The European Accessibility Act (EAA) is set to become a key regulation within the European Union, aimed at ensuring that individuals with disabilities and the elderly have better access to products, services, and digital experiences—especially in critical sectors like financial services.
With full implementation required by June 28 of this year, this legislation will impact businesses operating within the EU and globally, prompting a shift toward more inclusive financial services.
As financial products and A increasingly become digital, accessibility will play a crucial role in ensuring that all customers, regardless of ability, can access essential banking, investment, and insurance services.
“The EAA aims to coordinate accessibility standards across member states, simplify cross-border trade, and increase accessibility to a wider range of services,” explained Derrin Evers, a senior solution consultant at Deque Europe.
“For financial services, it means making sure that all digital platforms—from online banking portals to mobile apps—are fully accessible to everyone, including people with disabilities,” Evers explained.
Reach and impact
The EAA spans various industries, including finance. It applies to everything from banking apps and ATMs to online payment systems, ensuring that these services are usable by people with disabilities.
Evers pointed out that “the EAA doesn’t only affect EU-based businesses. It applies to non-EU companies providing financial services to customers in the EU.”
For example, a US-based bank with a digital presence in Europe will need to ensure their platforms meet these accessibility standards as well, he stressed.
Evers emphasised that the EAA aims to eliminate the barriers caused by varying accessibility standards across member states.
“For financial institutions, this means ensuring consistent accessibility for digital banking and financial software tools across Europe,” he noted.
“When all companies follow the same accessibility rules, it helps businesses serve customers more efficiently across borders, and users gain better access to services,” he said.
Timeline
By June 28 of this year, EU member states must implement the necessary regulations to enforce the EAA. However, different countries are taking varied approaches to meeting this deadline.
“Some countries, like Ireland, have already established their own regulations, while others, such as Belgium, have made slower progress,” Evers noted.
“This inconsistency means financial services providers need to track regulatory changes in each country to avoid potential penalties,” he said.
For financial firms to comply with the EAA, they must undergo regular compliance checks. Regulatory bodies will monitor complaints and verify whether services meet the accessibility standards, including those related to online banking platforms, payment gateways, and automated customer service systems.
“The compliance process involves more than just ticking boxes,” explained Evers.
“Financial institutions need to be transparent about how their digital services comply with the EAA’s accessibility requirements, providing clear documentation and evidence of their adherence.”
“The EAA requires that penalties be ‘effective, proportionate, and dissuasive.”
– Derrin Evers
Evers stressed the importance of accessibility training and ongoing audits for financial companies.
“It’s not just about making quick adjustments, it’s about embedding accessibility into the development of financial products from the start,” he shared.
Non-compliance could lead to severe consequences, including fines or other regulatory actions.
“The EAA requires that penalties be ‘effective, proportionate, and dissuasive,’” summarised Evers.
“Though penalties will vary across member states, financial institutions must prioritize accessibility, not only to avoid fines but also to foster a more inclusive environment for all users.”
In some cases, penalties may go beyond monetary fines, with potential legal repercussions for senior corporate officers.
In conclusion, Evers said that the European Accessibility Act should be seen as “a landmark move” toward making the financial services sector more inclusive.
“The stakes are high, and financial institutions must act quickly to ensure compliance,” he warned.
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