope of the credit contract while also deploying behavioural interventions at the end of the project, we expect to have a robust distress prediction model as well as a set of field-tested protocols for financial services providers to use, to detect and address distress among customers.<\/p><p>Read all our writings under Debt Distress\u00a0<a href=\"https:\/\/dvararesearch.com\/centre-for-customer-protection\/addressing-debt-distress\/\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration-line: underline; text-decoration-color: initial;\"><span style=\"font-weight: bolder;\">here<\/span><\/span><\/a>.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-31349f6 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"31349f6\" data-element_type=\"section\" id=\"Reducing-information\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-4d36c66\" data-id=\"4d36c66\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a62e22d elementor-widget elementor-widget-image\" data-id=\"a62e22d\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/dvararesearch.com\/centre-for-customer-protection\/wp-content\/uploads\/elementor\/thumbs\/13-qam2irh7plq35xzfre68wtt0428hxc52g23puw0tps.jpg\" title=\"REDUCING INFORMATION ASYMMETRY\" alt=\"REDUCING INFORMATION ASYMMETRY\" loading=\"lazy\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-1cb6c47\" data-id=\"1cb6c47\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-365aea3 elementor-widget elementor-widget-heading\" data-id=\"365aea3\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">REDUCING INFORMATION ASYMMETRY<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-032c0e3 elementor-widget elementor-widget-heading\" data-id=\"032c0e3\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">CAN INFORMATION DISCLOSURES HELP CUSTOMERS MAKE BETTER LIFE INSURANCE PURCHASE DECISIONS?<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ffe51fa text_img elementor-widget elementor-widget-text-editor\" data-id=\"ffe51fa\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Information asymmetry is a situation where one party to a transaction has more or better information than the other. In financial markets, it is often the case that the provider has more information than the poor customer about a product, but does not disclose this information accurately in order to make an unsuitable sale. Life insurance is a good use-case to study in this regard.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9f16402 elementor-widget elementor-widget-html\" data-id=\"9f16402\" data-element_type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<button id=\"myButton4\" class=\"shbt\" onclick=\"myfourFunction()\">See More<\/button>\r\n<script>\r\nfunction myfourFunction() {\r\n var element = document.getElementById(\"sechide4\");\r\n element.classList.toggle(\"secshow4\");\r\n \t\r\n \tvar btn = document.getElementById(\"myButton4\");\r\n    if (btn.value == \"See Less\") {\r\n      btn.value = \"See More\";\r\n      btn.innerHTML = \"See More\";\r\n    } else {\r\n      btn.value = \"See Less\";\r\n      btn.innerHTML = \"See Less\";\r\n    }\r\n}\r\n<\/script>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-4e3b047 elementor-reverse-mobile elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"4e3b047\" data-element_type=\"section\" id=\"sechide4\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-a72dfa4\" data-id=\"a72dfa4\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-040d503 text_img elementor-widget elementor-widget-text-editor\" data-id=\"040d503\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>If poor customers buy life insurance at all, they usually buy endowment plans, but these are not typically suitable for them. Relative to term life policies, endowment products require high premiums, offer inadequate death cover, and penalise policyholders heavily for premature surrender or closure. Despite these shortcomings, insurance agents, often embedded within customer communities, are incentivised to sell endowment policies as if they offer safe and assured investment options, i.e., without accurately disclosing the returns or surrender terms.<\/p><p>We proposed to solve this problem by focusing on the disclosure aspect (there are many other intervention points, but this is the one that truly tackles the information asymmetry problem). Accordingly, we employed behavioural science to first understand the drivers of life insurance purchases among low-income households, and then experimental methods to test the effectiveness of diverse disclosure formats in influencing the purchase decision. We discovered that disclosures that merely provide accurate information about endowment plans are not enough to change habits. Rather, a superior alternative option should also be offered, and accurate information about its advantages over endowment plans needs to be clearly presented. Then switching behaviour follows.<\/p><p><span style=\"font-weight: bolder; color: #72310c;\"><em>We employed behavioural science to first understand the drivers of life insurance purchases among low-income households, and then experimental methods to test the effectiveness of diverse disclosure formats in influencing the purchase decision.<\/em><\/span><\/p><p><span style=\"color: var( --e-global-color-text );\">In our study, this alternative was a combination of the Pradhan Mantri Jeevan Jyoti Bima Yojana (a term life insurance plan) and a post office recurring deposit. This specific bundle was chosen because it mimics an endowment plan while offering features better attuned to the needs of low-income customers, such as committed savings with fair returns, a low penalty for premature exit and affordable life cover. Currently, we are in the second phase of the project, wherein the behavioural insights from the study are being disseminated to targeted stakeholders in the life insurance industry, with a view to identifying a provider partner that will be enthusiastic about operationalising our preferred solution bundle.<\/span><\/p><div>Read all our writings under Information Asymmetry\u00a0<span style=\"text-decoration-line: underline;\"><span style=\"font-weight: bolder; color: #72300d !important; text-decoration-color: #72300d !important;\"><a style=\"color: #72300d !important;\" href=\"https:\/\/dvararesearch.com\/centre-for-customer-protection\/reducing-information-asymmetry\/#\" target=\"_blank\" rel=\"noopener\">here<\/a><\/span><\/span>.<\/div>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-e599f05 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"e599f05\" data-element_type=\"section\" id=\"Reducing-digital\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-7e8f615\" data-id=\"7e8f615\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-262f4d3 elementor-widget elementor-widget-image\" data-id=\"262f4d3\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/dvararesearch.com\/centre-for-customer-protection\/wp-content\/uploads\/elementor\/thumbs\/5-qam2m017uzjkqaouw7ncahwc3l5q4qm1v8jlff74s0.jpg\" title=\"REDUCING DIGITAL FRAUDS\" alt=\"REDUCING DIGITAL FRAUDS\" loading=\"lazy\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-2fed0af\" data-id=\"2fed0af\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-e488621 elementor-widget elementor-widget-heading\" data-id=\"e488621\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">REDUCING DIGITAL FRAUDS<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1678648 elementor-widget elementor-widget-heading\" data-id=\"1678648\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">ARE FRAUD-AWARENESS CAMPAIGNS EFFECTIVE IN RAISING CUSTOMERS' AWARENESS?<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-11b63bb text_img elementor-widget elementor-widget-text-editor\" data-id=\"11b63bb\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Social engineering ploys, where unsuspecting customers are manipulated into authorising fraudulent transactions, are a serious customer protection concern. Regulators and financial institutions are investing efforts in designing awareness campaigns in the form of TV commercials (TVCs). In this project, we design an outcome-based survey (OBS) to evaluate the effectiveness of UPI-fraud-awareness campaigns in reducing individuals\u2019 propensity to engage with fraudulent communication. Leaning on behavioural science and market research literature, the OBS measures effectiveness along the four dimensions of recall, appeal, comprehension and impact.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b3b5e79 elementor-widget elementor-widget-html\" data-id=\"b3b5e79\" data-element_type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<button id=\"myButton1\" class=\"shbt\" onclick=\"mytwoFunction()\">See More<\/button>\r\n<script>\r\nfunction mytwoFunction() {\r\n var element = document.getElementById(\"sechide1\");\r\n element.classList.toggle(\"secshow1\");\r\n \t\r\n \tvar btn = document.getElementById(\"myButton1\");\r\n    if (btn.value == \"See Less\") {\r\n      btn.value = \"See More\";\r\n      btn.innerHTML = \"See More\";\r\n    } else {\r\n      btn.value = \"See Less\";\r\n      btn.innerHTML = \"See Less\";\r\n    }\r\n}\r\n<\/script>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-0c852a1 elementor-reverse-mobile elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"0c852a1\" data-element_type=\"section\" id=\"sechide1\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-2b1bcb6\" data-id=\"2b1bcb6\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-85ab1fc text_img elementor-widget-laptop__width-initial elementor-widget elementor-widget-text-editor\" data-id=\"85ab1fc\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>To recreate the hot state that individuals encounter when faced with fraudulent messages, the OBS simulates common frauds in a lab-in-the-field setting. Respondents\u2019 willingness to engage with such messages is recorded as their baseline disposition. Next, the respondents are presented with a short film (unrelated to the topic), interspersed with a clutter of ads, comprising TVCs of interest. They are asked to summarise the visual content without any probes directed at the TVC. The readiness and clarity with which respondents recall the TVC from amongst the clutter is treated as a proxy for its appeal and comprehension. The researchers next meet with the respondents after seven days, presenting them with the same fraudulent situations again. A decline in their propensity to engage with the simulations is treated as proxies for both recall and impact. Finally, focus group discussions are organised to understand why respondents prefer certain TVCs over others.<\/p><p>As proof of concept, this OBS was piloted with 80 low-income and new-to-UPI users from four Tier I and Tier II cities, to test the effectiveness of three TVCs. We discovered that TVCs with relatable characters and simple messages in a storytelling format fare better on recall, appeal, and comprehension. Further, we learned that TVC-driven awareness campaigns only operate at the cognitive level and cannot change attitudes or behaviour which are driven rather by habit, emotional make-up, and vulnerability to biases. This is the reason that fraudsters continue to use \u2018hot state\u2019 scenarios (e.g., fake emergencies, enticing rewards) to make customers feel panicked or elated so that they do not think clearly.\u00a0<\/p><p><em style=\"color: #72310c;\"><span style=\"font-weight: bolder;\">In this project, we design an outcome-based\u00a0survey (OBS) to evaluate the effectiveness of\u00a0UPI-fraud-awareness campaigns in reducing\u00a0individuals\u2019 propensity to engage with fraudulent\u00a0communication.\u00a0<\/span><\/em><\/p><p><span style=\"color: var( --e-global-color-text );\">Our work so far provides the foundation for the next step, which will be to develop interventions that go beyond raising awareness to initiating actual behavioural change. We are also able to identify system-level interventions that would create a cohesive frauds-database which would double up as a supervisory as well as an enforcement tool.<\/span><\/p><p>Read our writings under Digital Frauds\u00a0<a href=\"https:\/\/dvararesearch.com\/centre-for-customer-protection\/reducing-digital-frauds\/\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration-line: underline; text-decoration-color: initial;\"><span style=\"font-weight: bolder;\">here<\/span><\/span><\/a>.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-6440ceb elementor-reverse-mobile elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6440ceb\" data-element_type=\"section\" id=\"Designing\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-7d18a60\" data-id=\"7d18a60\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-b030b75 elementor-widget elementor-widget-heading\" data-id=\"b030b75\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">DESIGNING EFFECTIVE GRIEVANCE REDRESS<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2a884d4 elementor-widget elementor-widget-heading\" data-id=\"2a884d4\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">DO IN-APP GRMS WORK FOR CONSTRAINED USERS OF UPI?<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1dd6fba text_img elementor-widget elementor-widget-text-editor\" data-id=\"1dd6fba\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Effective grievance redress is integral to customer protection. Unfortunately, grievance redress in the financial sector is exclusionary, time-consuming, and opaque for low-income customers.<span class=\"tooltips \" style=\"\" title=\"&lt;a href=&quot;https:\/\/www.dvara.com\/research\/blog\/2021\/02\/18\/consumer-grievance-redress-in-financial-disputes-in-india\/&quot; target=&quot;_blank&quot; rel=&quot;noopener&quot;&gt;Chivukula, C., Dvara Research, Consumer grievance redress in financial disputes in India, 18 February 2021, https:\/\/www.dvara.com\/ research\/blog\/2021\/02\/18\/ consumer-grievance-redress-in-financial-disputes-in-india\/&lt;\/a&gt;&lt;a href=&quot;https:\/\/dvararesearch.com\/centre-for-customer-protection\/spotlight-projects\/&quot;&gt;.&lt;\/a&gt;\"><strong>[9]<\/strong><\/span> Regulators and financial service providers are aware of this and are using digital approaches to address these challenges.<span class=\"tooltips \" style=\"\" title=\"&lt;a href=&quot;https:\/\/www.rbi.org.in\/commonperson\/English\/Scripts\/Notification.aspx?Id=3194&quot; target=&quot;_blank&quot; rel=&quot;noopener&quot;&gt;Reserve Bank of India, Online Dispute Resolution (ODR) System for digital payments, 6 August 2020, https:\/\/m.rbi.org.in\/Scripts\/ BS_CircularIndexDisplay. aspx?Id=11946; NPCI, UDIR \u2013 Enhancing complaint handling and resolution process for UPI transactions, 24 November 2020, https:\/\/www.npci.org.in\/PDF \/ npci\/upi\/ circular\/2020\/Circular-98-UDIR-Enhancing-Complaint-handling-and-resolution.pdf.&lt;\/a&gt;\"><strong>[10]<\/strong><\/span> For instance, in the Unified Payments Interface (UPI) space, providers are deploying Grievance Redress Mechanisms (GRM) where users can seek redress through the UPI app (In-App grievance redress). But these GRMs also fall short of meeting the needs of low-literate, low-income and digital immigrant users who we define as constrained users.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-732f5bb elementor-widget elementor-widget-html\" data-id=\"732f5bb\" data-element_type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<button id=\"myButton5\" class=\"shbt\" onclick=\"myfiveFunction()\">See More<\/button>\r\n<script>\r\nfunction myfiveFunction() {\r\n var element = document.getElementById(\"sechide5\");\r\n element.classList.toggle(\"secshow5\");\r\n \t\r\n \tvar btn = document.getElementById(\"myButton5\");\r\n    if (btn.value == \"See Less\") {\r\n      btn.value = \"See More\";\r\n      btn.innerHTML = \"See More\";\r\n    } else {\r\n      btn.value = \"See Less\";\r\n      btn.innerHTML = \"See Less\";\r\n    }\r\n}\r\n<\/script>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-1a4b6ee\" data-id=\"1a4b6ee\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-6c8dec0 elementor-widget elementor-widget-image\" data-id=\"6c8dec0\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/dvararesearch.com\/centre-for-customer-protection\/wp-content\/uploads\/elementor\/thumbs\/16-qam2o8vbkt8aw20pqrhwgfzsuz7ktrwp773omzw5f4.jpg\" title=\"DESIGNING EFFECTIVE GRIEVANCE REDRESS\" alt=\"DESIGNING EFFECTIVE GRIEVANCE REDRESS\" loading=\"lazy\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-4641dd1 elementor-reverse-mobile elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"4641dd1\" data-element_type=\"section\" id=\"sechide5\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-9c46601\" data-id=\"9c46601\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-ca3a79e text_img elementor-widget-laptop__width-initial elementor-widget elementor-widget-text-editor\" data-id=\"ca3a79e\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Our research project on UPI In-App GRMs uses Human-Centered Design (HCD) techniques to develop design inputs that make In-App GRMs more constrained-user friendly. The project proceeds in three phases.<\/p><p>First, we gauge the bottlenecks that constrained users face in the In-App UPI redress journey. We do this by personally using those GRMs, talking to stakeholders, conducting dipstick user surveys and undertaking desk research. We discover that In-App GRM functionalities are not intuitive for customers because they are difficult to find, or do not use vernacular languages, or separately locate payment-related from non-payment related grievance recording, or do not easily provide information about the status of grievance resolution, or otherwise increase the frictions for customers seeking redress.<\/p><p><span style=\"font-weight: bolder; color: #72310c;\"><em>Our research project on UPI In-App GRMs uses Human-Centered Design (HCD) techniques to develop design inputs that make In-App GRMs more constrained-user friendly.<\/em><\/span><\/p><p><span style=\"color: var( --e-global-color-text );\">Second, we use HCD techniques to rethink the design of In-App GRMs considering the above problems. HCD is a problem-solving technique that puts real people at the centre of the development process, enabling one to create products and services that resonate with and are tailored to a specific audience\u2019s needs. The goal is to keep users\u2019 wants, pain points, and preferences in front\u00a0<\/span><span style=\"color: var( --e-global-color-text );\">of mind during every phase of design.<\/span><\/p><p>Third, we partner with providers to create and test prototypes of the solutions with live users to test their efficacy and scalability.<\/p><p>The above three phases proceed iteratively, and we have already completed one iteration of the first and second phases and presented our ideas to select providers. Working with specific providers may cause us to revisit the earlier phases and slightly tweak our solutioning ideas basis the providers\u2019 specific requirements and offerings. In the end, however, because UPI is such a foundational aspect of digital finance, we hope to improve the baseline for accessibility and usability that digital financial service providers can aim for in their GRMs.<\/p><p>Read all our writings under Designing Effective Grievance Redress <span style=\"text-decoration: underline;\"><strong><a href=\"https:\/\/dvararesearch.com\/centre-for-customer-protection\/designing-effective-grievance-redress\/\" target=\"_blank\" rel=\"noopener\">here.<\/a>\u00a0<\/strong><\/span><\/p><p>Read our <span style=\"text-decoration: underline;\"><strong><a href=\"https:\/\/upigrm.dvararesearch.com\/wp-content\/uploads\/2024\/08\/Building-an-Effective-UPI-In-App-GRM-for-Indias-Consumers.pdf\" target=\"_blank\" rel=\"noopener\">report<\/a><\/strong><\/span> and check out the toolkit <a href=\"https:\/\/upigrm.dvararesearch.com\/\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration-line: underline; text-decoration-color: initial;\"><span style=\"font-weight: bolder;\">here<\/span><\/span><\/a>.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-7ac52bd elementor-reverse-mobile elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7ac52bd\" data-element_type=\"section\" id=\"Protecting\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-de850e3\" data-id=\"de850e3\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-370be52 elementor-widget elementor-widget-heading\" data-id=\"370be52\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">PROTECTING CUSTOMERS\u2019 DATA<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-98fe77e elementor-widget elementor-widget-heading\" data-id=\"98fe77e\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">HOW CAN INDIA'S DIGITAL PERSONAL DATA PROTECTION BILL BE STRENGTHENED?<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-11e875f text_img elementor-widget elementor-widget-text-editor\" data-id=\"11e875f\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>India is contemplating a Digital Personal Data Protection Bill<span class=\"tooltips \" style=\"\" title=\"&lt;a href=&quot;https:\/\/www.meity.gov.in\/writereaddata\/files\/The%20Digital%20Personal%20Data%20Potection%20Bill%2C%202022_0.pdf&quot; target=&quot;_blank&quot; rel=&quot;noopener&quot;&gt;The Ministry of Electronics and Information Technology (MeitY) released the draft Digital Personal Data Protection Bill 2022 (The Bill) for public consultation, building on several previous iterations.&lt;\/a&gt;\"><strong>[11]<\/strong><\/span> to safeguard customers\u2019 personal data and uphold their right to privacy. This has significant implications for financial customer protection. Extensive digitisation of finance promises expanded inclusion and better tailored financial services but also occasions, by that very measure, a greater collection of personal data and therefore a greater likelihood of adverse customer outcomes when personal data is breached, misused, or wrongly processed. Many such instances have occurred in recent times, amounting to identity theft, monetary loss, predatory recovery practices, and unfair denial of services.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a9315d1 elementor-widget elementor-widget-html\" data-id=\"a9315d1\" data-element_type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<button id=\"myButton6\" class=\"shbt\" onclick=\"mysixFunction()\">See More<\/button>\r\n\r\n<script>\r\nfunction mysixFunction() {\r\n var element = document.getElementById(\"sechide6\");\r\n element.classList.toggle(\"secshow6\");\r\n \t\r\n \tvar btn = document.getElementById(\"myButton6\");\r\n    if (btn.value == \"See Less\") {\r\n      btn.value = \"See More\";\r\n      btn.innerHTML = \"See More\";\r\n    } else {\r\n      btn.value = \"See Less\";\r\n      btn.innerHTML = \"See Less\";\r\n    }\r\n}\r\n<\/script>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-42bcc1f\" data-id=\"42bcc1f\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-3c7c15a elementor-widget__width-initial elementor-widget elementor-widget-image\" data-id=\"3c7c15a\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/dvararesearch.com\/centre-for-customer-protection\/wp-content\/uploads\/elementor\/thumbs\/20-qam2qoab8ejyvshqkba7ebxo3t8ppmjqj7ru9qajcg.jpg\" title=\"PROTECTING CUSTOMERS\u2019 DATA\" alt=\"PROTECTING CUSTOMERS\u2019 DATA\" loading=\"lazy\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-61cfc2e elementor-reverse-mobile elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"61cfc2e\" data-element_type=\"section\" id=\"sechide6\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-b87d663\" data-id=\"b87d663\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-9869735 text_img elementor-widget elementor-widget-text-editor\" data-id=\"9869735\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<figure id=\"attachment_3706\" aria-describedby=\"caption-attachment-3706\" style=\"width: 730px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-3706 size-full\" src=\"https:\/\/dvararesearch.com\/centre-for-customer-protection\/wp-content\/uploads\/2023\/08\/Illustration-1.5-new-3.png\" alt=\"\" width=\"730\" height=\"486\" srcset=\"https:\/\/dvararesearch.com\/centre-for-customer-protection\/wp-content\/uploads\/2023\/08\/Illustration-1.5-new-3.png 730w, https:\/\/dvararesearch.com\/centre-for-customer-protection\/wp-content\/uploads\/2023\/08\/Illustration-1.5-new-3-300x200.png 300w\" sizes=\"auto, (max-width: 730px) 100vw, 730px\" \/><figcaption id=\"caption-attachment-3706\" class=\"wp-caption-text\"><strong>Illustration 1.5<\/strong><\/figcaption><\/figure><p>A law would improve personal data protection practices in two ways. First, it would bring under its fold those financial intermediaries that may reside outside of the perimeter of financial sector regulators. Second, it would set a minimum baseline for personal data protection even where financial sector regulators may not have provided active guidance. For these reasons, engagement with the Bill is critical, and we note the action items in <b>Illustration 1.5<\/b> for strengthening its customer protection impact.<\/p><p>Read all our writings under Data Protection\u00a0<strong><a href=\"https:\/\/dvararesearch.com\/centre-for-customer-protection\/protecting-customers-data\/\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration: underline;\">here.<\/span><\/a><\/strong><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-8b4a67d elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"8b4a67d\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-c618684\" data-id=\"c618684\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-d94d384 elementor-widget elementor-widget-spacer\" data-id=\"d94d384\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.15.0 - 09-08-2023 *\/\n.elementor-column .elementor-spacer-inner{height:var(--spacer-size)}.e-con{--container-widget-width:100%}.e-con-inner>.elementor-widget-spacer,.e-con>.elementor-widget-spacer{width:var(--container-widget-width,var(--spacer-size));--align-self:var(--container-widget-align-self,initial);--flex-shrink:0}.e-con-inner>.elementor-widget-spacer>.elementor-widget-container,.e-con-inner>.elementor-widget-spacer>.elementor-widget-container>.elementor-spacer,.e-con>.elementor-widget-spacer>.elementor-widget-container,.e-con>.elementor-widget-spacer>.elementor-widget-container>.elementor-spacer{height:100%}.e-con-inner>.elementor-widget-spacer>.elementor-widget-container>.elementor-spacer>.elementor-spacer-inner,.e-con>.elementor-widget-spacer>.elementor-widget-container>.elementor-spacer>.elementor-spacer-inner{height:var(--container-widget-height,var(--spacer-size))}<\/style>\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>SPOTLIGHT PROJECTS SEEKING THE CUSTOMER&#8217;S CONSENT CAN BEHAVIOURAL SCIENCE HELP DESIGN CUSTOMER-FRIENDLY CONSENT FORMS? A consent artefact is a digital document that records a user&#8217;s consent to share their personal data with a provider, or via the provider, to a third party. Obtaining informed, prior, and explicit consent is often seen as an important tool [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":"","_links_to":"","_links_to_target":""},"hashtags":[],"class_list":["post-267","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/dvararesearch.com\/centre-for-customer-protection\/wp-json\/wp\/v2\/pages\/267","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dvararesearch.com\/centre-for-customer-protection\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/dvararesearch.com\/centre-for-customer-protection\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/dvararesearch.com\/centre-for-customer-protection\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dvararesearch.com\/centre-for-customer-protection\/wp-json\/wp\/v2\/comments?post=267"}],"version-history":[{"count":834,"href":"https:\/\/dvararesearch.com\/centre-for-customer-protection\/wp-json\/wp\/v2\/pages\/267\/revisions"}],"predecessor-version":[{"id":4664,"href":"https:\/\/dvararesearch.com\/centre-for-customer-protection\/wp-json\/wp\/v2\/pages\/267\/revisions\/4664"}],"wp:attachment":[{"href":"https:\/\/dvararesearch.com\/centre-for-customer-protection\/wp-json\/wp\/v2\/media?parent=267"}],"wp:term":[{"taxonomy":"hashtags","embeddable":true,"href":"https:\/\/dvararesearch.com\/centre-for-customer-protection\/wp-json\/wp\/v2\/hashtags?post=267"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}