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.
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.
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.