Digital banking saves time and offers the convenience of doing it from anywhere. The recent demographics of North America revealed steady growth in the number of users who prefer banking via web or mobile apps. The latest data about digital development in banking activities are being targeted by online banking accessibility lawsuits.
Over the past few years, the concerns of banks and financial institutions about the risks of accessibility litigations are rising. Even the biggest players in the finance sector faced a lawsuit in 2018 when 7% of the lawsuits were aimed at the finance and banking vertical.
Therefore, digital accessibility in finance has now become the prime objective for companies to survive. Every entity in the finance sector is now aiming for a strategy to ensure barrier-free access to digital properties, such as websites and apps.
Those who want to become the ‘most-preferred’ financing solutions in the US are likely to be the most vulnerable ones to legal recourse. To steer clear of the risk of lawsuit expenses, practice digital accessibility. Let’s discuss how it can be done.
How do ADA lawsuits affect the banking and finance sector?
A reputed law firm, Seyfarth, reaffirmed that California is among the busiest federal courts to handle digital accessibility lawsuits. With increasing reliance on digital mediums,ada checker violations have become easy to notice and impossible to ignore.
Despite all the measures a bank or a credit union takes for service improvements, a pitfall in website design can result in legal ramifications. Apart from civil penalties, there is a risk that customer engagement drops as they could not leverage the services.
Failure to ensure equal access results in loss of customers, loss of business and loss of the brand image.
An accountable brand is always preferred by banking users. Likewise, having a purpose-led strategy in place is vital for success and it can only be achieved by making barrier-free access fundamental in the finance sector.
What should be done to prevent ADA litigations?
When customer loyalty is your priority, your main objective is to improve the user experiences. In terms of website accessibility, ADA protects the rights of people who face challenges in accessing digital content.
Web Content Accessibility Guidelines (WCAG) offer a roadmap to prevent the risk of ADA lawsuits. In order to be immune, companies from the finance sector practice the framework mentioned in the latest release of WCAG.
- A finance institute or a bank that serves the public is expected to comply with the Title III regulations of ADA.
- To develop an ADA-compliant business, you need to test your website and learn about weaker areas with ADA obligations.
- To meet the accessibility requirements, you may invest in automated testing tools or manual audits.
- Software scans can offer a rough idea of what 508 compliance looks like, though automated testing is not enough to prevent inaccessibility complaints.
- A proactive approach can be taken via accessibility audits conducted by seasoned professionals.
ADA audits help reduce the risk of lawsuits and also offer the benefit of an improved user experience. A thorough audit and remediation is the key to ADA-compliant banking. To make your business accessible for loyal yet disabled users, timely guidance from audit experts is beneficial.
Customer loyalty is a key to surviving the competition. Keeping it simple and hassle free is what most financial services aim for these days. One prime aspect is to focus on improving the digital experience. While improving the website and mobile accessibility provisions, adherence to accessibility guidelines is also crucial. To learn more about the best measures to practice financial ADA Accessibility, visit the link given below.