Industry Spotlight: Accessibility and Inclusion in Financial Services Digital Experiences
The Imperative for Accessible Financial Services
In today’s rapidly evolving digital landscape, financial services organizations—spanning banking, insurance, and superannuation—face mounting pressure to deliver accessible and inclusive digital experiences. This imperative is driven not only by regulatory requirements but also by ethical responsibility and the growing expectation from customers for equitable access. As digital transformation accelerates, the sector stands at a crossroads: those who prioritize accessibility and inclusion will not only meet compliance standards but also unlock new opportunities for engagement, loyalty, and growth.
Regulatory Drivers and the Business Case
Regulatory frameworks such as the Accessibility for Ontarians with Disabilities Act (AODA) and the Web Content Accessibility Guidelines (WCAG) set clear standards for digital accessibility. In financial services, these regulations are more than a legal checkbox—they are foundational to building trust and ensuring that all customers, including those with disabilities or from digitally disadvantaged backgrounds, can confidently manage their financial futures. Beyond compliance, accessible digital experiences are a potent differentiator, enhancing brand reputation and expanding market reach.
Common Barriers to Digital Inclusion
Despite progress, significant barriers persist in the financial services sector:
- Web Accessibility Failures: Many banking and superannuation websites do not fully comply with accessibility guidelines, making it difficult for people with vision, hearing, cognitive, or motor impairments to access essential information or complete transactions.
- Digital Divide: Groups such as the unemployed, lower-income households, and those without advanced digital skills are less likely to engage with digital financial services, often due to cost-of-living pressures or lack of access to technology.
- Generic, Non-Personalized Experiences: Overly generic content and interfaces can alienate users who already feel disconnected from their financial providers, further widening the engagement gap.
- Awareness and Trust Issues: Many customers are unaware of available digital services or harbor concerns about the security and privacy of online platforms, leading to underutilization.
Recent analysis of superannuation digital experiences reveals that over half of brands fail to meet best practice accessibility standards, and nearly three-quarters of Australians do not actively engage with their superannuation fund or know their balance. These gaps are even more pronounced for those with disabilities or limited digital access.
Opportunities for Leadership: Best Practices in Accessible Financial Experiences
Financial services organizations have a unique opportunity to lead by embedding accessibility and inclusion into every aspect of their digital strategy. Actionable best practices include:
1. Adopt and Exceed Accessibility Standards
- Ensure all digital touchpoints comply with WCAG and are regularly tested with assistive technologies such as screen readers and keyboard navigation.
- Involve people with disabilities in user testing and co-design processes to surface real-world barriers and solutions.
2. Personalize Member and Customer Journeys
- Leverage data-driven insights to deliver tailored content and experiences that resonate with diverse customer segments, including those with specific accessibility needs.
- Implement dynamic content and micro-segmentation to make information more relevant and actionable.
3. Simplify and Streamline Digital Interactions
- Reimagine onboarding, applications, and support processes to be intuitive and barrier-free.
- Provide clear, jargon-free language and offer information in multiple formats (text, audio, video) to cater to different preferences and abilities.
4. Expand Awareness and Build Trust
- Proactively communicate the availability and benefits of accessible digital services.
- Address security and privacy concerns transparently to build confidence among hesitant users.
5. Measure, Iterate, and Lead
- Benchmark accessibility and inclusion as core metrics in digital performance reviews.
- Foster a culture of continuous improvement, leveraging feedback from all customer groups.
The Broader Context: Digital Inclusion in Financial Services
The digital divide is not unique to superannuation; it is a sector-wide challenge. As financial services become increasingly digital, the risk of excluding vulnerable populations grows. Ensuring that digital transformation is inclusive is not just about compliance—it is about financial equity and long-term customer well-being. Accessible digital experiences can help close the engagement gap, enabling all customers to make informed decisions and participate fully in their financial lives.
Publicis Sapient’s Approach: Proven Frameworks for Accessible Transformation
Publicis Sapient brings decades of experience in digital business transformation, with a deep commitment to accessibility and inclusion. Our approach is grounded in:
- Comprehensive Accessibility Assessments: We benchmark digital accessibility using proven frameworks, identifying gaps and opportunities for improvement across the customer journey.
- Inclusive Design and Development: Accessibility is embedded from the outset, with cross-discipline training for teams and regular testing with assistive technologies.
- Agile, Data-Driven Solutions: We implement scalable, secure, and personalized digital experiences that meet the needs of all users, including those with disabilities or from digitally disadvantaged backgrounds.
- Continuous Improvement and Governance: Accessibility is not a one-time project but an ongoing commitment, supported by robust governance and a culture of learning and adaptation.
The Opportunity for Financial Services Leaders
By prioritizing accessibility and inclusion, financial services organizations can:
- Unlock new sources of customer loyalty and advocacy
- Expand their customer base by reaching underserved and disengaged populations
- Enhance their reputation as ethical, forward-thinking organizations
The future of financial services is inclusive. By acting now, organizations can ensure that every customer—regardless of ability or background—can confidently engage with and benefit from digital financial experiences.
Ready to lead the way in accessible financial services? Connect with Publicis Sapient’s experts to start your journey toward digital inclusion and customer engagement excellence.