Social Innovation in Consumer Protection in Finance

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Social Innovation in Consumer Protection in Finance

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Title: Social Innovation in Consumer Protection in Finance
Deliverable 6.5 of the project: “Impact of the Third Sector as Social Innovation” (ITSSOIN)
Author: Hyánek, V.; Navrátil, J.; Placier, K.; Akinyi, E. A.; Figueroa, Maria; Alvarez Garcia, B.; Salido-Andres, N.; Sanzo Perez, M. J.; Alvarez Gonzalez, L. I.; Rey-Garcia, M.
Abstract: As a subject of this case work within the FP7 EU-funded project ITSSOIN, the growing industry of alternative financial services (AFS) has been selected. The considerably ambivalent phenomenon of AFS can be understood as both representing a socially more embedded and responsible alternative to the traditional banking system (which is during crisis less accessible for lower-income consumers), and as well as potentially threatening concept for those socially vulnerable groups. The field of AFS has become very dynamic during the Great Recession (2007 – 2009); it gained a new momentum in the last decade also thanks to its shift towards online forms of service provision. For further research, according to the extensive desk research and expert consultations, the Consumer Protection in AFS through Online Financial Education (CPAFS) has been identified as the innovation stream with the highest exploratory potential. By choosing this innovation, we narrowed our focus educational and awareness-raising activities in the field of AFS, focusing on the vulnerable social groups and having a significant online character.
URI: http://hdl.handle.net/10398/9451
Date: 2017-01-27
Notes: Deliverable of the FP-7 project: ITSSOIN (613177)

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