Imagine doing an online fund transfer through net banking. As digitally aware people, with all the ongoing news updates about online scams and monetary frauds, we tend to double-check whether we are on the correct site, whether we have entered the correct details, and whether we receive the proper confirmation upon completion. Unclear information/prompts on the site, haphazard navigation, and errors are a BIG NO.
In the banking, financial services, and insurance (BFSI) sectors, this is one major reason why digital accessibility is indispensable. Around 14 percent of the people in the United States live with a disability. So why should this BIG No be the norm for people with disabilities? Why are financial service platforms not accessible?
Need for Digital Accessibility in BFSI
BFSI is a service-oriented sector, and responsible business practices include digital accessibility. Apart from being a strategic move toward greater inclusion and a legal obligation in many countries, it is also a basic necessity. It empowers millions of people to manage their personal finances and stay well informed of their options confidently. Accessible applications, financial statements, reports, and data convey information accurately and are comfortable to read with assistive technologies. It reiterates the business’s commitment to social responsibility and reshapes customer loyalty.
Key Accessibility Challenges in BFSI
Unlike other sectors, BFSI platforms require multiple interactions with the user to pass security checks and complete tasks, which can include logging in, navigating pages, finding the right service, confirming passwords, entering OTPs, responding to prompts and error messages, typing captchas, receiving notifications and updates, and so on. Failure to complete any step in the process may result in the failure of the task itself.
Accessibility challenges can be simple—poor color contrast, small font size, text heaviness, and no alt-text—or complicated: complex language, incompatible with assistive technology, inaccessible touch targets, and restricted navigation. So seeding the accessibility factor into the initial stages of development of any user interface will have a high impact on user experience.
Benefits
According to a 2023 report by Statista, over 66 percent of the US population engages in digital banking, and it is estimated to reach 79 percent in 2029. Users with disabilities tend to abandon inaccessible interfaces. In a survey of 100 banking websites, only 3 percent were found to be accessible.
Accessible forms, applications, documents, and multimedia can be made more inviting with simpler language, autofill options, and easier navigation. Robust security systems that allow alternate methods but detect fraudulent activity will not only reduce security risks but also provide a seamless experience for all users. For an inclusive economic future, banks must cater to all clients effectively by adopting WCAG 2.0 standards to ensure their websites are accessible to individuals with disabilities. Opportunities to serve this demographic are still untapped.
The global financial ecosystem will continue to thrive on digital platforms. Digitally accessible financial services bridge the digital divide and expand market reach. At Amnet, our experts understand the nuances of BFSI processes and curate customizable services as per your needs. Get in touch with us for a quick chat about our comprehensive accessibility solutions.
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