Across the globe, the fintech industry has revolutionized how personal finances are accessed, allowing people to make smarter choices with their money on their digital devices, through mobile banking, intuitive budgeting features, personalized investment platforms and much more. However, as technology continues to transform the banking industry — nearly 80 percent of Americans prefer to bank online versus visiting traditional bank branches — it's imperative that no one, regardless of their abilities, is left on the sidelines.
Businesses and individuals in the fintech space have the unique opportunity to serve as trailblazers and level the playing field for everyone to take control of their finances online. Creating inclusivity and accessibility in the digital space is a challenge that must be pursued head-on.
For the quarter of Americans living with some form of disability, the importance of having equal access to their finances is essential. In the years since the
And while web-accessibility lawsuits are on the rise (as banks are "places of public accommodation" and covered under Title III of the ADA), it is a moral and ethical obligation to ensure that financial institutions remove barriers that hinder the financial independence of individuals with disabilities.
Financial services are a fundamental part of modern life, and no one should be left behind due to inaccessible technology, including mobile banking apps that lack proper features for individuals with visual impairments or other disabilities. Fintech companies must recognize the personal impact they have on the end customer when developing new programs, tools and software features.
I urge my industry colleagues to invest in real user-testing to better understand the experiences of consumers with disabilities and develop accordingly. This emphasis on true user-feedback and continuous improvement will help ensure a more equitable future in the fintech space. Likewise, regular upgrades to features like screen-reader compatibility, adjustable font sizes and color contrast will ensure that all individuals have equal access to participate in the digital financial realm.
The Small Business and Entrepreneurship Committee voted nearly unanimously to advance a bill that would halt a plan by the Small Business Administration to open up some of its loan programs to fintech companies.
To provide a consistent and inclusive experience for all users, the fintech industry must rally around accessibility standards as a benchmark. The Voluntary Product Accessibility Template (VPAT) serves as an industry-accepted set of guidelines for evaluating accessibility. By incorporating VPAT criteria into a platform, the industry can generate performance reports to ensure accessibility standards are met and allow transparency to current and prospective clients.
VPAT, which includes compliance with the
Accessibility is not just a checkbox to mark or a legal requirement to fulfill — it is a fundamental aspect of creating a more inclusive and equitable financial landscape.
It is essential for the entire industry to integrate accessibility into every aspect of its operations. Through active engagement with clients and rigorous examination of user-feedback, accessibility issues can be readily identified, leading to platform enhancements.
I implore fintech companies, industry leaders and consumers alike to embrace the call for accessibility. Let us demand and support businesses that prioritize inclusivity, that invest in real user-testing and feedback and that actively work toward breaking down barriers to financial independence.
