2017年-世界发展银行全球_You_Get_What_You_Ask_For___Testing_Information_Disclosure_in_a_Multi-Country_Study_2页_464kb

报告摘要

Finance & PSD Impact Summary

Core Content

This document presents the findings of a multi-country study conducted in Ghana, Peru, and Mexico to evaluate the effectiveness of mandated financial information disclosures and the suitability of financial products for low-income customers. The study, led by Xavier Giné and Rafael Mazer, uses a mystery shopping approach to assess how financial institutions respond to customer inquiries and whether they provide adequate information to facilitate informed decision-making.

Main Objectives

Assess the enforcement of financial information disclosure laws.
Determine if financial products are suitable for low-income consumers.
Understand the role of consumer sophistication in the information provided by financial institutions.

Key Findings

1. Product Suitability

Savings auditors were generally offered products that matched their stated preference for long-term deposits.
However, these products were rarely the cheapest available, indicating that financial institutions may not prioritize cost-effectiveness when offering products.
Credit auditors requesting large loan amounts relative to their household income were often denied or offered smaller amounts, suggesting responsible lending practices.

2. Information Disclosure

Financial institutions provided too little information to customers, especially non-experienced ones, to allow meaningful product comparison.
The transparency index measures the percentage of total product cost disclosed. It was found to be:
- 29% for transactional accounts (voluntary disclosure).
- 18% for credit products (voluntary disclosure).
When prompted, the transparency index increased significantly:
- 70% for savings products with experienced auditors.
- 41% for credit products with non-experienced auditors.
- 68% for credit products with experienced auditors who asked more detailed questions.

3. APR/APY Disclosure

APR (Annual Percentage Rate) and APY (Annual Percentage Yield) were rarely disclosed voluntarily:
- 2% for APY with non-experienced auditors.
- 6% for APY with experienced auditors.
- Less than 8% for APR in voluntary disclosures.
When asked, staff were more likely to provide this information:
- 43% for APR in prompted visits.
- 69% for APY in prompted visits by experienced auditors.
This suggests that mandatory disclosure is not fully enforced, and staff do not differentiate between sophisticated and less informed customers.

Policy Implications

The study highlights several important policy implications:

Enforcement of disclosure laws needs to be strengthened to ensure that financial institutions comply with mandatory information requirements.
Consumer education is crucial. Providing basic guidance on key questions to ask when evaluating financial products can empower customers to make better-informed decisions.
Transparency in fees should be mandated, as usage fees can significantly affect the total cost and yield of financial products. Disclosing these fees can improve product comparability and help customers identify the most cost-effective options.

Conclusion

The research underscores that while financial institutions may offer products that align with customer preferences, they often fail to provide sufficient information to enable informed decision-making. The lack of transparency is not due to staff illiteracy but rather to incentive structures that prioritize sales volume over customer education. To improve financial inclusion and consumer welfare, stronger enforcement of disclosure laws, consumer guidance, and more transparent fee disclosure are recommended.