By Hilary Stephenson, Managing Director of Nexer Digital
From mobile banking apps to digital wallets and investment platforms, fintech has made financial services more accessible and convenient. But as the industry grows, so do expectations.
One major change on the horizon is the European Accessibility Act (EAA), which will come into force in June 2025. This legislation aims to make digital products and services accessible to everyone, including the 100 million people in the EU who live with disabilities.
The clock is ticking, and fintech providers in Europe must ensure their platforms comply with these new accessibility requirements or face both legal and reputational risks. But more than just being a legal obligation, embracing accessibility and going beyond compliance can open up new markets, drive innovation, and improve the user experience for all customers.
What is the European Accessibility Act?
Adopted by the EU in 2019, the European Accessibility Act aims to create a more inclusive society by making key services accessible to people with disabilities. The act covers a wide range of industries, including transport, telecommunications, eCommerce, and crucially financial services.
By June 2025, banks, payment services, and fintech platforms will need to comply with a set of accessibility standards. This means ensuring that mobile apps, websites, ATMs, and even customer support channels are accessible to users with a wide range of disabilities, such as visual, auditory, cognitive, and physical impairments.
Why does accessibility matter for fintech?
First and foremost, companies must meet the EAA’s requirements to avoid legal repercussions. Any business operating in the EU or serving EU customers will be affected, and non-compliance could lead to fines or market exclusion. This is particularly significant for organisations that are scaling globally, as accessibility laws are becoming stricter worldwide.
Additionally, there are millions of potential customers that fintech providers could miss out on if they do not make their products accessible. In the EU, around one in five people have some form of disability, and this number is expected to rise as Europe’s population ages. Making services more accessible can help businesses tap into this market.
Remember accessibility benefits everyone, not just people with disabilities. For example, improving the readability of text or simplifying navigation on an app is beneficial for all users where ease of use is key. By prioritising accessibility, fintech organisations can create more intuitive, user-friendly products.
In addition, customers today value how businesses treat people. Being recognised as an inclusive company can enhance a provider’s reputation and improve customer loyalty. On the other hand, neglecting accessibility can affect trust or even lead to negative reviews and publicity.
What fintech organisations need to do now
To prepare for the EAA, fintech companies should first conduct a thorough accessibility audit to understand their current level of accessibility. This involves assessing websites, mobile apps, and digital services to identify gaps and go beyond surface-level fixes. Utilising tools like screen readers and contrast checkers can help pinpoint areas needing improvement.
The Web Content Accessibility Guidelines are the gold standard for digital accessibility and are referenced in the EAA. So, businesses should ensure their platforms comply with WCAG 2.2, which sets out best practices for making websites and apps usable by people with a variety of disabilities. For example, this might involve adding text descriptions for images, improving colour contrast, and enabling voice commands.
As fintech providerss innovate and launch new services, it is vital to integrate accessibility into the design process from the outset. Retrofitting accessibility features later on can be costly and inefficient, therefore, considering all users from day one is far more effective. A human-centred design approach ensures that the needs of people with disabilities are considered throughout the development of digital products. This involves collaborating with users who have diverse abilities and using their feedback to inform design decisions. There are accessibility consultants and organisations that specialise in helping companies meet EAA requirements, and partnering with these experts can streamline the transition and ensure compliance.
Training staff on accessibility best practices is also crucial. Accessibility should be a company-wide priority, encompassing developers, designers, and customer support teams.
Once accessibility improvements are underway, communicate your commitment to inclusivity so customers know you are taking it seriously.
Creating a more inclusive future
The European Accessibility Act is helping to create a more inclusive digital landscape, one that ensures no one is left behind. For fintech companies, it’s a chance to drive innovation, improve customer satisfaction, and open up new opportunities. Accessibility is about more than just meeting regulations. It’s about creating products that everyone, regardless of ability, can use and enjoy. And that’s good for business, as well as society.
