Each day, many of us process transactions simply to live out our day-to-day. Whether that means buying a coffee or paying a mortgage, banking is engrained into our daily lives. Despite laws and regulations in place, many individuals with disabilities find it difficult to navigate through bank websites and mobile apps. In this blog post, we’ll discuss why creating a more accessible banking experience is important – at all costs.
Accessibility Laws in Banking
The Americans with Disabilities Act prohibits any organization that conducts business with the public from discriminating against people with disabilities. Under the ADA’s Title III, banks and credit unions must give equal treatment to all customers, regardless of disabilities. However, a recent audit conducted by Texthelp of the top 30 financial institutions in United States found that none of the financial institutions’ webpages were compliant with WCAG (Web Content Accessibility Guidelines) standards. Evidently, digital accessibility in the banking sector requires a major revamp. We are living in the digital era (and in the midst of a pandemic), which means that accessible technology should be at the forefront of every organization’s initiatives.
Digital Banking Trends: Implications on Accessibility
People with disabilities are often less inclined than the general public to use a computer or smartphone to conduct their banking transactions simply because many of them cannot use financial websites and apps without assistance due to barriers to access. Until the digital banking experience is on par with in-person transactions, the acceleration of digital banking is a double-edged sword. The number of interactive websites and mobile apps for bank customers is on the increase, while at the same time, the number of bank branches in communities is decreasing.
With so many options to choose from, banks and financial institutions must remain competitive, and one way to do that is to provide the services customers demand, where and how they want them. Accessibility is the key. In 2018, about 61 percent of Americans used digital banking. This statistic is set to rise to 65.3 percent by 2022. The huge increase in private-party lawsuits under the ADA and related state laws shows no sign of slowing. In fact, web accessibility lawsuits are on track to increase 20% in 2021.
How InclusiveDocs Can Contribute To Accessible Banking
At InclusiveDocs, we believe everyone should have access to important information pertaining to their finances, and equal rights to manage this information too. Our platform provides accessibility solutions applicable to banking and other industries providing digital communications to the public. To learn more about how you can create an accessible banking experience with us, visit our website or get in touch with our sales team today.