The fintech sector prides itself on disrupting the norms and assumptions that governed the traditional banking sector for decades. Whether it’s digital wallets, AI, or open banking, it’s fair to say that innovation is part of fintech’s DNA.
But for a sector that prides itself on its customer-centricity and for being ahead of the curve, there has been remarkably little progress made on disability inclusion and accessibility. With
Global Accessibility Awareness Day on 15th May, it’s the perfect time to look at what fintech players can do to widen the aperture of the industry and prioritise accessibility.
The challenge — or perhaps the opportunity — is two-fold. One, fintech firms need to do more to recruit and engage disabled and differently abled people (and their talents) into their workforces. Two, firms also need to design and imagine products that are
accessible by default and inclusive for all. This needs to happen right from the beginning, not as an add-on feature.
The business case is clear
The business case for disability inclusion in the fintech sector is abundantly clear. Roughly
24% of the UK population (16 million people) have a disability, with most people experiencing temporary impairments at some point in their lives. It’s estimated that
15-20% of the UK population is neurodivergent, many with unmet care needs.
In terms of purchasing power, people with disabilities and their families are responsible for £274 billion of consumer spending per year, a figure known as “the Purple Pound” that rises each year.
Furthermore, an imminent new regulation in Europe called the EU Accessibility Act means that a broad range of everyday products and services will have to be accessible for people with disabilities, starting in June 2025. In the fintech space, this will include
services such as customer authentication, ATMs, banking apps, and online portals.
Even for UK firms, this European legislation is relevant, as post-Brexit UK lawmakers often follow suit from European regulators. And it’s already the case that UK laws such as the Equality Act and regulators like the FCA and Ofgem are requiring fair treatment
of all customers, including those in vulnerable circumstances.
If nothing else, the most competitive fintech players on the continent will be designing with this in mind, so it will surely raise the bar for all players in the fintech industry. The time to catch up is now.
Talent comes in all forms
When it comes to the question of talent, seeking out people with disabilities or differently-abled individuals for open roles isn’t just a matter of charity or doing the right thing. Rather, it’s a valuable viewpoint to have on board, and one that can improve
customer satisfaction and drive business growth.
Take, for example, the curb-cut effect. This is the well-known idea in urban planning that the ramps on the pavement intended for wheelchair users to transition easily to the road actually end up benefiting a much broader group of people: cyclists, parents
pushing prams, delivery drivers, and those carrying luggage. This is a testament to the fact that, no matter the service or sector, designing for people with more complex needs actually benefits everyone.
Of course, firms are much more likely to successfully design their products to serve people with disabilities if they actually have them on their dev teams as well as throughout the company. Which is why expanding inclusion efforts in recruitment has such
an obvious benefit to the balance sheets of fintech companies. By seeking out and including diverse perspectives, teams find new, better solutions and avoid “average user” assumptions. The result is better products and happier users all around.
Project Nemo, which kicked off in April 2024 during the Innovate Global Finance Summit, intended to raise awareness on disability inclusion in the fintech industry and inspire meaningful change. It brings together
disability inclusion experts, lawmakers, technologists, and media to shine a light on this issue.
Joanne Dewar, who leads Project Nemo, stresses that inclusive design in fintech can’t be seen as a box-ticking exercise, but rather a holistic approach that is integrated into how a company does everything.
“From product design to talent acquisition and retention, disability inclusion and accessibility are everyone’s responsibility,” she said. “It doesn’t sit within one team or department – it must be woven into your company’s DNA and grounded in lived experience.
Those who do this will build a diverse workforce who create more innovative products for existing partners and customers, while opening the door to new markets and untapped audiences”.
She adds, “Anyone in any department can be the one who gets the ball rolling in their organisation, and Project Nemo has free resources to help”.
In addition, while innovations like AI have often been touted as the answer to making products more accessible, they can’t and shouldn’t replace human expertise. AI also comes with its own biases and blind spots that are hard to see when we assume it has
all the answers.
As the world increasingly relies on digital payment methods, the time to expand accessibility in the fintech sector is now. Customer centricity has historically been one of the sector’s strengths, but that can only remain true if fintech takes a more expansive
look at who those customers actually are.
