With the rapidly growing technological era, the banking sector is also required to stay compliant and competitive thereby if their customers cannot walk or drive to the offline centres, online bank account access is available to them. When every basic need is at people’s fingertips, banking and financial institutions are no exception. They offer some of the crucial services that should be easily accessible to everyone. Though banks have made several digital changes in their websites and applications lately, there is a colossal scope for improvement to provide accessible services to their users.
Moreover, the changed customer generation of Millennials and Gen Z (including individuals with disabilities) seeks smooth online operations to accomplish their tasks. Please note here that approx. one in five people in the US cannot access bank websites or apps due to available accessibility barriers. It put much pressure on banks to review their digital assets and remediate them as per accessibility requirements.
Read along to learn more about digital accessibility in the banking sector.
Need for digital accessibility in banking and financial services!
Banks are required to put people first to fulfil their financial requirements because they are public institutions. Therefore, they need to consider older customers along with those with cognitive issues, vision loss, reading challenges, and dyslexia to provide them with accessible and secure online services. Since in the last few years, a major digital shift has happened in the banking sector, they ought to ensure that banks’ websites/applications meet all legal requirements of Web Content Accessibility Guidelines (WCAG). So that everybody can use online services offered by banks.
WCAG is a common accessibility guide adopted by several countries worldwide to offer accessible digital solutions to everyone. Thus, by adhering to WCAG standards, banks serve people with visual, cognitive, auditory, and any other physical disabilities and help them to manage their finances with utmost safety.
User experience matters in each task of banking!
Every industry including travel, entertainment, or gaming, offers enticing and engaging digital experiences to their customers. So does the banking industry ought to provide both offline and online. It is crucial for them to consider that the digital experience should not end with a digital account opening, there is much more to it.
Deposits, withdrawals, online transactions, credit/debit card management, ATMs, etc., all touchpoints require a seamless experience for every user. And especially when online frauds have become another trend. Therefore, banks must focus on implementing accessibility standards for their websites and apps.
Accessibility issues that need to be addressed!
While creating a bank website/app, banks are required to consider their customer’s experiences. Basically, their web accessibility partners must focus on implementing inclusivity according to WCAG standards and everything is sorted. Well, it’s not a breeze! However, if the accessibility partners are seasoned in their work, they make it look easier. Inclusivity incorporation in websites makes them usable for everyone and broadens the reach of banks. Digital accessibility also translates into covering social and economic issues of specific demographics.
Visual impairment, deafness and hearing issues, cognitive disabilities, and linguistic problems are some crucial disabilities to focus during website design, development, or remediation.
Web design is expected to adhere to correct fonts and color contrast to ensure readability. If a website has video content, it should be accompanied by transcripts and captions. This makes it easier for users to understand the content, even if they are deaf or hard of hearing. It also makes video content more accessible, allowing users to watch it without sound or with muted sound. Additionally, transcripts and captions can help search engines better index and rank the website. Break down complex information into small chunks for better comprehension. Use easy-to-understand and remember language. Don’t forget to provide seamless and consistent navigation across the website.
Banking and financial services have unique technical terms and acronyms; there should be a glossary or thesaurus so that users can understand those terms.
P.S. These are some basic accessibility practices; however, accessibility implementation has much more complexities.
Anti-fraud capabilities to safeguard digital banking!
Apparently, it is impossible for financial institutions to protect every digital fraud. However, they can outsource accessibility partners to maintain their sites/apps' security and eliminate such financial attacks on their customers. Moreover, user feedback can also help shield the online processes and create a robust structure.
Below are some standard practices that can be applied to ensure safe banking environment:
Applying future-ready tactics
The digital world evolves regularly thus banks are required staying future ready. New technologies can be used to build their websites since many of them come with integrated safety features, resulting in a no-code yet unbreakable structure for sites. Also, regular and incremental accessibility updates help banks’ websites to offer secure and accessible services to their customers.
Identity verification
It is one of the critical facets to work on because users with disabilities are more prone to get trapped in the identity verification process. Because people can misuse their vulnerabilities to trick them. Thus, the login formalities must be robust and understandable, screen readers compatibility should be there, and instructions must be clear for them so that they can access their account at their own.
Power of Artificial Intelligence
Integrating AI-driven models is another ground-breaking way to reduce fraud cases. The AI models have fraud detection systems to analyse transaction data, identify suspicious patterns, and detect potential attacks in real time. Banks are integrating AI-driven document processing solutions into their security systems. These AI solutions leverage large language models and advanced machine learning to safeguard such frauds ensuring security for every user and bank.
A secured website is ultimately an advantage for users with disabilities since they access their bank accounts without any threat and perform the desired tasks.
Accessibility implementation using external widgets!
To build accessible banking websites, understanding WCAG standards is necessary. If some banking domains require quick accessibility incorporation, they can opt for accessibility widgets/plugins.
One of the reliable widgets is All in One Accessibility, which is meant to cover all accessibility areas of banking and financial institutions’ websites or applications. Or it can be used as a post-remediation measure to maintain the site’s status for long.
The widget is made by us and can implement accessibility for all major international standards. To learn more about this widget, click here.
Digital accessibility is essential for the banking sector to stay competitive!
Economy may fluctuate but digital accessibility should be stable for the banking industry. Thus, banks must prioritize accessibility in their banking services to break down digital barriers, empower individuals with disabilities, and foster greater financial inclusion. Implementing accessibility with precision is critical because banks have massive important data, which requires it to be handled with care. Therefore, hire a seasoned web accessibility partner to audit and remediate the website without hampering the data.
With continuous testing and maintenance, banks’ sites and apps can remain accessible and serve diverse users online.
Skynet Technologies provides a barrier-free online banking experience!
Ready to transform your banking experience for all users? With managed web accessibility remediation solution includes audit, remediation, consulting, monitoring, and support for ADA, WCAG (2.0, 2.1, 2.2) & Section 508 compliance, Skynet Technologies helps you revolutionize online banking platform. From enhancing user experience to ensuring inclusivity, let’s embark on a journey to make online banking accessible to everyone, including people with disabilities. Request a website accessibility remediation quote, or reach out us at [email protected].
