Putting Consumers at the Centre of Responsible Financial Innovation
FSIC-Admin
October 8, 2026
Innovation should improve access, trust, usability and outcomes while managing emerging risks
T he value of financial innovation is ultimately reflected in the outcomes it creates for people, businesses and the wider financial system. New technologies and business models can expand access and improve convenience, but responsible innovation also requires careful consideration of consumer protection, security, privacy, resilience and trust.
This is why consumer outcomes form an important part of the FSIC approach to financial innovation.
Innovators engaging through the FSIC pathway are encouraged to explain who their target users are, what problem their solution addresses and how the proposed service is expected to affect those users. Understanding the consumer perspective can help identify both potential benefits and risks at an early stage.
The value of financial innovation is ultimately reflected in the outcomes it creates for people, businesses and the wider financial system.
For innovations involving financial or personal data, responsible data use is particularly important. Applicants should be able to explain what information their solution uses, why it is needed and whether it is shared with other parties. Where digital identity, authentication or data-enabled services are involved, considerations around trust, security and appropriate safeguards become increasingly important.
Understanding the consumer perspective can help identify both potential benefits and risks at an early stage.
Cybersecurity and operational resilience are also critical. A solution that introduces new technology into the financial ecosystem should consider how systems, information and consumers will be protected against foreseeable risks.
The FSIC framework also recognizes that innovation should be approached proportionately. The depth and nature of engagement should reflect factors such as the maturity, complexity and potential risk of the proposed innovation.
