What banking and credit industries can do to improve financial inclusion
By Puja Sharma
Financial Inclusion Report for Improved Access for d/Deaf Community in Banking & Credit Industries launched by the LSB
A report launched by the Lending Standards Board (LSB) drives financial inclusion for d/Deaf customers in the banking and credit industries.
An estimated 11 million people in the UK experience hearing loss of some kind. The report by the primary financial self-regulatory body includes insights from leading community representatives and provides key insights and considerations for ensuring financial services firms understand d/Deaf cultures and how they can ensure accessibility for this vital community.
Tom Pursglove MP, Minister of State for Disabled People, Health and Work, supported the report, commenting in his Foreword: “Financial services impact all areas of life. That’s why it is so important that we in the UK do all we can to have a fully inclusive financial services industry that works for everyone, regardless of access needs.
[The report] is an important step towards the shared goal of ensuring that all consumers can bank in a way which is accessible for them.”
The business Standards require that registered firms design ‘inclusive products and services [that] take into account the broad range of business customers to which they may apply and contain appropriate flexibility to meet the needs of customers who may be, or are in a vulnerable situation.
Although many disabled customers and those with other access needs would not consider themselves as vulnerable, these customers would fall under this section of the Standards if they required additional or tailored support to access business lending services. This is purely about expectations on firms, and individual customers should not be referred to as being ‘vulnerable’ due to the potential for offence or misunderstanding.
According to BNP Paribas, internationally, the Group actively supports microfinance institutions (MFIs) around the world (13 countries at the end of 2022). BNP Paribas allocated €333 million in 2022, financing 21 MFIs directly, through dedicated funds. These microcredits, dedicated to underprivileged populations that are excluded from the traditional banking system, support the development of small economic projects and in particular help women entrepreneurs in emerging countries.
Emma Lovell, Chief Executive of the Lending Standards Board, said, “We are delighted to release this report, which provides a much-needed spotlight on the challenges faced by the d/Deaf community when accessing banking and credit services. Putting accessibility at the heart of design and delivery helps ensure that every customer can have full and independent access to banking and credit, creating a more inclusive and accessible environment for all customers, including those with hearing loss. By using this report to consider how they currently treat d/Deaf customers and those with hearing loss, firms can continue to improve to deliver better outcomes for all.”
Key highlights:
- The need for tailored and responsive support for d/Deaf customers and those with hearing loss.
- The importance of understanding d/Deaf cultures and the various ways d/Deafness and hearing loss can affect people.
- The challenges faced by d/Deaf customers when accessing banking and credit, and the reliance on third-party support.
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