Since the importance of online accessibility and digital inclusion has gained global recognition, all financial institutions operating in the UK must now ensure their online platforms comply with evolving standards and legal requirements.
Designed to promote fair and inclusive digital experiences, regulations such as the Equality Act 2010 UK and diversity and equality legislation mandate that businesses provide accessible services for all users, including those with disabilities. Organisations are also encouraged to implement regular equality and diversity training to foster a culture of inclusion and compliance.
To assess the state of online accessibility in UK financial institutions, Skillcast has analysed nine financially regulated sub-sectors against key accessibility factors, to determine adherence to guidelines such as those set by the World Wide Web Consortium.
The findings highlight which sub-sectors are leading in digital inclusion - and which remain at risk of non-compliance, reputational damage, customer dissatisfaction and even legal consequences.
As financial services become increasingly digital, accessibility and inclusion have emerged as critical priorities. Research shows that globally, only 12% of websites meet accessibility standards. In recent years, it was also reported that all 20 of the UK's leading financial institutions had accessibility errors on their website homepages when tested.
24% of disabled individuals report difficulties when using online banking services, with this figure rising to 58% among those who find using digital devices challenging. This underscores the pervasive nature of this issue across various sectors, leaving millions of users struggling to access essential financial services.
With 16 million disabled individuals living in the UK, and an estimated £274 billion in annual spending power, businesses that fail to meet Equality Act 2010 UK requirements risk excluding a substantial customer base. Yet, despite the financial and legal implications, a staggering 58% of the world’s banks fail to meet customer needs due to not fulfilling the basic digital accessibility requirements.
Moreover, diversity in financial services remains a pressing issue. 13% of senior finance roles in the UK are held by ethnic minority professionals, and only 28% of leadership positions are occupied by women. To combat these disparities, regulators have reinforced diversity and equality legislation, pushing firms to implement equality and diversity training, delivered through methods such as events and webinars, at all levels.
Importantly, such compliance training must be inclusive of all individuals, including the 10-20% of people globally who are considered neurodivergent. This means ensuring accessibility not only for employees who operate company websites but also for customers who use them, fostering inclusivity in both workplace practices and digital experiences.
Companies with the most ethnic diversity are 39% more likely to outperform those with the least diversity, while companies that prioritise diversity reduce the risk of attrition by 50% - underscoring the business benefits of embracing inclusion. Financial firms that proactively adopt inclusive digital practices will not only mitigate legal and reputational risks but also unlock a broader customer base, improve user experience, and future-proof their operations in an increasingly regulated digital landscape.
To assess the digital accessibility of the financial services industry, our team analysed website data from over 270 leading UK companies across nine financially regulated sub-sectors.
By examining information from Google PageSpeed, WAVE, ARC Toolkit, and other verified sources, we created an index that measures each sub-sector’s current online accessibility, to determine its ability to meet diversity and equality legislation requirements.
Each business was assigned a score out of 10 for the eight elements analysed, to create an overall Accessibility Index score out of 80 for each financial sub-sector.
The Accessibility Index highlights significant disparities in digital inclusion across the UK’s financial sub-sectors. While some industries are making progress toward compliance with accessibility standards, others lag behind, potentially excluding millions of users.
Banking emerges as the leading sector for digital accessibility, with an index score of 60.4, reflecting its widespread adoption of accessibility best practices and compliance with the guidelines set by the World Wide Web Consortium. Given that 87% of UK adults use online banking, financial institutions in this sub-sector have prioritised digital inclusion, incorporating features such as screen-reader compatibility and easy-to-navigate interfaces.
Pensions and retirement planning (53.4) and insurance and risk management (52.8) follow closely behind in second and third place, respectively, demonstrating a moderate commitment to accessible online services. At the lower end of the scale, corporate and specialist services (28.0) and capital markets and trading (18.2) rank the poorest in digital accessibility.
These sub-sectors, which primarily cater to institutional clients and high-net-worth individuals, have historically placed less emphasis on user-friendly digital experiences. However, with the Equality Act 2010 UK requiring all businesses to provide accessible services, firms in these industries risk non-compliance and potential legal consequences.
A notable concern is the fintech and technology sector (45.4), which scores below traditional banking despite its digital-first nature. While fintechs have led the way in innovation, many have been criticised for failing to design inclusive platforms, particularly for older or disabled users. 93% of fintech firms find it challenging to meet compliance standards, highlighting the urgent need for improvement.
As regulatory scrutiny increases, financial firms must enhance their digital accessibility efforts. Prioritising compliance with World Wide Web Consortium standards, investing in equality and diversity training, and ensuring digital platforms cater to all users will not only mitigate legal risks but also expand market reach and improve customer experience.
Our Google PageSpeed Analysis reveals significant gaps in digital accessibility across several financial sub-sectors, with some scoring alarmingly low in key performance metrics.
Capital Markets and Trading ranks as the least accessible sub-sector, with an accessibility score of 85.3 - the lowest of all the sub-sectors - and a best practices score of 86.1. Additionally, businesses analysed received an average performance score of 53.5, indicating severe usability issues that could prevent many users, including those with disabilities, from accessing critical financial services.
The Corporate and Specialist Services sub-sector also suggests relatively poor site performance, with an accessibility score of 88.1 but a relatively low best practices score of 85.9. This suggests poor site performance, likely contributing to long loading times and navigation difficulties, which disproportionately impact users who rely on assistive technologies.
The Property and Real Estate Finance sub-sector fares slightly better but still falls into the high-risk category, with an accessibility score of 87.2 and a performance score of 56.7. While its best practices score (89.3) suggests some adherence to modern web standards, the relatively low accessibility rating indicates a failure to implement inclusive design.
Financial Transaction Processing presents a unique contrast - while it boasts the highest best practices score (91.7) and a similarly high accessibility score (89.2), its average performance score (53.2) suggests underlying issues with website speed and efficiency, which can further hinder accessibility.
Similarly, Pensions and Retirement Planning achieves the highest performance score (59.8) but lags in accessibility (87.6) when compared to the other sub-sectors. Given that older users - who are more likely to face digital accessibility barriers - are a key demographic for this sub-sector, this gap could exclude a significant portion of its intended audience.
The ARC Toolkit Analysis provides further insight into digital accessibility compliance across the financial sector, highlighting sub-sectors that struggle with errors and fail to implement best practices.
Financial Transaction Processing emerges as the sector with the highest number of best practices (35.3), suggesting that firms in this space have taken active steps to align with accessibility standards, reducing major usability barriers. Similarly, Banking demonstrated a high number of best practices (34.3) but also a relatively high number of errors (49.7).
In contrast, Pensions and Retirement Planning has a very low number of best practices (18.3) but a low number of errors (15.5). Meanwhile, Corporate and Specialist Services (25.5 errors, 19.5 best practices) and Property and Real Estate Finance (35.1 errors, 18.1 best practices) also underperform in accessibility implementation.
Insurance and Risk Management, despite having the lowest number of errors (9.0), indicating fewer technical issues, has a moderate number of best practices (27.3). Meanwhile, Capital Markets and Trading is the worst-performing sub-sector overall, with the highest number of errors (60.4) and a low number of best practices (18.8).
While digital innovation has transformed the financial sector, inadequate accessibility measures continue to exclude millions of users, exposing businesses to financial, legal, and reputational risks.
Non-compliance with the Equality Act 2010 UK and diversity and equality legislation carries substantial financial and reputational repercussions. In 2023, the UK's Information Commissioner's Office (ICO) issued 17 fines totalling over £13 million for various data protection violations, with individual fines ranging from £30,000 to over £10 million.
In the United States, digital accessibility lawsuits under the Americans with Disabilities Act (ADA) have surged, with over 4,500 cases filed in 2023 alone - a 400% increase compared to the previous five years. More recently, some major U.S. corporations have begun scaling back their diversity, equity, and inclusion (DEI) initiatives - a shift that could have significant ripple effects globally.
If this trend continues, it may lead to a decline in workplace inclusivity, lower employee morale, and reduced productivity - particularly among underrepresented groups. Additionally, inaccessible financial services erode customer trust and satisfaction.
As accessibility moves higher up on the regulatory agenda, financial firms in the UK must proactively enhance their digital inclusivity. Implementing World Wide Web Consortium standards, investing in equality and diversity training, and conducting regular accessibility audits are essential steps toward compliance.
By investing in accessible platforms, firms can improve user experience, expand their customer base, and future-proof their digital operations against evolving regulations. Prioritising these initiatives will not only mitigate legal risks but also strengthen financial performance and brand reputation in an increasingly digital world.
Ensuring digital accessibility compliance starts with employee awareness and training, equipping staff with the knowledge to identify and address accessibility barriers.
Financial institutions must implement accessibility and inclusive design training at all levels, educating employees on the Equality Act 2010 UK, World Wide Web Consortium standards, and digital accessibility best practices.
Compliance training should be tailored to specific roles. UX designers and developers should understand WCAG compliance and how to build accessible digital platforms, while marketing and content teams must ensure that website copy, images, and media meet accessibility standards.
Meanwhile, customer service representatives should be trained to assist users with accessibility needs, ensuring that digital services are inclusive and easy to navigate.
By fostering an accessibility-first culture and equipping staff with the right knowledge, financial institutions can reduce compliance risks, improve user experience, and create more inclusive digital services.
To maintain compliance, financial institutions must establish clear processes for identifying, reporting, and addressing digital accessibility issues.
Just as businesses monitor cybersecurity threats, they should apply the same diligence to digital accessibility gaps, ensuring barriers are swiftly identified and mitigated. Key actions include:
By integrating accessibility monitoring into existing risk management frameworks, financial firms can proactively address compliance issues before they escalate.
Ongoing accessibility testing is essential to ensure compliance with legal requirements and best practices. Financial institutions should conduct:
By making digital accessibility compliance a core component of governance, financial firms can future-proof their services, reach a wider customer base, and strengthen brand reputation in an increasingly regulated digital landscape.
To assess the state of online accessibility across the financial services industry, Skillcast analysed data from over 270 leading UK companies spanning nine financially regulated sub-sectors using verified third-party sources. The evaluation considered key accessibility metrics, including performance, compliance with best practices, and accessibility scores based on:
Each factor was assigned a score out of 10, which was then used to calculate an overall Accessibility Index score out of 80 for each financial sub-sector. This allowed Skillcast to identify the sub-sectors leading the way in digital accessibility, while also highlighting those at significant risk of non-compliance with accessibility standards.
Whether it’s positive discrimination, unconscious bias or a blatant disrespect to protected characteristics, discrimination in any form can make employees feel uncomfortable – and it’s illegal.
Learn more about the Diversity, Equality, and Inclusion (DEI) courses we offer in our Compliance Essentials library.