The European Union (EU) has been at the forefront of promoting accessibility across industries, ensuring that individuals with disabilities have equal access to all products and services. The banking and finance sector, being an essential part of everyday life, is subject to strict accessibility regulations to guarantee financial inclusion for all.
This article explores the key accessibility requirements in the EU banking and finance sector, their implications, and how institutions can comply effectively.
Digital accessibility in banking and finance is a legal obligation!
Accessibility in banking and finance ensures that people with disabilities, older adults, and those with temporary impairments can independently manage their financial transactions with utmost safety. However, barriers to financial services can lead to exclusion, economic dependency, and legal non-compliance for financial institutions. Thus, it is important for banks to ensure that they’re offering accessible digital services to their users.
In the EU, accessibility is not just an ethical obligation but also a legal requirement, driven by regulations such as the European Accessibility Act (EAA) and many more. These regulations apply to digital banking platforms, ATMs, financial documents, and customer service.
Let’s read in detail!
Recommended accessibility regulations in the EU for the banking and finance sector!
- European Accessibility Act (EAA) – 2019
The EAA is a comprehensive framework that sets accessibility requirements for products and services, including financial services. It mandates that banking institutions ensure accessibility in:
1. Online banking platforms and mobile applications
2. Automated Teller Machines (ATMs)
3. Payment terminals
4. Customer service communication
The EAA applies to all EU member states, and likewise all other sectors, banking and financial sector ought to comply with EAA requirements before the deadline: June 28, 2025.
- Web accessibility directive
This directive ensures that public sector websites and mobile applications are accessible to individuals with disabilities. While it primarily applies to government services, it significantly influences financial institutions that offer services online. The directive requires:
1. Compliance with the Web Content Accessibility Guidelines (WCAG) 2.1 or higher version.
2. Accessibility statements on bank websites.
3. Continuous monitoring and reporting on accessibility compliance.
- European Banking Authority (EBA) guidelines
The EBA Guidelines on ICT and Security Risk Management highlight the need for inclusive digital banking. Financial institutions must integrate accessibility into their digital infrastructure, ensuring secure and inclusive financial services.
- General Data Protection Regulation (GDPR) considerations
Accessibility is closely linked to data protection. The GDPR requires that information, including privacy policies and consent forms, be presented in accessible formats to ensure all individuals can understand their rights and obligations.
Pragmatic ideas for implementing compliance in the banking and finance sector!
To comply with EU accessibility standards, banks and financial institutions should:
- Implement recommended digital accessibility standards
- Offer alternative text for images, transcripts for audio content, and captions for videos.
- Enable keyboard navigation and screen reader compatibility.
- Audio content in any e-book must include synchronized text-to-speech assistance.
- E-books should work fine with assistive technology.
- The e-books must be easily discoverable.
- All payment services, investments, and ancillary services ought to be aligned with EU financial directives.
- Ensure website and mobile app are designed keeping WCAG 2.1 and higher versions’ guidelines in mind.
- Conduct a digital accessibility audit
- Use automated tools to identify surface-level issues.
- Involve accessibility experts to test for real-world usability.
- Engage users with disabilities to provide feedback.
- Prioritize identified issues, create a remediation plan, and implement accessibility enhancements
- Prioritize issues on their impact level (remediate high-impact pages first).
- Plan remediation to fix issues and if needed, redesign non-compliant components.
- Update code, content, and entire design referring latest accessibility standards.
- Train teams
- Train developers, designers, QA, and content creators on accessibility best practices.
- Provide ongoing training on WCAG updates and inclusive UX practices.
- Establish ongoing compliance monitoring
- Integrate accessibility checks into development cycles (CI/CD).
- Schedule quarterly or biannual audits.
- Use automated monitoring tools for ongoing scans.
- Improve ATM and payment terminal accessibility
- Install ATMs with braille keypads, voice assistance, and tactile guidance.
- Make sure that payment terminals are usable by people with limited dexterity by adhering to accessibility standards.
- Offer accessible financial documents
- Provide account statements, contracts, and other documents in large print, braille, and digital formats.
- Ensure PDFs and digital documents are accessible and screen-reader friendly.
- Enhance customer support accessibility
- Inclusive customer service practices need to be taught to concerned departments.
- Offer multiple communication channels so that users can connect whenever in need. For example, live chat, text messaging, AI assistance, and video relay services for sign language users.
Crucial banking services that need special attention!
- Online payment services
Includes: Online bill payment, money transfers, recurring payments, and digital wallets.
Accessibility needs:
Screen reader compatibility for payment fields.
Clear form labels and real-time error messages.
Voice control or tab-based confirmation for payment authorization. - Investment and portfolio management platforms
Includes: Online platforms or apps offering real-time market data, trading tools, and portfolio dashboards.
Accessibility needs:
Data visualization with accessible charts (use ARIA labels and text alternatives).
Support for screen readers and high-contrast modes.
Logical navigation and filter controls.
WCAG-compliant alerts for market movements or transaction confirmations. - Credit filing and digital loan application processes
Includes: Online mortgage, personal loan, credit card, or small business loan applications.
Accessibility needs:
Fully accessible multi-step forms.
Assistive tech-friendly disclosures and terms.
Accessible e-signature platforms.
Clear validation cues for incorrect form entries. - Credit and payment card management services
Includes: Online account management card activation, PIN changes, and fraud reporting.
Accessibility needs:
WCAG-compliant dashboards with accessible tables and account summaries.
Clear instructions for security verifications.
Secure message centers and chatbots with screen reader support. - Digital onboarding process and editable PDF forms
Includes: Opening accounts, KYC verifications, and submitting identity proofs.
Accessibility needs:
Fully navigable online forms with proper field labeling and instructions.
Editable PDF forms must be tagged PDFs with logical reading order and fillable fields.
Support for electronic signatures using accessible platforms.
Confirmation steps and progress indicators that can be read by assistive technologies. - Proxy and voting services (for shareholders)
Includes: Voting on board resolutions, reviewing shareholder reports, and submitting proxies.
Accessibility needs:
Accessible voting interfaces (radio buttons, dropdowns, confirmation screens).
Structured content in shareholder communication.
Screen-reader readable proxy documents. - Regulatory reports and disclosures (e.g., PRIIPs KID)
Includes: PRIIPs KID (Packaged Retail and Insurance-based Investment Products Key Information Document), a standardized document required in the EU for investment products.
Accessibility needs:
PDFs must follow PDF/UA standards.
Use of proper headings, tables with summaries, and accessible charts/graphs.
Disclosures in plain language with navigation structure.
Availability of alternate formats (HTML, Braille upon request, etc.)
Disproportionate burden and exceptions – A must to know facet of the law!
The EAA is designed to incorporate accessibility but without imposing burdens on organizations. Thereby “disproportionate burden” clause in the law helps organizations (including financial institutions) with limited resources to get exemptions.
In some specific cases, compliance cost becomes another hurdle for organizations because it’s too high. Thus, banking and financial sectors may implement accessibility based on the:
- Ratio of the compliance cost to the overall operational costs.
- Estimated cost and estimated benefits to the persons with disabilities should impact net turnover positively.
Moreover, microenterprises (small institutions with lesser than 10 employees and/or less than 2 million Euros annual turnover) are exempted from accessibility laws. (Source)
Challenges and future of accessibility implementation – Inevitable facts!
Despite progress, there are ample challenges remain in implementing accessibility across the finance sector, such as:
- Legacy systems that are difficult to upgrade.
- High costs associated with accessibility enhancements.
- Lack of awareness among financial institutions.
Looking ahead, emerging technologies like AI-driven voice assistants, biometric authentication, and blockchain have potential to further improve accessibility, making banking services more inclusive for all.
All in One Accessibility - a quick, user-friendly solution to enhance website’s accessibility quickly according to EN 301 549 v4.1.1 European accessibility standards. It’s a great add-on for banks and financial institutions looking to provide inclusive browsing experiences while working toward full compliance.
Wrapping up
Accessibility in the EU banking and finance sector is crucial to maintain regulatory requirement and financial inclusion. By adopting digital accessibility standards, improving physical banking infrastructure, and fostering an inclusive culture, financial institutions can ensure that everyone, regardless of their abilities, has equal access to essential financial services.
With the 2025 EAA compliance deadline approaching, banking sector must act in right direction now to enhance accessibility and build a more inclusive financial ecosystem.
If you need any help to find an accessibility expert to implement accessibility to your digital resources, let’s connect!
Ready to meet the EU’s accessibility standards and make your banking or financial website inclusive for all users? We offer expert website accessibility remediation services tailored to the needs of the finance sector. Whether you're aiming for WCAG compliance or preparing for the European Accessibility Act, we’ve got you covered with cost-effective, reliable solutions. Let us help you build trust, expand your customer base, and stay ahead of regulatory deadlines. Reach out [email protected] to start your journey toward digital inclusivity!
