The financial industry has always prioritized privacy and security.
Its efforts are guided by legislation and standards, such as the Personal Information Protection and Electronic Documents Act (PIPEDA) and Payment Card Industry Data Security Standards (PCI DSS).
And now, accessibility law has also come into play under the Accessibility for Ontarians with Disabilities Act (AODA). This means banks have to ensure information, communications and technology are accessible to a wide range of customers, including blind patrons and those with disabilities.
Read: Help your disabled clients
So far, Canadian banks have met this challenge. Sharlyn Ayotte, blind strategy officer for T-Base, says private delivery of financial information to the blind has long been considered crucial, for example.
“It’s absolutely essential that blind and low-vision banking customers have an opportunity to review their private and confidential information independently and securely,” she says. “Disclosing account details to their sighted peers and family is never a good idea, and banks should be commended” for their consideration of these clients’ needs.
Despite the trend to go paperless, Ayotte stresses there will always be a portion of banks’ customer bases that require paper-based alternatives such as Braille and large print documents. All Canadian banks and credit card providers provide these products.
She adds, “As the population ages, it’s reasonable to expect this group will grow.” They should be able to continue to review transactions and make independent, informed decisions about their future with ease.
Read: The 3 Ds of investing, for more on demographics
Also, technology is rapidly changing how many consumers perform transactions. Adopting new technology like online, mobile and telephone banking services isn’t enough anymore.
Read: Gen Y clients aren’t average consumers
Institutions have to keep track of all technological changes and evolving issues, says T-Base Communications’ president and CEO Jeff Potts, so they can continually improve their operations.