With 1 billion people worldwide having a disability, GAAD is on a mission to disrupt the culture of technology and digital product development to include accessibility as a core requirement. With the new FCA Consumer Duty Legislation taking effect on the 31st of July, Junaid Mujaver, a Partner at Consultancy Newton Europe has shared views on how financial service providers can develop and support those with a physical disability in managing their online finances.
Junaid Mujaver, partner at consultancy Newton, comments: “One in four people with physical disabilities (24%), including sight loss and deafness or hard of hearing, feel unconfident buying the financial products they need online, which can put them at financial risk. With 1 billion people worldwide having a disability and digital financial journeys now being the preferred method for customers, this Global Accessibility Awareness Day is incredibly important for the FS sector.
“Enforcing change is especially urgent with the new FCA Consumer Duty legislation taking effect on the 31st of July 2023. The FS sector is now tasked with delivering a fair and inclusive experience for all its customers, especially those identified as vulnerable.
“Firms can use behavioural psychology to help analyse where online journey designs are not working for people with different support needs. These solutions don’t have to be technically complicated; an inclusive design example geared towards people with sight loss or low sight who are over two times more likely (14%) to be unable to read website fonts and colours might be to include larger text that is color contrasted so that people can be confident that they understand their digital journey to its fullest extent.”
“In recognition of this, Newton has launched NOVA, the Newton Online Vulnerability Assessment, a framework which assesses online journeys. It incorporates leading accessibility best practice and behavioural psychology to help organisations feel confident that their digital journeys are adhering to the industry regulatory requirements for all forms of vulnerability, including physical disabilities.”