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Insights and Expertise

Banks can modernize now for more

inclusive financial services

The statistics paint a clear picture: by 2050, the number of
individuals aged 65 or older is expected to reach a stagger-
ing 1.6 billion ( see https://t.ly/viCD9), while there is a pro-
jected 55 percent increase in the global population living
with vision loss over the next three decades (see https://t.
ly/0t_dm).

With the abundance of digital payment solutions today,
including apps, websites and other digital platforms, the
Americans with Disabilities Act has shown greater em-
phasis on digital accessibility in online banking and digi-
tal services, as there remains a stark disparity in the usage
among disabled individuals compared to those without
disabilities.
Banks have even faced a growing number of accessibility-
related lawsuits (see https://t.ly/yPyGp), underscoring the
Traci Skala critical need for banks to reassess their approach to ac-
Giesecke+Devrient (G+D) cessibility, ensuring that all customers are empowered to
navigate financial services seamlessly.
ith ESG goals, diversity and inclusion high
on the agenda for banks and fintechs around As discussed in the following section, accelerating inno-
the world, it's never been more important to vation and bringing it to the top of the payments ecosys-
W explore how we can make the banking expe- tem's agenda is crucial. Whether it's a banking app with
rience — and payments in particular—more inclusive and personalized settings to enable a more simplified, easy-
more accessible. to-read user interface; issuance services that enable users
and their caregivers to design cards with accessibility fea-
The imperative for banks to modernize extends beyond tures; or payment cards with braille and special textures
mere innovation; it encompasses a fundamental commit- to enable users to better recognize and use the cards, all of
ment to inclusivity. With one in four adults, or about 67 these advancements in digital banking are needed to help
million people, in the United States having a disability provide seamless and convenient transactions.
(see https://t.ly/icnQH), the global population projecting to Best practices for enabling
age significantly by 2050, and an anticipated rise in the
number of people facing visual impairments, the urgency accessible digital banking
for banks to prioritize accessibility across all channels has To foster inclusivity, banks must prioritize the implemen-
never been more pressing. tation of user-friendly interfaces and navigation systems.

Addressing the evolving landscape Tailored digital payment solutions, specifically designed
of accessibility in banking for demographics such as the elderly, can significantly en-
hance the banking experience for these individuals. Fur-
Accessibility in banking encompasses a wide range of con- thermore, offering alternative methods for transactions,
siderations, ensuring that financial services are available such as audio confirmation of transactions and customiz-
and usable by all individuals, regardless of their abilities able mobile wallets, ensures that diverse customer needs
or circumstances. From physical access to digital interfac- are met.
es, everyone has the right to perform payments indepen-
dently without additional barriers due to their conditions. Technological advancements play a pivotal role in driving
inclusivity within the banking sector and by also incorpo-
It is evident that addressing these obstacles is not only a rating biometric authentication solutions, banks can offer
moral imperative but also a strategic necessity for banks secure and convenient access to their services. Leveraging
seeking to make customer transactions as easy as possible standards such as FIDO, biometric-powered authentica-
and remain relevant in an increasingly diverse market- tion ensures a seamless user experience while upholding
place. the highest standards of security.

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