Firms Embrace Inclusivity in Financial Services

Financial firms are actively implementing inclusive design principles for their products and services, according to a recent review by the City regulator. These initiatives aim to ensure services better cater to the diverse needs of all customers. Positive examples highlighted include providing temporary mini-fridges for medication storage and introducing voice control options in mobile applications to assist users with dexterity challenges.

Furthermore, a firm developed a supplementary debit card with a limited fund pot, enabling caregivers to make essential purchases without direct access to the primary card and PIN, thereby reducing the risk of financial abuse. Another firm addressed customer anxiety over unclear transaction names by employing a tool that instantly translates them into recognizable merchant names and logos.

The Consumer Duty, established in 2023, requires financial services firms to place customers at the core of their operations. This includes designing products, communicating effectively, and providing support for customers facing vulnerability due to health or financial difficulties. The regulator noted that while many firms begin by researching customer needs, some could enhance their definition of target markets and oversight of third-party providers.