# Accessible banking: What does it mean?
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2021-10-20
Category: BANKING
Category URL: https://financedigest.com/category/banking
Meta Title: Challenger Banks Leading the Way in Digital Accessibility
Meta Description: Discover how challenger banks are revolutionising the financial landscape with transparency, ease of use, and accessibility front of mind. Learn how
URL: https://financedigest.com/accessible-banking-what-does-it-meanhtml

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_By_ **_Ryan Graham_** **_,_** _CTO at_ [_Texthelp_](https://www.texthelp.com/en-gb/products/reachdeck/)

![](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/ab6-1736837534045-compressed.jpg)

The banking industry serves millions of people every day. However, banking jargon and complex websites and software have historically created barriers for customers trying to manage their finances online. As banks continue to close branches and increase online services, it’s becoming difficult for customers to bank in person. In combination with this, the [World Health Organization](https://www.financedigest.com/corporate-events-in-the-post-corona-world-how-to-organize-them-at-best.html "Corporate events in the post-Corona world, how to organize them at best") (WHO), reports that there are over one billion people who live with a disability. Similarly, the number of older people using the internet is rising with recent ONS statistics [reporting that internet users](https://www.financedigest.com/cma-report-looks-to-interventions-to-help-overdraft-users.html "CMA REPORT LOOKS TO INTERVENTIONS TO HELP OVERDRAFT USERS") over the age 75 nearly doubled in 2020.

As a result, it’s more important than ever to ensure [customers can access and understand financial](https://www.financedigest.com/how-fintech-aids-financial-inclusion-and-helps-customers-through-crises.html "How Fintech aids financial inclusion and helps customers through crises") information online.

By directly addressing some of these barriers to personal financial management, challenger [banks have transformed the financial](https://www.financedigest.com/financial-crime-is-the-chink-in-the-banks-armour.html "Financial crime is the chink in the banks’ armour") landscape. Platforms from Monzo to  Revolut have been specifically designed with transparency, ease of use, and accessibility front of mind. This has forced traditional [banks to compete with the challengers](https://www.financedigest.com/open-data-represents-the-biggest-challenge-to-banks-in-a-generation.html "Open data represents the biggest challenge to banks in a generation") and make language, readability and accessibility key areas for development.

**A virtual shift**

The [financial services industry is historically known for using complicated language](https://www.financedigest.com/how-can-fintechs-better-engage-zillennials-with-their-financial-health-the-answer-lies-in-speaking-to-them-in-their-own-language.html "How can fintechs better engage Zillennials with their financial health? The answer lies in speaking to them in their own language") that often leaves customers confused.  This, coupled with poorly designed websites and apps has meant that [financial services](https://www.financedigest.com/how-financial-services-leaders-can-prioritise-cybersecurity-investment.html "How financial services leaders can prioritise cybersecurity investment") are often difficult to access online, particular for older people and people with disabilities. Recently, [we conducted research](https://www.texthelp.com/resources/campaigns/improving-online-accessibility-for-the-silver-surfer/) together with YouGov to explore the online experiences of older web users. We found that one in four aged over 50 faced problems accessing products and services online during lockdown.

This data supports the overarching assumption that during ‘lockdown’, a significant portion of people in the UK relied on the internet for essential services, banking included.  Covid-19 has [increased the importance of accessibility](https://www.financedigest.com/rci-bank-increases-easy-access-interest-rate-to-1-02.html "Rci Bank Increases Easy Access Interest Rate To 1.02%") and readability, as services continue to move online.

**Banking bugbears**

There are some common problems among users of [online banking](https://www.financedigest.com/dutch-online-bank-bunq-applies-for-u-s-banking-licence.html "Dutch online bank Bunq applies for U.S. banking licence"). According to research by [TimeTrade SilverCloud](https://silvercloudinc.com/), 70% of banking customers start with online self-service but 87% say that it’s not working for them. Financial products are complex and the way that [banks present this information can be crucial for maintaining customer](https://www.financedigest.com/communicating-with-the-customer-is-the-future-of-mobile-banking.html "Communicating with the customer is the future of mobile banking") loyalty and brand value.

Taking measures to improve the online user [experience will show a company’s commitment to digital](https://www.financedigest.com/digital-experience-and-security-the-crucial-combination-for-banks.html "Digital experience and security – the crucial combination for banks") inclusion. With services moving online, [diversity and inclusion](https://www.financedigest.com/holding-a-mirror-up-to-the-finance-industry-on-diversity-equity-inclusion-dei.html "Holding a mirror up to the finance industry on Diversity, Equity & Inclusion (DEI)") takes on a new meaning. It’s no longer just about providing wheelchair access in local high street branches, it’s also about digital accessibility.

Accessibility and inclusion includes having content and instructions that are easy to understand and jargon-free. This will benefit everyone regardless of their age, disability or platform they are using. Similarly, adding captions to any video content, and providing a keyboard-only option to fill out information will offer additional support for people that may have trouble hearing or using different interface functions. [Digital inclusion may require an intense review – such as checking if the colour contrast on the site is suitable for all users and including support](https://www.financedigest.com/britains-digital-banks-need-support-amid-banking-turmoil-trade-body.html "Britain’s digital banks need support amid banking turmoil – trade body") for screen readers. While this audit can be a significant undertaking, it will allow all [customers to equally engage](https://www.financedigest.com/customer-engagement-trends-that-will-rule-banking-and-financial-services-in-2021.html "Customer Engagement Trends that Will Rule Banking and Financial Services in 2021") online.

**Building brand value**

[Breaking down financial jargon into accessible](https://www.financedigest.com/hair-care-shouldnt-break-the-bank-transplant-surgery-should-be-accessible-and-affordable-for-all-men.html "Hair-Care Shouldn’t Break The Bank – Transplant Surgery Should Be Accessible and Affordable For All Men") and easy to understand information should be the first step. This will help [banks to increase reach and build a brand image based on inclusivity](https://www.financedigest.com/why-banks-could-stand-to-learn-a-thing-or-two-about-financial-inclusion-from-fintechs.html "Why banks could stand to learn a thing or two about financial inclusion from fintechs") and transparency. It will help attract new [customers and retain](https://www.financedigest.com/retaining-insurance-customers-in-a-post-pandemic-environment.html "Retaining insurance customers in a post-pandemic environment") existing users.

Improved [accessibility](https://www.financedigest.com/what-needs-to-happen-to-improve-the-landscape-for-smes-trying-to-access-finance-options-in-the-uk.html "What needs to happen to improve the landscape for SMEs trying to access finance options in the UK") goes hand-in-hand with improved engagement. The [Click-Away Pound Report](http://www.clickawaypound.com/downloads/cap19final0502.pdf) found that 75% of customers would pay more for a product from an accessible website than buy again from one that was less inclusive.

By investing in easy to access and understand marketing and communications, [banks can better build meaningful relationships with customers](https://www.financedigest.com/how-will-open-banking-impact-the-customer-experience.html "How will Open Banking impact the customer experience?"). Using alternative formats can also be a good way to improve engagement. Accessible infographics and video clips are a great way of [sharing content and explaining](https://www.financedigest.com/saipem-shares-drop-group-says-cannot-explain-why.html "Saipem shares drop, group says cannot explain why") complicated concepts. Employing tactics like these can increase reach and build brand reputation.

**Looking to the future**

As technology continues to develop, [banking customers will expect the same intuitive and accessible experience](https://www.financedigest.com/transforming-the-banking-experience-to-be-mobile-first-and-people-centric.html "Transforming the banking experience to be mobile-first and people-centric") they’ve come to expect from the likes of Uber, Deliveroo and Amazon.

[Forrester expects](https://www.forbes.com/sites/forrester/2021/07/01/how-10b-in-design-spending-will-soon-be-up-for-grabs-annually/?sh=3ef876b51ea9) the number of firms making formal commitments on accessibility to increase.  More organisations than ever are focusing on Diversity, Equity and Inclusion as part of their [customer experience](https://www.financedigest.com/visionary-banks-fight-the-blur-hybrid-computing-architecture-brings-a-faster-sharper-customer-experience.html "Visionary banks fight “the blur”: Hybrid computing architecture brings a faster, sharper customer experience"). Before making any direct change to their current website, banks can initially [review](https://www.google.com/url?q=https://www.texthelp.com/resources/campaigns/book-a-free-consultation-with-james/&sa=D&source=docs&ust=1634562110454000&usg=AOvVaw2AAd9fcB7D76bK8DNiWOHD) what they are doing to gauge how much needs changing.

Established institutions need to keep up, or risk [falling behind](https://www.financedigest.com/behind-ftxs-fall-battling-billionaires-and-a-failed-bid-to-save-crypto.html "Behind FTX’s fall, battling billionaires and a failed bid to save crypto").


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