How BankAbility is Helping People Become Financially Included

Why digital banking isn’t working for everyone.

As society shifts to an increasingly digitalised model, people have been expected to independently adapt to new technologies to perform simple everyday tasks, from shopping to managing their finances online.

Although using the internet and devices such as computers and mobile phones may be second nature to some, many people are being digitally excluded as the world repositions online. Those most likely to be affected by the rapid shift from in-person to online services are sadly some of the most vulnerable in society such as older and disabled people, as well as those with a neurodivergence such as autism or dyslexia. But it can also impact people who simply lack the basic skills to be able to use the internet effectively. 

Digital exclusion can be hugely detrimental to a person’s health and wellbeing. It can also mean paying more for essentials, and an increased risk of experiencing poverty. Financial exclusion is one of the key areas for concern for the Government owing to the vast number of high street banks closing and the access to cash diminishing as contactless becomes an increasingly prevalent method of payment.  

According to Which? nearly 5,000 bank and building society branches have closed across the UK since 2015, further isolating those who are less tech-savvy or have visual or learning difficulties. This means that digital banking is now essential. Yet in a 2020 survey (Freeney Williams 2020), 43% of UK adults with accessibility needs said they did not use banking apps to manage their finances. Unfortunately, despite the deep pockets of the UK’s financial institutions, these organisations are doing little to help disadvantaged groups with limited access to (and knowledge of) digital banking. 

In a recent update on his website, Lord Chris Holmes, a former Team GB Paralympian swimmer, parliamentarian and inclusion activist, called on the government to enact laws to protect access to cash, but also to look at ways to ensure that everyone is included and has the right to access digital payments saying, "As well as being a fierce advocate for protecting access to cash, I am an equally enthusiastic proponent of digital technology.  

“The direction of travel is more, not less digital, therefore we need to understand what we can do to help bring people with us. Look at the success of how we switched people from analogue to digital TV 10 years ago. We need a similar review to understand the issues and to come up with the answers." 

This is where BankAbility comes in. We’re building the world’s first accessibility-focused Open Banking app that optimises the user experience for everyone regardless of disability or age, device or operating system. It talks to our target audience's existing internet banking provider using Open Banking APIs. This will enable people from all walks of life to better manage their finances by incorporating inclusive technology into their lives, allowing them more independence and confidence when using online banking. Our mission is to improve the lives of society’s most vulnerable by creating the world’s most inclusive digital accessibility technology, and we pledge to donate 10% of our annual profits to charity partners.  

If you’d like to find out more about BankAbility and how you can get involved, email penny@digitalability.co