Project Summary

This project aims to enhance the communication of credit contract information, especially for vulnerable demographics. Research shows that many consumers, particularly younger ones, experience stress and anxiety when dealing with credit and numerical information, often leading to them avoiding or not thoroughly reading contracts. By making this information more understandable, the project seeks to reduce overall cognitive load, thereby alleviating anxiety and promoting better financial decision-making and self-efficacy. 

Amplified Global developed Amplifi, an online AI Tool, to simplify documents. Amplifi uses AI and machine learning to integrate established linguistic frameworks with primary research, simplifying documents through a guided process. The tool also provides an audit trail to show improvements in intelligibility and metrics. Amplifi Global’s development received support from the Financial Conduct Authority (FCA). 

Our previous work and research shows that simplification of documents improves comprehension and performance.¹ However, in our current study, consumers consistently struggled with financial terms and numerical information, which caused stress and anxiety.   

To address this, further data and assessment is required to refine Amplifi’s AI tool by analysing user interactions and comprehension. The insights gained can be applied to other financial services areas, improving accessibility and consumer comprehension across the industry. 

Project team