FINANCE

Top Reasons Why Accessibility is Essential for Financial Institutions

Educating business audiences that narrowing the web accessibility gap is now more attainable than ever

1. Enhanced customer experience: Accessibility enhances the customer experience by making it easier for customers to interact with financial institutions. Customers are more likely to use banking and financial services if they can do so conveniently.
2. Increased customer loyalty: Customers who experience better accessibility are more likely to be loyal to their financial institution. Improved accessibility leads to better customer satisfaction, which builds customer loyalty.
3. Improved customer service: Customer service portals can be made accessible through read-aloud features, multiple contact points, quicker access to a human representative, and many more methods. When customers can easily use services, the likelihood of staying engaged with the institution increases.
4. Increased revenue: Accessibility can increase revenue by attracting new customers and encouraging existing customers to utilize services. This can also reduce costs related to customer acquisition.
5. Improved access to credit: Accessibility makes it easier for a wider group of customers to access credit, which can benefit financial institutions and increase their lending opportunities.
6. Financial inclusion: Accessibility helps expand financial inclusion, which provides financial services to people who are typically excluded from the financial sector. By providing services to those who would otherwise struggle to obtain them, banks are helping to promote economic growth and development.
7. Regulatory compliance: Financial institutions must comply with legal and regulatory requirements, such as accessibility regulations. Adequate accessibility ensures that the institution is compliant and accessible to all, irrespective of users’ disabilities.