Today, over a billion individuals worldwide are living with disabilities, and the proportion of people over 60 years of age will reach 22% of the population by 2050. It is therefore paramount to ensure that every person, regardless of their physical or cognitive capabilities, can access essential services like banking and payment systems. But a recent survey reveals that there is still work to do to ensure inclusivity. More than half of people with disabilities feel negatively impacted by the recent number of bank branch closures, while other banking interactions like phone calls or security features can be a struggle to access.
To help drive positive change, the European Accessibility Act will come into effect next year. It will require companies to ensure that the newly marketed products and services covered by the Act are accessible. But the financial sector needs to think beyond compliance and reimagine service delivery to meet customer needs.
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Accessibility isn’t just an obligation in the finance space; it’s a pivotal engagement strategy driving societal inclusion, with no one left behind. Banks and financial institutions must therefore be proactive and take actionable steps to help prioritise this inclusion. A key starting point is the payment card. This often acts as the physical link between consumers and their banks.
Starting with the payment card
Payment cards are highly convenient, making them a popular option for everyday payments. But for some people in society, this convenience isn’t so straightforward. For example, the card issuance process can be a difficult one to navigate, particularly as people have a diverse set of needs. However, there are some simple adjustments banks can make to streamline the card issuance process and ensure it is accessible for everyone. For example, for people with hearing loss, banks can integrate AI-powered sign language technologies into issuance services to help guide them through the process of activating their card.
For those with sight impairments, QR-enable audio content, available in multiple languages, and guided card activation can streamline the initial onboarding process. Braille can also be incorporated into mailers that include card activation instructions, helping people use their cards as quickly as possible. Activated cards must then incorporate their own design elements to enable inclusivity. For example, braille or large, high contrast fonts can be included on the card itself so that visually impaired users can read the information.
Consumers also often have multiple cards for multiple bank accounts, and identification bumps can help them distinguish between the cards in their possession. Crescent-shaped cut-outs, otherwise known as accessibility notches, can be used to orientate the card into the right position for insertion in an ATM. Cards protected with biometric security can even completely remove the need for passwords or PINs in the payment process, making it easier for users to complete transactions.
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By GlobalDataFrom physical to digital
Alongside a streamlined card experience, digital innovations can offer many of the same accessible benefits to users. For example, a secure ID process and facial biometrics can enable people with mobility issues to identify themselves when opening a new bank account. This is ideal for users that may have mobility issues or live far away from their nearest branch. In regions such as the UK, banks and building societies have closed 6,161 branches since January 2015, equating to approximately 53 every month.
Digital advancements can also bring convenience to payments. For example, digital wallets can be designed to improve the usability for senior users, with a highly accessible interface design that takes layout, typography and colour into account. For visually-impaired people, audio confirmation of a payment amount can enable clarity for users before they complete a transaction, ensuring that every payment is authorised before being completed.
In terms of security, the advantages of biometrics can also extend beyond cards and into digital wallets. More users are embracing the convenience of digital wallet apps alongside their cards, which need to be secured as well. With compliance for the latest security and regulatory standards, a highly-secure and seamless solution can authenticate quick and hassle-free payments. With these solutions incorporated, digital payment solutions to be as universally accessible as cards.
Accessibility for all
The financial sector must ensure that its services are accessible to all, regardless of physical, technological or cognitive abilities. Banks have the opportunity to reimagine their offerings and create a more inclusive experience for everyone. And the industry needs to foster collaboration within – and beyond- the payment ecosystem, to drive innovation and change, for more accessible payments.
By prioritising diverse customer needs, financial institutions and stakeholders can help bridge the accessibility gap, empowering individuals to manage their finances with confidence and ease.
Gabrielle Bugat is CEO of Giesecke+Devrient ePayments
