Financial institutions emphasizing accessibility online to gain a competitive edge
In today's digital age, digital accessibility is no longer just a compliance issue for financial institutions. According to Russell Webb, VP Europe at Level Access, it's a strategic opportunity to enhance user experience, drive financial inclusion, and gain a competitive edge.
The European Accessibility Act (EAA) and ESG commitments require financial firms to address accessibility, but Webb emphasizes that it should not be treated merely as a legal obligation. Instead, it should be embraced as a strategic differentiator that caters to all customers, including those with disabilities.
One of the key strategies Webb suggests is the development of user-friendly digital assets. Financial institutions need to create mobile apps, websites, and online platforms that are intuitive and accessible 24/7, reflecting the "always-on" expectations of modern customers. This includes considering accessibility barriers faced by about one in four people living with disabilities in the UK and EU.
Another important consideration is incorporating accessibility from the design phase. With the rise of digital-only banks and fintech disruptors, integrating accessibility ensures inclusivity and broadens market reach. This proactive approach helps to attract and retain a larger, more diverse customer base.
Leveraging accessibility as a market differentiator is also crucial. Firms that prioritize accessible digital services can stand out in a competitive sector by meeting the needs of underserved groups. This creates an opportunity for financial institutions to increase customer loyalty and market share by serving populations that others may overlook.
A centralised approach to governance, supported by an expert partner, can help in scaling accessibility across multiple brands and digital properties within a financial institution. Providing accessibility training to all business units responsible for customer experiences can rapidly increase know-how and accelerate accessibility maturity levels.
The benefits of improved digital accessibility are clear. Better digital accessibility is seen as a competitive advantage by more than 94% of financial services professionals. It can help financial providers differentiate themselves and gain new customers. Moreover, improved digital accessibility contributes to improved customer retention, according to 92% of financial services professionals.
The varying levels of accessibility maturity among financial services providers present an opportunity for brands to differentiate themselves. In 2024, a record 1.32 million people switched their current bank account provider. Embracing and integrating digital accessibility practices can help financial services providers cater to all customers, current and future, and maximize their potential.
In the year 2025, 40% of the adult population in the UK have digital-only bank accounts. The sooner financial services providers embrace accessibility, the sooner they can gain an advantage in an increasingly competitive market. Fewer than half of financial services professionals say their organization offers "highly effective" accessibility training. Enlisting an expert partner can help financial services teams accelerate their accessibility journey.
[1] Source: Level Access
[2] Office for National Statistics, UK (2020)
[3] Financial Conduct Authority, UK (2021)
- In the digital finance sector, prioritizing accessibility transitions from a compliance issue to a strategic advantage by catering to a broader customer base, including individuals with disabilities, and boosting competitiveness as over 94% of financial services professionals view improved digital accessibility as a competitive advantage.
- To foster a competitive edge and maintain market relevance in an era characterized by digital-only banks and fintech disruptors, it is essential for financial institutions to integrate accessibility into their design phase, develop user-friendly digital assets, and participate in centralized governance, ensuring that all business units responsible for customer experiences are adequately equipped with accessibility training.
