. rather than delivering on its vast promise, digitalisation could instead become a polarising and divisive instrument. take the provision of online credit, for example, the use of algorithm - based online credit scoring tools have led in some cases to assessments that are gender - biased, with female candidates consistently assigned lower credit scores compared to male counterparts of equal financial standing. behaviourally, there is in fact evidence in malaysia and likely elsewhere, to suggest that the opposite is true. we can and must do better. proportionate laws and regulations must be in place to hold financial service providers accountable for establishing effective safeguards against the theft or abuse of personal data, and discrimination or unfair practices. the focus on consumer protection needs to shift from just addressing customer touchpoints, to the consideration of consumer needs much earlier in the product design process, in the formulation of distribution strategies or in the setting of risk limits. predictive models used for decision - making must be subject to regular reviews against consumer outcomes and redress channels need to be aligned with the digital experience. indeed, we should be concerned that while the delivery of financial products and services is taking on increasingly digital dimensions, when something goes wrong, processes for consumers to seek redress are still heavily manual in nature. as for financial education, i am reminded of the old adage by sir francis bacon : “ reading maketh a full man, conference a ready man, writing an exact man ”. today ’ s digital consumer – at least many of them – has neither the patience nor time to read, confer or write. in fact, this is almost the entire premise of digital financial solutions – brevity, speed and convenience. the short attention spans of financial consumers are further constrained by an overload of information and misinformation. digital solutions that can efficiently deliver financial education to masses of people, while simultaneously providing capabilities to tailor knowledge and information to one ’ s personal circumstances ( such as through loan affordability calculators ), have gained increasing traction. however, the fact that digital interventions are more cost - efficient, accessible and scalable, do not automatically make them any more effective than more traditional interventions in the past that have failed to achieve a consistent and lasting impact in changing behaviour. we need to develop reliable insights into behavioural influences that may help or prevent consumers from making good financial decisions. this sounds simple in theory, but is as complex as an understanding of human psychology itself. as our understanding evolves, the solutions that work

jessica chew cheng lian : empowering financial consumers in the digital age welcoming remarks by jessica chew cheng lian, deputy governor of the central bank of malaysia ( bank negara malaysia ), at the bnm - oecd conference on “ financial education and financial consumer protection in asia - pacific ”, kuala lumpur, 11 december 2019. * * * as i made my way in to work this morning, i glanced through my smartphone to check on my monthly bills, how much pocket money my sons had spent over the week and on what. i also browsed for money changers offering the best exchange rates for my next trip. having all this information available to me literally at my fingertips would have been unthinkable years ago. today, i can organise my financial matters quickly and conveniently over a 20 - minute car ride to work! it is my great pleasure to extend a warm welcome to all delegates to kuala lumpur and to the conference on financial education and financial consumer protection in asia - pacific. we are delighted to co - host this event in collaboration with the oecd. at risk of repeating what many others have already acknowledged, let me say at the outset that financial education and financial consumer protection have never been more important, or more confounding, than in the digital age that is upon us. at stake is our ability to preserve public confidence in the financial system, and seize an unprecedented opportunity to come within striking distance of at least six of the sustainable development goals : no poverty, zero hunger, good health and well - being, quality education, gender equality and reducing inequality. this conference, themed “ empowering financial consumers in the digital age ”, aims to help us untangle and develop sensible responses to the myriad of issues associated with the rapid digitalisation of financial services. digital financial services adoption in asia - pacific the financial services industry has long been at the forefront of the digital revolution, benefitting from efficiency gains, cost savings and wider outreach. for traditional financial institutions, it has also been a matter of survival against an onslaught of highly innovative and nimbler competitors. in recent years, industry players – both traditional and non - traditional – have rapidly scaled up their use of technology to create better customer experiences by making financial products and services more accessible, flexible and competitive. as adoption rates rise, online banking, e - insurance and e - payments are quickly approaching a tipping point at which they will eclipse physical branches, atms and cash as conduits for