Inclusive design

What Is Inclusive Design?

Inclusive design, in the context of finance, is a methodology for creating financial products, services, and policies that are accessible and usable by the widest possible range of people, regardless of their age, ability, background, or socio-economic status⁴¹, ⁴², ⁴³. This approach falls under the broader umbrella of Financial Services/Product Design and emphasizes understanding the diverse needs and lived experiences of users from the outset of the design process³⁸, ³⁹, ⁴⁰.

The core principle of inclusive design is to proactively identify and remove barriers that might exclude certain individuals or groups from accessing or effectively utilizing financial offerings³⁶, ³⁷. For instance, it considers how someone with low Financial literacy, a visual impairment, or limited access to digital infrastructure might interact with a banking app or a loan application³³, ³⁴, ³⁵. By focusing on universal usability, inclusive design aims to enhance the overall Customer experience and ensure equitable access to essential financial tools, from Digital banking platforms to in-person services³¹, ³².

History and Origin

The concept of inclusive design has evolved from earlier movements like "barrier-free design" and "universal design," which initially focused on physical accessibility for people with disabilities in the built environment²⁹, ³⁰. While universal design aimed to create a single solution for "everyone," inclusive design acknowledges that a truly universal solution may not always be possible or optimal for all contexts²⁷, ²⁸. Instead, it promotes designing with diversity in mind, recognizing that every design decision has the potential to include or exclude users²⁶.

In the financial sector, the drive for inclusive design has gained momentum due to increasing digital transformation and a growing awareness of the need to serve diverse populations, including those in vulnerable circumstances²³, ²⁴, ²⁵. Regulatory pressures, such as the European Accessibility Act (EAA) in Europe or principles outlined by bodies like the UK's Financial Conduct Authority (FCA), have also pushed financial institutions to adopt more inclusive practices²⁰, ²¹, ²². The Web Content Accessibility Guidelines (WCAG), developed by the World Wide Web Consortium (W3C), have significantly influenced digital inclusive design, providing technical standards to make web content more accessible to people with disabilities [https://www.w3.org/WAI/fundamentals/accessibility-intro/]. This historical progression underscores a shift from simply accommodating disabilities to fundamentally designing products and services that anticipate and embrace the full spectrum of human diversity.

Key Takeaways

• Inclusive design in finance focuses on creating financial products and services usable by the widest range of people, considering diverse abilities, backgrounds, and needs.
• It involves proactively identifying and removing barriers to access and usability from the initial stages of design.
• The approach goes beyond mere compliance, aiming to enhance the overall customer experience and promote equitable financial access.
• By designing for those with specific needs, inclusive design often results in better, more intuitive products for all users.
• Regulatory frameworks and increasing digital reliance are driving the adoption of inclusive design principles within the financial industry.

Interpreting Inclusive Design

Interpreting inclusive design in finance means assessing how well financial products and services meet the varied needs of a diverse user base. It involves looking beyond the average user to consider individuals who might face unique challenges when engaging with financial systems. For example, an inclusively designed Mobile payments app would offer clear, intuitive interfaces, customizable font sizes, and compatibility with screen readers to assist users with visual impairments¹⁸, ¹⁹. Similarly, when it comes to Investment products, inclusive design suggests simplifying complex jargon, providing information in multiple formats (e.g., video, plain language text), and offering accessible customer support channels for those who may struggle with digital literacy or complex financial concepts¹⁶, ¹⁷. The measure of success for inclusive design is the extent to which a product or service truly enables broad participation and equal opportunity for all potential users.

Hypothetical Example

Consider a hypothetical financial institution, "Diversify Bank," launching a new online savings account. To apply inclusive design principles, Diversify Bank would engage a diverse group of potential users during the development phase.

1. User Research: The design team would conduct interviews and testing with individuals of varying ages (e.g., elderly users, young adults), different digital proficiencies, and people with various disabilities (e.g., low vision, cognitive impairments).
2. Account Opening Process: Instead of a single online application, they might offer:
   • A simplified digital form with clear, large text and high-contrast colors.
   • Voice-guided options for navigation and data entry.
   • The ability to save progress and return later, accommodating those who need more time or assistance.
   • An option to complete the application over the phone or in person for those without internet access or who prefer human interaction.
3. Account Management: For managing Personal finance with the account, the interface would allow customization of notifications (SMS, email, or physical mail), provide clear, actionable insights into spending, and offer accessible ways to verify identity, such as biometric authentication, ensuring enhanced Data privacy while simplifying security protocols¹⁴, ¹⁵.

By designing with these diverse needs in mind, Diversify Bank aims to ensure that its new savings account is not just compliant with accessibility standards, but genuinely usable and beneficial for a wider population.

Practical Applications

Inclusive design manifests in numerous real-world applications across the financial landscape. In digital platforms, it means ensuring websites and mobile applications adhere to accessibility standards, providing features like screen reader compatibility, adjustable text sizes, and clear navigation¹², ¹³. This is crucial for expanding Market access to individuals who rely on assistive technologies or have varying levels of digital literacy.

Beyond digital interfaces, inclusive design also impacts physical branch design, with features such as accessible ramps, clear signage, and private consultation areas for sensitive discussions. Customer service channels are also adapted, offering options like video relay services for deaf or hard-of-hearing individuals, or support for multiple languages. From a regulatory standpoint, financial institutions are increasingly expected to incorporate inclusive design principles into their Regulatory compliance frameworks, ensuring that products and services are designed with Consumer protection at their core¹⁰, ¹¹. This proactive approach aims to prevent financial exclusion and ensure that fundamental services, like opening an account or engaging in Financial planning, are available to all. The acceleration of digital financial services, in particular, highlights the importance of inclusive design in bridging financial access gaps globally. [https://www.imf.org/en/Blogs/Articles/2021/08/17/blog-digital-financial-services-are-accelerating-financial-inclusion].

Limitations and Criticisms

Despite its numerous benefits, implementing inclusive design in finance presents several challenges. One significant limitation is the perceived cost and complexity of designing for an extremely wide range of user needs⁸, ⁹. While proponents argue that inclusive design ultimately leads to broader market reach and stronger customer loyalty, initial development costs for specialized features or extensive user testing can be a hurdle, especially for smaller firms⁷. Balancing the ideal of complete inclusivity with practical business constraints, such as budget limitations or tight project schedules, often requires difficult trade-offs⁵, ⁶.

Another criticism revolves around the challenge of truly understanding and addressing every unique "lived experience," as human diversity is vast and constantly evolving³, ⁴. Designers may carry inherent biases or lack the deep understanding required for certain user groups, potentially leading to unintended exclusions or superficial solutions². Furthermore, while inclusive design aims to mitigate Risk management associated with user frustration or regulatory non-compliance, it doesn't eliminate all systemic issues, such as those influenced by Behavioral finance biases or broader socio-economic disparities¹. For instance, despite inclusive design efforts, individuals navigating complex Wealth management decisions may still face challenges if their underlying financial literacy or access to resources remains limited. Efforts by organizations like the OECD highlight the ongoing need for comprehensive approaches that combine inclusive design with broader financial education to overcome these limitations. [https://www.oecd.org/financial/education/financial-education-for-all-the-role-of-inclusive-approaches.htm].

Inclusive Design vs. Financial Inclusion

While closely related and often used interchangeably, inclusive design and Financial inclusion represent distinct concepts within the financial sector. Financial inclusion is the broader goal or outcome: ensuring that individuals and businesses have access to useful and affordable financial products and services that meet their needs, delivered responsibly and sustainably. It addresses issues of access, usage, and quality of financial services for underserved populations.

Inclusive design, on the other hand, is a methodology or process employed to achieve financial inclusion. It's the how—the deliberate practice of designing financial products, services, and environments from the ground up to anticipate and accommodate the full spectrum of human diversity. For example, a country might aim for greater financial inclusion, and a key strategy to achieve this would be to mandate or encourage financial institutions to adopt inclusive design principles in their product development. Inclusive design is a critical pathway to realizing the broader objective of financial inclusion, ensuring that the services themselves are inherently accessible and useful to everyone, rather than being an afterthought or a specialized adaptation.

FAQs

What does "inclusive" mean in financial design?

In financial design, "inclusive" means deliberately creating financial products, services, and policies that are accessible, usable, and beneficial to the widest possible range of people, regardless of their age, physical or cognitive abilities, digital literacy, language, or socio-economic background. It involves actively seeking out and addressing barriers that might exclude certain users.

Why is inclusive design important for financial institutions?

Inclusive design is crucial for financial institutions for several reasons. It expands their potential customer base by reaching previously underserved populations, enhances customer satisfaction and loyalty by providing better experiences, helps ensure Regulatory compliance, and can improve the efficiency of services by creating more intuitive designs that benefit all users.

How does inclusive design help people with disabilities in finance?

For people with disabilities, inclusive design ensures that financial services are usable and accessible. This can involve features like screen reader compatibility for visually impaired users, voice commands for those with motor impairments, clear and simple language for individuals with cognitive disabilities, and physical branch designs that accommodate wheelchairs and other mobility aids.

Can inclusive design benefit everyone, not just specific groups?

Yes, absolutely. Designing for the needs of specific groups, especially those facing the greatest barriers, often results in innovations that benefit a much wider audience. For example, clear navigation and plain language, initially designed for users with cognitive impairments or low Financial literacy, improve the user experience for everyone. Similarly, digital payment options, while aiding those with mobility issues, are convenient for all.

What are some common examples of inclusive design in banking today?

Common examples include mobile banking apps with customizable text sizes and high-contrast modes, ATMs with audio guidance and tactile keypads, simplified language in financial documents, diverse customer support channels (e.g., chat, phone, in-person), and features like biometric authentication for easier and more secure access to accounts. These efforts extend to areas like Retirement planning tools and investment platforms, making complex financial concepts more manageable for diverse users.