Financial inclusion and accessibility remain key conversations for financial service providers across the globe. However, despite the fact that far more work in this area needs to be done, it often appears that little progress is actually being made.
Here, Thomas Götz, director of managed issuance services for financial platforms at Giesecke+Devrient, outlines some of the key opportunities available to banks to enhance their progress in improving the accessibility of their services for all.
Accessibility is a key factor in promoting inclusivity and equality for all consumers. The UN’s Convention on the Rights of Persons with Disabilities (SCRPD) states that: “Accessibility is about giving equal access to everyone. Without being able to access the facilities and services found in the community, persons with disabilities will never be fully included”. This includes accessibility in payments, with such services crucial to modern life. Banks can act as central players in this effort.
In June 2025, a milestone will be reached in payment accessibility when the European Accessibility Act (EAA) becomes law. The legislation mandates that all EU member states make banking and financial services accessible to everyone, including people with disabilities. The act recognises the essential nature of financial services and aims to ensure no one is left behind. However, achieving full compliance presents challenges for banks.
In the UK alone, there are over 16 million individuals with disabilities, so the scale of the need is substantial. That’s compounded further when you consider that the movement for accessible financial services extends beyond disabled people, also taking in non-tech-savvy individuals, who often face similar barriers when interacting with financial institutions. But, despite this clear need, many banks still struggle to meet accessibility requirements, and progress varies across the industry.
Diverse needs, diverse solutions
Accessibility is not a one-size-fits-all approach. People have diverse needs, and banks must adopt tailored solutions to address the full spectrum of accessibility requirements. While technology has advanced significantly, many financial institutions lack the internal expertise and resources to implement these solutions. Addressing accessibility goes beyond introducing technology; it also requires thorough staff training and a deep understanding of inclusive product design.
For instance, many banks now offer physical payment cards designed with features like Braille, high-contrast colours, large print, and tactile notches to aid people with visual impairments. However, these features are not always available across all banks. A more widespread adoption, offered to all customers, would enhance autonomy. To give just one example, Braille on cards or notched edges can help individuals with sight impairments identify their payment cards independently, ensuring that they can protect their personal finances without reliance on others.
The digital sphere offers another opportunity for improved accessibility. Digital onboarding solutions, including remote ID verification and voice-activated card activation, make banking more accessible. QR-enabled audio content can guide visually impaired customers through onboarding, while biometric authentication systems simplify identity verification without the need for complex passwords. These innovations are essential in making the entire banking experience more inclusive.
Collaboration and expertise
Inclusive design begins with the community it serves. Those who experience barriers must be at the heart of the development process to ensure that the resulting products meet real-world needs. Engaging directly with individuals who experience any range of accessibility challenges is a significantly important step toward creating inclusive financial services.
Secondly, fostering innovative thinking and technologies that make banking easier for everyone is key. Collaboration with external partners can also help banks overcome internal resource limitations that may be preventing additional features that will enable more convenient banking for customers. By working with firms specialising in accessibility, banks can tap into a wealth of technical and regulatory expertise. Furthermore, these partnerships help institutions remain compliant with the EAA while ensuring that new payment solutions are accessible to everyone. Staff training in accessibility and awareness can help make in-branch services more welcoming and usable for all customers.
Cultural change is equally important. Accessibility initiatives must be championed at the highest levels of leadership within financial institutions to foster a culture that values inclusivity and continually strives to meet user needs.
The future of accessible banking
The future of banking will likely be shaped by a number of factors including customer requests, technological advancements and security challenges, but accessibility will need to be a top priority. The goal is to create a financial environment where all customers, regardless of ability, can manage their finances independently and confidently.
With the 2025 deadline for the EAA fast approaching, financial institutions have a unique opportunity to rethink their services and innovate for a more inclusive future. By prioritising accessibility, banks can lead the way in creating a financial ecosystem that is inclusive, equitable, and responsive to the needs of society. The path to accessibility may be challenging, but with the right mindset, collaboration, and technological solutions, it is a goal well within reach.
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