Financial services have long understood the need for inclusion. Delivering products and services at a reasonable cost has been a focus in increasing access for more people. In a digital-first economy, the need to widen this focus becomes stronger.
Accessible banking services will design their websites and apps following inclusive design principles. That means to design in a way that allows everyone to participate equally, confidently and independently online. For financial services that’s important because everyone deserves the right to financial independence. When it comes to banking for disabled people, the same welcoming experience should exist online as in a physical branch.
Discover more about inclusive design in digital banking. Hear how J.P Morgan and Morgan Stanley improve digital accessibility for their customers. Discover how they’re future proofing accessibility for their organizations.
Already, that’s a large portion of disabled users being excluded online. If research introduced other groups of disabled users, this number would only grow. Accessible banking services give disabled people the same opportunities as everyone else. And that brings with it benefits for financial organizations.
By being inclusive to the needs of all users, your financial service can increase brand reputation and revenue. Not only by offering an accessible digital banking experience to more people. It also puts your organization in a better place to compete with change-makers in the industry.
“The ability to acquire new customers at ‘digital scale’ will impact market share and challenge existing budgets for branches. The fastest growing financial institutions in the world are all highly specialized in acquiring and onboarding customers digitally – such as Ant, NuBank, Revolut, Chime, etc.” - Brett King
Financial services that aren’t digitally accessible leave disabled users no choice but to manage their finances in person. Not only can this be inconvenient. By being made to feel different, this can also have an emotional impact too.
“Some banks I don’t go to [anymore]. I’ve had bad experiences because sometimes banks don’t want to deal with people with learning disabilities so they push you aside.” - Disabled respondent, National Disability Institute 2019 report
When it comes to ADA, online banking should be inclusive of everyone. To follow ADA compliance, banking websites and apps must be accessible to people with disabilities. If not, the impact can be costly.
In recent years, the number of ADA-related lawsuits has increased. In 2019 they hit a high with over 11,000. Of these, 2235 were against financial services.
To improve digital accessibility in banking, the Web Content Accessibility Guidelines (WCAG) are a great place to start.
WCAG helps you to consider the needs of disabled users with varying disabilities. It helps you to make your digital services can be perceived, understood and used by everyone. Its requirements consider many factors that affect accessibility including:
It goes without saying that banking and finance information can contain a lot of jargon. Not only that, the language used can often be difficult to understand. In the US, 54% of US adults are reading below 6th grade level. To give every visitor a chance to not only access, but use your digital content, it must be easy to understand. This means keeping information simple and clear.
Thinking about how your users will actually feel when using your digital services can help. In fact, asking for feedback from your digital users can help you make informed decisions around design and content.
At Texthelp we want to do our part to open up digital banking for everyone. Book in for a free consultation and ask us anything.
Online barriers can be situational and temporary too. For example a parent trying to check their bank balance online before making a purchase in a store, may also be holding a baby. Being able to quickly navigate a mobile app benefits them too. Accessible coding, colours and language all play a part in the experience. These elements make financial services easier for everyone to use, in any situation.
For a website to be considered accessible it must be perceivable, operable, understandable and robust. Discover what this means in our free guide. And learn how you can go above and beyond to improve the user experience for everyone.