Fixing “the biggest lie on the web”
If your only job was to read the privacy policies you interact with each year, you’d be fully employed for 76 days. “I read the terms and conditions’’ is referred to as the biggest lie on the web. Regulators have stated that ‘normal’ legal disclosures and consumer contracts — like terms and conditions or product disclosure statements — are “sludge”. They even go as far as to say that this approach to legal disclosure “enables poor conduct”. Given this, it’s perhaps unsurprising that consumers (of major U.S. financial services providers) believe the number one thing that will help restore trust is “easier to understand terms and conditions”.
Because of these problems, the team at Greater Than X developed the Better Disclosure Canvas and supporting toolkit. ‘Better Disclosure’ is a systematic way to assess and redesign legal disclosures and contract experiences based on evidence-based practices. To date this approach has been primarily applied to privacy notices, terms and conditions experiences, terms of service and product disclosure statements. It’s had a business to consumer focus and has positively impacted comprehension and other key metrics like fairness and propensity to sign.
Wanna see how all this works in action? Watch the video.
If this specific problem is something you’re working on, talk to us. Better yet, check out our 10x workshop series. This will help you get hands on with the approaches that are enabling us and other to overcome this lie. It’ll help you design T&Cs that are 10x better, T&Cs that people ❤️
