Navigating the Implications of the European Accessibility Act on FinTech
The European Accessibility Act (EAA) is set to transform how financial institutions approach digital accessibility. Last week, Matthijs Burlage (Solution Engineer at VI Company) hosted a webinar that highlighted the significance of this upcoming legislation and its impact on the FinTech sector. Taeke Reijenga (founder of Level Level) joined him as an expert in the accessibility field. The EAA aims to ensure that digital products and services are accessible to all, including the more than 20% of Europeans living with disabilities. Did you miss it? Read our article with all the highlights of the session.
Understanding the EAA
The EAA, rooted in the Web Content Accessibility Guidelines (WCAG), mandates that by June 28, 2025, all digital offerings within the EU must be accessible. This legislation applies not only to EU member states but also to any company offering services within the EU. It's designed to break down digital barriers and create a more inclusive digital environment.
Why Financial Institutions Must Pay Attention
For financial institutions, the stakes are high. The EAA requires that all client-facing digital services be designed to accommodate everyone, including individuals with disabilities. This is a significant consideration for both large banks and smaller financial entities. "Financial institutions must make their client-facing digital products and services accessible following this EAA," Matthijs noted. Exceptions exist for very small businesses, but larger institutions using plugins from these smaller entities are still responsible for overall compliance.
The Business Case for Accessibility
Accessibility should not be viewed merely as a regulatory requirement but as a strategic business advantage. "By investing in web accessibility, you have the opportunity to increase your market share by doing better than the competition," Taeke pointed out during the webinar. Accessible platforms can lead to higher conversions, enhance brand reputation, and reduce reliance on customer support—translating to significant cost savings.
How to Achieve Compliance
Achieving compliance with the EAA involves several key steps. Initially, organizations should conduct an accessibility review to establish a baseline. "Call it a baseline measurement or an accessibility review. It basically means that we thoroughly test your project and report issues," Taeke explained. Following the assessment, the next steps include collaborative efforts with design and development teams to address identified issues and prepare for official audits.
Engaging Questions and Expert Insights
The webinar concluded with an interactive Q&A session, where attendees sought advice on integrating accessibility into their projects. One question raised was about the importance of considering accessibility early in the development process. "It's crucial to make accessibility a way of working and ensure it is part of the project as early as possible."
Another attendee questioned the need for accessibility if their current user base does not include disabled individuals. "Saying you don't have disabled users is like running a restaurant on the sixth floor without an elevator. You won't have guests in wheelchairs because they can't enter your restaurant in the first place."
The unique challenges of FinTech were also discussed, emphasizing how common financial elements present specific accessibility hurdles not as prevalent in other industries. Matthijs noted, "In FinTech, the use of complex visual data like stock tickers and charts is widespread, making accessibility particularly challenging but crucial."
Regarding compliance with other regulations, Taeke addressed the relationship between the EAA and the Americans with Disabilities Act (ADA): "While the EAA and ADA both aim to address accessibility, compliance with one does not automatically imply compliance with the other. However, adhering to WCAG guidelines will help mitigate risks in both regions."
Finally, Taeke clarified the current standards required under the EAA, "While WCAG 2.2 is the newest standard, the EAA currently requires compliance with WCAG 2.1. However, aiming for 2.2 is advisable as it represents the future direction of accessibility standards."
Where to Start: Laying the Foundations for Accessibility
Are you ready for the European Accessibility Act? To kickstart the journey towards full compliance, the following steps are essential:
Awareness: It's crucial to ensure that all team members understand the importance of accessibility. This involves making them feel and comprehend the significance of the initiatives. "Awareness first, make sure people feel and understand what this is about," one expert emphasized.
Education: Equip your team with the knowledge needed to initiate change. This includes training on accessibility standards and best practices.
Testing and Refinement: Implement a cycle of testing, fixing, and retesting. This iterative process helps move towards full compliance steadily and systematically.
Organizational Goals: Make accessibility a core objective supported by management. "Turning accessibility into organization-wide goals supported by management works best when combined with a bottom-up and top-down approach," said a speaker, highlighting the dual approach necessary for lasting impact.
Conclusion
As the deadline for the EAA approaches, financial institutions are urged to view accessibility as an ongoing process rather than a one-time project. Make sure that accessibility is embedded in your policy and that it becomes part of your mission and online objectives.
Want to learn more, get access to the recording of the webinar or need our help? Please contact Ruben (via ruben.vanmeerkerk@vicompany.nl) for more information.
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