“Wow, the consumer knows about that?”
This was essentially how a banker responded when I told him the story of a woman I interviewed for the US Financial Diaries study. The participant – we’ll call her Jenna – was charged four $32 overdraft fees in the same day ($128 total, if you’re counting). Jenna explained to me that if her bank had processed her transactions in the order she had made them, there would only have been one charge. Instead, the bank posted her largest purchase first, which was enough to take her account balance below $0. That triggered the initial $32 fee, and then three smaller debit card swipes she’d made earlier in the day each prompted fees as well . . .
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Editor’s Note: I’m going to assume that you are seeing plenty of AI content (news and papers, not AI slop, though I’m sure you’re getting plenty of that too) from other sources, so I’m trying to think hard about the marginal value that the faiV can provide. As far as I’ve gotten so far: a) make sure that directly AI-related content does not take up more than 2 of the 5 items, and b) try to focus specifically on the cybersecurity issue for financial inclusion. Beyond that, I’m open to feedback on the value you get from the faiV in relation to AI to help guide us in the future. On a different note, I’ll be making a brief cameo appearance at the e-MFP Inclusive Finance Conference to moderate the opening plenary. If you haven’t registered, do so and I hope to see you there! - Tim Ogden