Banking Revolution: BankAbility's Plan to Redefine Accessibility in Finance

The high streets of our cities have undergone a rapid transformation in recent years, witnessing the disappearance of bank branches at an alarming rate. Financial institutions attribute this shift to the evolution fuelled by the climb of online and mobile banking, resulting in a decline in physical branches. The numbers paint a stark picture – an astonishing 5,668 branches have closed since January 2015, averaging at approximately 54 closures per month, erasing over half the branches present at the beginning of 2015.

However, within this narrative of evolution lies an unsettling truth. The promised accessibility of current online and mobile banking solutions has proven inadequate, leaving up to 20% of customers underserved and, at worst, financially excluded. In the UK, 43% of adults with digital access needs, totalling 3.1M individuals, abstain from using banking apps.

Expanding the lens globally reveals that 1B people worldwide live with disabilities, with only 10% having access to assistive technologies. The urgency to address accessibility concerns becomes apparent as individuals, on average, spend 11.5% of their lives grappling with a disability in countries where life expectancy exceeds 70 years.

In the UK, 71% of internet users with disabilities face access challenges, yet 50% feel their service providers lack an understanding of their disabilities. The digital realm mirrors these disparities, with a staggering 97.8% of the top 1 million websites failing to meet Web Content Accessibility Guidelines (WCAG2) in 2019.

As the world's population ages, the gap between the digital landscape and diverse user needs widens. This has prompted the realisation that accessibility is not solely a concern for those with recognised disabilities but extends to all users with diverse, often undiagnosed needs. The consequences are severe, affecting society's vulnerable members with diminished independence, heightened frustration, stress, increased isolation, and, in extreme cases, financial exclusion.

Enter BankAbility, founded by David Agar, a groundbreaking initiative seeking to bridge this accessibility gap and pilot in increased independence and inclusion. In a world where traditional banking structures persist to evolve and in some instances vanish, BankAbility positions itself as a beacon of hope, ensuring that no one is left behind in the rush toward a digital financial future.

The inception of BankAbility traces back to early 2020, sparked by a transformative moment during a fintech event attended by the founder. This epiphany unfolded as he grasped the profound impact of accessibility challenges in the realm of retail banking, a realisation catalysed by his personal connection, with his son being both autistic and dyslexic. Swiftly recognising the widespread inaccessibility of existing banking apps for millions, the revelation gained further urgency amid a global pandemic and the ongoing closure of bank branches, disproportionately affecting society's most vulnerable individuals.

Motivated by a mission to rectify this financial exclusion, BankAbility has embarked on a journey to leverage technology as a solution; the vision materialised into the world's first pioneering accessibility-focused open banking platform. With a dedicated team and support from Innovate UK, the proof-of-concept app materialised, marking a pivotal step towards addressing the critical gap in accessible financial services. However, faced with a conventional funding challenge, the current hurdle lies in securing backing to propel the platform's comprehensive development.

What to expect

In the initial phase, BankAbility will be prioritising support for individuals who are neurodivergent, specifically focusing on conditions such as dyslexia and autism, as well as addressing sensory disabilities. The beta launch will act as a crucial milestone where obtaining live user experience and feedback will aid in refining and enhancing the platform, addressing any bugs or issues that may arise. The goal is to ensure that, by the time BankAbility is prepared to offer its solution to banks, it will be a robust product with approximately 12 months of real-world usage.

Crucially, BankAbility is not positioning itself as a bank but as an enabler for those grappling with existing digital banking interfaces. The second phase will involve collaboration with financial institutions, offering solutions through Software Development Kits (SDKs) for in-house integration or a white-label option.

BankAbility's approach underscores the importance of simplicity and user-centric design. The initiation of this journey necessitates two fundamental prerequisites: a connected device, acknowledging the variance in technological access, and a pre-existing bank account, recognising the diverse financial landscapes users navigate. While plans are underway to address these issues comprehensively in the future, they stand as initial requirements on day one.

The onboarding process will involve accumulating user information at each step, to build what is referred to as the "accessibility profile." This profile, enriched through AI/ML, will become a dynamic tool to pre-emptively relieve user discomfort, ensuring customisation as needed. The overarching goal is to have technology perform the heavy lifting for users, simplifying a process that might otherwise be daunting.

In the ongoing efforts to improve app accessibility, banks often face a challenge by adopting a one-dimensional approach. To illustrate, consider the experience of a profoundly deaf individual who relies on digital banking and shared his story with BankAbility. When confronted with the need for extra assistance, this individual, adhering to his bank's established procedures, found himself obligated to reach out to a customer service call centre because he had forgotten his PIN and required a new one. Regrettably, the bank's protocol insisted on interaction with a call centre. For those dealing with deafness, this restriction frequently means depending on close family and friends for help, which is not universally accessible. This scenario can heighten feelings of urgency and anxiety, compelling individuals to navigate through additional layers of complexity.

Recognising such challenges, BankAbility is committed to addressing these one-dimensional approaches in app accessibility, aiming to create a more inclusive and user-friendly environment for individuals with diverse needs.

Want to get involved?

BankAbility stands on the cusp of revolutionising accessibility in the banking sector, but they need your support to make it a reality. The journey from concept to beta launch is within grasp, contingent on securing the necessary funding. With your assistance, BankAbility needs to raise ￡0.5M but can kickstart the process at ￡100K, so every contribution counts. This is not just about backing a project; it's about being part of a movement that promotes financial inclusion for everyone.

Organisations, irrespective of sector, are encouraged to join the project’s 'Top25 Founding Partners' program. With a grant of ￡10K, you won’t only support BankAbility’s mission but also gain visibility through the project’s website and social media channels. Your brand will be associated with fostering accessibility, enhancing employee engagement, and aligning with ESG initiatives.

Charities are also integral to the cause, and are welcomed in the program, offering a 10% profit share pledge. By the end of Year 5, BankAbility anticipates sharing over ￡2M with its charitable partners, having already welcomed one charity on board.

BankAbility is not just a platform; it's a testament to what collective action can achieve, helping to break down the barriers to financial accessibility and empower individuals to take control of their financial futures. To find out more, head to https://bankability.app/sign-up