Forum on Financial Citizenship A step forward for financial inclusion in Brazil November 4th and 5th, 2015, Brasília (DF) Sponsorship: Agenda Organization: November 4th, 2015 8:00 a.m. Registration 9:30 a.m. Opening ceremony Alexandre Antonio Tombini, Governor of the Central Bank of Brazil Guilherme Afif Domingos, President-Director of Brazilian Micro and Small Business Support Service (Sebrae) Carlos Moya, AFI (Alliance for Financial Inclusion) representative in Latin America Luiz Edson Feltrim, Deputy Governor for Institutional Relations and Citizenship of the Central Bank of Brazil 10:45 a.m. Financial Citizenship: education and technology in service of citizens Ozires Silva, Dean of Unimonte and President of the Board of Directors of Anima Educação 11:45 a.m. Official opening of the workshops 12:15 p.m. Lunch Anthero de Moraes Meirelles, Deputy Governor for Supervision of the Central Bank of Brazil Otávio Ribeiro Damaso, Deputy Governor for Regulation of the Central Bank of Brazil Diretor
2:00 p.m. A Workshops simultaneous discussions (4 groups more details in the summary table) 3:45 p.m. Coffee-break 4:15 p.m. B Workshops simultaneous discussions (4 groups more details in the summary table) 6:00 p.m. Cultural activity Play Amor à vista 7:00 p.m. End of 1 st day activities November 5th, 2015 8:30 a.m. C Workshops simultaneous discussions (4 groups more details in the summary table) 10:30 a.m. Coffee-break Financial Citizenship and the Sustainable Development Goals The talk shows aim to discuss issues related to citizenship and the role of the financial system in promoting a sustainable future. 11:00 a.m. Talk Show: Capital and Society: how can we change the world? Krishna Aum de Faria, Sebrae Leonardo Letelier, SITAWI Andre Raichelis Degenszajn, GIFE 12:00 p.m. Talk-Show: Credit Unions and Citizenship: strengthening local and sustainable development Mara Luquet, Journalist Roberto Rodrigues, UN Special Ambassador (Food and Agriculture Organization of the United Nations - FAO) Márcio Lopes de Freitas, President of Brazilian Cooperative Organization (OCB) Marden Marques Soares, Consultant Bruno Quick,Sebrae 1:00 p.m. Lunch 2:00 p.m. Wrap-up session: Summary of the workshops Elvira Cruvinel Ferreira, Head of Financial Education Department Thematic Group 1 Alexandre Comin, Sebrae Thematic Group 2 Eduardo Russolo Ferreira, Central Bank of Brazil
Thematic Group 3 Raquel de Freitas Oliveira, Central Bank of Brazil Thematic Group 4 Marusa Vasconcelos Freire, Central Bank of Brazil 3:30 p.m. Closing session: Commitments for Strengthening Financial Citizenship Luiz Edson Feltrim, Deputy Governor for Institutional Relations and Citizenship of the Central Bank of Brazil Manoel Felix Cintra Neto, Chairman of the Brazilian Association of Banks (ABBC) Murilo Portugal Filho, Chairman of the Brazilian Federation of Banks (Febraban) Márcio Lopes de Freitas, Chairman of the Brazilian Cooperative Organization (OCB) Heloísa Regina Guimarães de Menezes, Director of Brazilian Micro and Small Business Support Service (Sebrae) 5:00 p.m. End of activities Thematic groups: Thematic Group 1 - Financial inclusion of small businesses (Auditorium 1) Objective: To present and discuss issues related to financial inclusion of small businesses, with particular emphasis on access of individual microentrepreneurs to financial services - what they demand and what financial institutions offer - and financial education initiatives oriented to them. Thematic Group 2 The relationship between citizens and the financial system (Auditorium 2) Objective: To present and discuss issues related to the citizen's relationship with the national financial system, with particular emphasis on the quality of service provided by the customer contact channels, the suitability of financial services to the customer s profile, and best practices in conflict resolution. Thematic Group 3 - Financial well-being (Auditorium 3) Objective: To present and discuss issues related to citizens and their financial well-being, especially the measurement of the evolution of financial inclusion considering the three dimensions of inclusion (access, use and quality), the innovations in the offer of financing and payment methods that may promote financial inclusion, and the role of financial education. Thematic Group 4 - Citizenship and financial vulnerability (Auditorium 4) Objective: To present and discuss issues related to citizenship and financial vulnerability, with emphasis on the role of financial education in the construction of citizenship and the use of instruments of financial investment by low-income people.
Timetable workshops (simultaneous discussions) November 4 th November 5 th 2:00 p.m. 3:45 p.m. 16:15 p.m. 18:00 p.m. 8:30 a.m. 10:30 a.m. Auditorium 1 Financial inclusion of small businesses Workshop 1.A Access of microentrepreneurs to the financial system Workshop 1.B The offer of financial services for micro-entrepreneurs Workshop 1.C Challenges and opportunities related to the supply and demand of financial services for small businesses Auditorium 2 The relationship between citizens and the financial system Workshop 2.A Improving relationship with citizens through suitability Workshop 2.B The model for complaint handling adopted by the financial system in Brazil Workshop 2.C Complaint handling: resolving conflicts, improving processes Auditorium 3 Financial well-being Workshop 3.A Measuring financial wellbeing Workshop 3.B Financial inclusion indicators in Brazil Workshop 3.C Special study: Does financial education work? Auditorium 4 Citizenship and financial vulnerability Workshop 4.A New technologies in financial services to promote Financial Citizenship Workshop 4.B The role of education in building citizenship Workshop 4.C Innovations Showcase
Thematic Groups and its workshops Thematic Group 1 - Financial inclusion of small businesses (Auditorium 1) Objective: To present and discuss issues related to financial inclusion of small businesses, with particular emphasis on access of individual microentrepreneurs to financial services - what they demand and what financial institutions offer - and financial education initiatives oriented to them. Workshop 1.A Access of micro-entrepreneurs to the financial system The number of formal Individual Microentrepreneurs (MEI) in Brazil already exceeds five million. This legal entity was created by Law 128/2008 and since then MEI increases every day in number and importance to the Brazilian economy. It s recognized as an important instrument of inclusion and social development. This audience has profiles and needs that differ from other segments, demanding specific financial products and services. To address the needs of this segment, it s important to first know how they access and use the financial system, and which bottlenecks and difficulties they face. This workshop aims to provide the perspective from the point of view of demand, presenting recent researches conducted by Sebrae and the Central Bank. The data will help to clarify issues such as: how does the MEI finance their businesses? Which financial products do they use more? What is the profile of small business owners? This discussion will also serve as input for the discussions in other workshops in Group 1. Luciano Schweizer, IDB Marco Aurélio Bede, Sebrae Rafael Moreira, Sebrae Cleofas Salviano Junior, Consultant at the Financial System Regulation Department of Central Bank of Brazil Franco de Matos, Professor and Researcher at DataUNB Enio Pinto, Sebrae Nacional Workshop 1.B The offer of financial services for micro-entrepreneurs Although it s agreed that offering appropriate financial products is essential to boost small business, discussions with financial institutions pointed out the existence of barriers to attending this public, such as: Difficulty of micro-entrepreneurs in understanding the language of the financial system; High informality rate due to concerns regarding supervision and loss of government aid; Lack of information about the benefits of formalization; The need for financial institutions to better understand MEI's profile; High cost to reach the client at his work place, outside the agency.
However there is an opportunity to increase the offer of financial products and services, which could include the use of banking correspondents, exemption from charges on transfers between individual and corporate accounts, and creation of specific services packages for the MEI. The discussion about this scenario and how to stimulate the offer of more adequate services to MEI is the role of this workshop, which will be also guided by the diagnosis made in the workshop 1.A. Alessandro Chaves, Sebrae Elder de Carvalho, Bradesco Harold Paquete Espínola Filho, Head of Credit Unions and Non-banking Financial Institutions Supervision Department of Central Bank of Brazil Stélio Gama, Banco do Nordeste do Brasil Ivo José Bracht, Cecred Workshop 1.C Challenges and opportunities related to the supply and demand of financial services for small businesses Customers serviced by NGOs, Credit Entities for Microentrepreneurs and Small Business (SCMEPP), public programs and regulated financial institutions have different characteristics and produce information asymmetry that should be better understood in order to develop appropriate solutions to their realities. Considering the characteristics of the small businesses served by financial institutions, it is necessary, in addition to adequate access to microfinance products and services, access to micro-enterprise development services, like training and technical guidance. Access to business orientation, combined with financial education, tends to reduce the exposure of small businesses to market risks. Thus, discussing the challenges and opportunities facing the supply and demand for financial services helps to approach actors involved in the challenge of developing a small businesses environment. Fernando Almeida, Secretariat for Micro and Small Enterprises Gustavo Marques, Sebrae Kennyston Costa Lago, Sebrae Almir Pereira da Costa, ABCRED Lucilene Estevan Santana, Coordinator at Ministry of Labor and Employment (MTE) Carlos Alberto dos Santos, Cosinergia Thematic Group 2 The relationship between citizens and the financial system (Auditorium 2) Objective: To present and discuss issues related to the citizen's relationship with the national financial system, with particular emphasis on the quality of service provided by the customer contact channels, the suitability of financial services to the customer s profile, and best practices in conflict resolution.
Workshop 2.A Improving relationship with citizens through suitability Objective: To present and discuss the implementation of measures to promote the adequacy of financial products and services to the needs, interests and goals of citizens (suitability). It is expected that participants, at the end of the workshop, will have a clearer picture of the challenges and opportunities that involve promoting measures of suitability in the financial system and that stakeholders feel motivated to develop new methods and techniques to promote adequacy of financial products and services to citizens interests. Panelists: Carlos Eduardo Rodrigues da Cunha Gomes, Deputy Head of Institutional Relations Department of Central Bank of Brazil Andreia Lais de Melo Silva Vargas, Head of Conduct Supervision Department of Central Bank of Brazil Leandro Vilain, Director of Business and Operational Politics of FEBRABAN Maurilio Santana, Ombudsman of Caixa Econômica Federal Marcos Galileu, Securities and Exchange Commission of Brazil (CVM) Workshop 2.B The model for complaint handling adopted by the financial system in Brazil Objective: To present the models of complaint handling and conflict resolution adopted by financial institutions and discuss its main limitations, its effectiveness and improvement actions that can contribute to a good relationship between financial institutions and their customers. It s expected that, after the workshop, participants will acquire a clearer view of how citizen s service channels function, allowing the improvement of complaint handling models. Adriana Teixeira de Toledo, Head of Institutional Relations and Citizenship Deputy Governor's Office (Direc), Central Bank of Brazil Gustavo Marrone, Febraban Marcelo Linardi, Votorantim Bank José Elaeres Marques Teixeira, Public Prosecutor's Office (MPF) Daniele Cardoso, Ministry of Justice Workshop 2.C Complaint handling: resolving conflicts, improving processes Objective: To discuss the strategies adopted by financial institutions to correct working procedures that were target of complaints from its customers, to identify the difficulties in the implementation of these strategies, and their results.
It is expected that, at the end of the workshop, participants will be able to detect the advantages of improving processes in order to establish an appropriate relationship between the institutions and their customers. Francisco José Barbosa da Silveira, Conduct Supervision Department of Central Bank of Brazil Fernando Dutra, Head of Institutional Relations Department of Central Bank of Brazil Carlos Rey, Vice-President of Santander Brasil Vitor Morais de Andrade, Brazilian Association for Company/Client Relations (ABRAREC) Salete Doniani, Ombudsman Comission of Febraban Thematic Group 3 - Financial well-being (Auditorium 3) Objective: To present and discuss issues related to citizens and their financial well-being, especially the measurement of the evolution of financial inclusion considering the three dimensions of inclusion (access, use and quality), the innovations in the offer of financing and payment methods that may promote financial inclusion, and the role of financial education. Workshop 3.A Measuring financial well-being Purpose and context: According to OECD, financial well-being can be defined as a situation in which individuals: feel they are in control of their financial situation; have financial security to withstand setbacks; are able to make choices and take advantage of opportunities; and are satisfied with their financial situation and achievements, both in absolute terms and in relation to others. It also defines financial education as the process by which consumers/investors improve their understanding of financial products and develop skills and confidence to become more aware of financial risks and opportunities, make choices based on information, know where to get help and take other effective actions to improve their financial well-being. In this context, OECD/INFE developed a questionnaire in 2009 aiming to measure the degree of financial inclusion and education. Having already been applied in more than 30 countries over the past years, this year OECD/INFE is coordinating the application of this instrument in several countries simultaneously. In Brazil, this initiative was implemented by the Central Bank of Brazil and IBOPE (Brazilian Institute of Public Opinion and Statistics). Thus, this workshop aims to present the preliminary results of this study, showing some indicators of financial education and inclusion, as well as the interrelations between them. Additionally, a comparison of some results with those obtained in other countries will be evaluated in order to identify the current situation in Brazil both in absolute terms and relative to other countries participating in the research. Panelists: Silvio Arduini, Central Bank of Brazil (Depef) Marco Bonomo, Insper Sérgio Mikio Koyama, Central Bank of Brazil (Depep) Luciana Trindade de Aguiar, United Nations Development Programme (UNDP)
Workshop 3.B Financial inclusion indicators in Brazil Objective: To promote the debate on financial inclusion indicators, taking as a starting point the results of the Financial Inclusion Report 2015 (RIF 2015). The focus will be on the indicators, methodology and accuracy as a measure of financial inclusion. The indicators in RIF 2015 were built basically from the information provided by financial institutions to the Central Bank of Brazil. These indicators allow us to analyze financial inclusion from the supply side. But the same indicators could be constructed from information collected from those who use financial institutions and financial services showing financial inclusion from the demand side. It is expected that the workshop will help us extract improvements for measuring financial inclusion. Márcia Heil, Central Bank of Brazil (Desig) Danniel Lafetá, Central Bank of Brazil (Depef) Eduardo Diniz, Fundação Getúlio Vargas (FGV) Andrea Bolzon, United Nations Development Programme (UNDP) André Martins, Brazilian Institute of Geography and Statistics (IBGE) Rafael Moreira, Sebrae Workshop 3.C Special study: Does financial education work? Background: The study of Fernandes, Lynch Jr and Netemeyer (2014) has created controversy by pointing out the lack of effectiveness of financial education, but some critics argue that many important issues have not been considered and the findings are premature. This workshop will discuss the effectiveness of financial education, aiming at the improvement of financial education actions, so people can effectively adopt conscious and adequate financial behavior. Raquel de Freitas Oliveira, Central Bank of Brazil (Depep) José Ricardo da Costa e Silva, Central Bank of Brazil (Depef) Júlio Leandro, Superintendent at Serasa Experian Márcia L. Zindel, Specialist Thematic Group 4 - Citizenship and financial vulnerability (Auditorium 4) Objective: To present and discuss issues related to citizenship and financial vulnerability, with emphasis on the role of financial education in the construction of citizenship and the use of instruments of financial investment by lowincome people.
Workshop 4.A New technologies in financial services to promote Financial Citizenship Objective: Discuss lines of action to encourage the use of new technologies in financial services, especially in lowincome communities in order to promote adequate financial inclusion. Since it s a relatively recent concern, the various agents that promote financial inclusion are still learning to draw appropriate strategies that not only consider access to financial services and products, but also its conscious use. This is essential for sustainable financial inclusion, especially for the low-income population, which has specific characteristics to be considered in the design and distribution of new technologies in financial services. Maurício Prado Plano CDE Ana Rodrigues Aflatoun Bettina Wittlinger Womens World Banking Camille Bemerguy Fundación Capital Renata Cavalcanti Visão Mundial Workshop 4.B The role of education in building citizenship Objective: Discuss lines of action to promote financial education in schools, considering: Cross-cutting approaches of the National Strategy for Financial Education, as the Financial Education Program in Schools and the work for the inclusion of the topic in the National Curriculum; Activities undertaken by institutions of the National Committee for Financial Education. Moderadora: Cássia d Aquino, Financial Educator Debatedores: Élsio Corá, Coordinator at Ministry of Education Yael Sandberg, Association of Financial Education in Brazil (AEF-Brasil) Maria Helena Krüger, Coordinator at National Campaign of Community Schools (CNEC) Workshop 4.C Innovations Showcase for Financial Citizenship New information and communication technologies have enormous potential for promoting financial citizenship, either by reaching a large group of people, as well as bringing knowledge and appropriate financial services to users at low costs, which is particularly important for vulnerable groups. The goal of this innovations showcase is to capture the market trends and understand the potential impacts of new platforms. The workshop will present initiatives using innovative methods and technologies to promote financial education, financial services user protection and financial inclusion of Brazilian population. The projects to be presented will focus on areas like digital financial inclusion, financial education and collaborative online platforms, among others. Marcel Mascarenhas dos Santos, Central Bank of Brazil (PGBC)
Debater: Selected initiatives: Rogerio Antonio Lucca, Central Bank of Brazil (Deban) Marcelo Junqueira Angulo, Central Bank of Brazil (Depef) a) Pre-paid card for the unbanked - Acessocard; b) Denarius; c) E-dinheiro; d) Educash; e) Educity Game; f) Digital Financial Inclusion Ericsson; g) Moneyclip; h) MOOC Personal finance and stock investment; i) Planejei.com; j) Social Finance Products Sitawi; k) Start Me Up Crowdfunding.