Facts About Section 508 Accessibility for Banks and Financial Institutions

 What is Section 508 accessibility?

Section 508 accessibility is the inclusive practice of designing information and communication technology (ICT) products and services in such a way that barriers that prohibit people with disabilities are removed so that they don’t impede them from partaking in the use of the products, services, or their associated functions, and in conformity with Section 508 accessibility standards.

Section 508 accessibility is achieved by undertaking an audit of the ICT product or service of interest and filling out the Section 508 edition of the Voluntary Product Accessibility Template (VPAT).

VPAT Section 508 compliance should be a guiding concept for ICT designs for banks and financial organizations for a variety of reasons. These range from legal to moral considerations, including avoiding the severe fines and other costs meted out to organizations that fail to comply with the Americans with Disabilities Act (ADA). In addition, given that more than 1 billion people worldwide live with a disability, the consequences of not having accessible ICT could include losing out on potential clients and being denied access to essential services, among other things.

Here are some facts about 508 compliance for banks and financial institutions

It is beneficial to remember a few facts regarding Section 508 compliance for banks and other financial institutions if you work in the banking and financial services industry. This is because they will aid you in locating your point of focus as you work to make your banking and financial services compliant with Section 508 VPAT. The facts are as follows:

Accessible digital financial services are of paramount importance to people with disabilities.
In order to ensure the inclusion of customers with disabilities, it is crucial to offer VPAT Section 508 certified digital banking and financial services. If you don't offer these services, it is a fact that you are excluding customers with disabilities due to the inherent access constraints.

It is also a fact that many people with disabilities do not always have access to alternatives to digital financial activity, such as handling paper statements and going to actual banking branches. That is why working toward making your websites and online platforms 508 VPAT-compliant helps customers with disabilities access your products and services.

Banking and financial institutions are being sued for VPAT Section 508 non-compliance
Despite the fact that VPAT Section 508 compliance helps banking and financial organizations avoid ADA-related lawsuits and gain the benefits of being able to earn government contracts, some banks and financial institutions have disregarded Section 508 accessibility and found themselves facing ADA Title III legal actions.

With the number of 508 accessibility lawsuits reportedly on the rise and the Department of Justice's determination that preventing some customers from conducting financial transactions online is equivalent to prohibiting those customers from entering your building, the cards are being rolled against banks and financial institutions that are not making their digital or online services accessible.

Making your banking or financial digital services accessible is not difficult.
Making your financial digital services accessible is easier than many owners of banking and financial services businesses tend to think. Working with entities like ADACP makes it relatively easy to have experts on call who have vast experience bringing financial digital properties into VPAT Section 508 compliance and assisting you with ongoing monitoring to make sure they continue to meet the technical standards of WCAG 2.0. The savings and other benefits to your bottom line far outweigh the expenses you'll have to incur.

Having inclusive banking or financial digital properties is innovative marketing
Have you ever known that the US population as a whole comprises almost one-fifth of people with disabilities, who collectively earn more than $872 billion? Even in the banking and financial services sector, this group is striving for inclusive and accessible products and services.

Some people with disabilities have personal experiences that lead them to search for organizations that understand the realities of their lives and are practical in their approach to providing them with answers to make their lives easier.

Many of these people will actively steer clear of dealing with businesses that ignore the needs of people with disabilities. By proactively making your banking and financial services available, you'll be effectively promoting your products or services to this category of people.

Need help testing Section 508 VPAT accessibility for your banking or financial services?

If you work in the banking or financial services sector and wish to avoid legal repercussions for failing to comply with Section 508 accessibility regulations and grow your customer base, Section 508 VPAT accessibility is a crucial investment.

More people will be able to use your banking or financial services if 508 accessibility is given top priority. Additionally, you'll convey respect and understanding to your customers who have disabilities.

Get assistance evaluating the accessibility of the ICT products or services you use in your banking or financial services company today, or find out more about VPAT Section 508 compliance. For a free consultation and quick Section 508 VPAT compliance quote, talk to a Section 508 VPAT specialist at (626) 486-2201.