By Traci Skala
Giesecke+Devrient (G+D)
With ESG goals, diversity and inclusion high on the agenda for banks and fintechs around the world, it's never been more important to explore how we can make the banking experience — and payments in particular—more inclusive and more accessible.
The imperative for banks to modernize extends beyond mere innovation; it encompasses a fundamental commitment to inclusivity. With one in four adults, or about 67 million people, in the United States having a disability (see t.ly/icnQH), the global population projecting to age significantly by 2050, and an anticipated rise in the number of people facing visual impairments, the urgency for banks to prioritize accessibility across all channels has never been more pressing.
Accessibility in banking encompasses a wide range of considerations, ensuring that financial services are available and usable by all individuals, regardless of their abilities or circumstances. From physical access to digital interfaces, everyone has the right to perform payments independently without additional barriers due to their conditions.
It is evident that addressing these obstacles is not only a moral imperative but also a strategic necessity for banks seeking to make customer transactions as easy as possible and remain relevant in an increasingly diverse marketplace.
The statistics paint a clear picture: by 2050, the number of individuals aged 65 or older is expected to reach a staggering 1.6 billion ( see t.ly/viCD9), while there is a projected 55 percent increase in the global population living with vision loss over the next three decades (see 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 emphasis on digital accessibility in online banking and digital 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 t.ly/yPyGp), underscoring the critical need for banks to reassess their approach to accessibility, ensuring that all customers are empowered to navigate financial services seamlessly.
As discussed in the following section, accelerating innovation and bringing it to the top of the payments ecosystem's agenda is crucial. Whether it's a banking app with personalized settings to enable a more simplified, easy-to-read user interface; issuance services that enable users and their caregivers to design cards with accessibility features; or payment cards with braille and special textures to enable users to better recognize and use the cards, all of these advancements in digital banking are needed to help provide seamless and convenient transactions.
To foster inclusivity, banks must prioritize the implementation of user-friendly interfaces and navigation systems. Tailored digital payment solutions, specifically designed for demographics such as the elderly, can significantly enhance the banking experience for these individuals. Furthermore, offering alternative methods for transactions, such as audio confirmation of transactions and customizable mobile wallets, ensures that diverse customer needs are met.
Technological advancements play a pivotal role in driving inclusivity within the banking sector and by also incorporating biometric authentication solutions, banks can offer secure and convenient access to their services. Leveraging standards such as FIDO, biometric-powered authentication ensures a seamless user experience while upholding the highest standards of security.
Additionally, physical payment innovations, such as manufacturing cards with notches, large print, high color contrast, or even tactile elements like Braille for differentiation can have a lasting impact. Compatibility with assistive technologies further enhances accessibility, empowering individuals with disabilities to engage with banking services independently.
Beyond the moral imperative, prioritizing accessibility in banking makes complete business sense. To meet the needs of a diverse customer base, banks can enhance their brand reputation and increase customer loyalty.
With an aging population driving increased demand for accessible financial services, investing in inclusivity is not only socially responsible but also financially prudent. Essentially, accessibility is not a niche concern but a universal demand that underpins the sustainability and competitiveness of modern banking solutions.
The modernization of banking in 2024 necessitates a paradigm shift towards greater inclusivity. Through the prioritization of accessibility across all channels and leveraging technology to empower diverse customer demographics, banks can redefine the banking experience for all.
Industry-wide collaboration to bridge the disability divide and ensure financial services are accessible and inclusive is essential and, as a result, the industry not only upholds its commitment to social responsibility but also positions itself for long-term success in an ever-evolving landscape 
Traci Skala is a market segment director responsible for US offerings and global payment brand account director for Giesecke+Devrient (G+D), a global securitytech company headquartered in Munich, Germany. For more information, please visit www.gi-de.com/en/.
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