The Luxembourg Foundation for Financial Education has launched an online platform in response to the increase in online banking and the level of the population’s digital financial literacy, which it deemed ‘alarming’.
Most industry experts would agree that digitalisation is a welcome development, but when it fails the clients it aims to serve, the ABBL Foundation for Financial Education has to step it.
“We can also see that the use of digital services is becoming more widespread in Luxembourg,” said Jerry Grbic, President of the ABBL Foundation, adding: “But we also know that some of our fellow citizens feel overburdened by this digital evolution.”
Indeed, according to a recent ILRES study commissioned by the ABBL Foundation and CSSF, only 54% of the population surveyed were able to correctly answer questions related to digital financial literacy. And while one would expect 18-30-year-olds to do better on this topic, their figure was only 47%.
Developed in large part during a hackathon by the LTS school, the Sécher am Internet (safe on the Internet) platform aims to introduce private individuals to online banking through a series of themed chapters on topics such as digital identity, password management, two-factor authentification and more.
Linked to an e-banking services simulator, the platform guides users through real-life situations, thereby increasing their digital financial literacy skills.
“All the banks offer their customers demos of their transactional sites, but offering a real simulation of an e-banking site was still lacking,” explains Jessica Thyrion, coordinator of the ABBL Foundation.
The platform and website are available here in French, German and English.
