Why BFSI Companies Face the Highest Accessibility Risk in India

Banking. Insurance. Mutual funds. Payments. The BFSI sector has moved aggressively into digital-first service delivery over the last decade. Mobile banking apps, investment platforms, insurance portals, and UPI flows are now the primary interface between financial institutions and their customers. But in this rush to digitise, one customer segment has been consistently left behind: persons with disabilities.

The Regulatory Exposure Is Real

BFSI companies in India operate under multiple regulators — RBI, SEBI, IRDAI, PFRDA — and each has issued customer service guidelines that include provisions for persons with disabilities. RBI's Master Circulars on Customer Service in Banks explicitly address accessible banking facilities. The RPwD Act 2016 and its Section 46 ICT mandate apply to any institution providing financial services to the public.

Globally, the picture is sharper. In the United States, banks and financial services firms are among the most frequently sued under the ADA for inaccessible websites and apps. The European Accessibility Act specifically names banking and financial services as a covered sector.

The UX Failures Are Widespread

Across Indian banking apps, common accessibility failures include: images without alternative text, insufficient colour contrast, form fields without proper labels, OTP flows that time out before a screen reader user can complete them, CAPTCHAs that are unresolvable without vision, and navigation that's impossible with keyboard alone.

For a blind customer trying to complete a KYC update, or a user with motor impairment trying to transfer funds, these aren't minor inconveniences. They're barriers to essential financial services.

The Opportunity: 285 Million Under-Served Users

Globally, persons with disabilities represent over a billion people. In India, the disability community — combined with elderly users who benefit from accessible design — represents a market of hundreds of millions. Banks and NBFCs that invest in accessible digital interfaces will serve customers that competitors have failed. Accessible design also improves usability for everyone.

Financial exclusion through inaccessible interfaces is discrimination. It also happens to be a legal liability.

Where to Start

For BFSI companies, the highest-impact areas to address first are: the login and authentication flow, account summary screens, fund transfer journeys, and document download functions. A WCAG 2.1 Level AA audit against these journeys — on both web and mobile — will surface the specific failures that need fixing. Pair that with an Accessibility Conformance Report (ACR/VPAT) for a defensible compliance posture.