From Paralympics to Payments: Can Paris 2024 spark a financial accessibility revolution?
The recent Paralympic Games are not just a celebration of athleticism and perseverance; they are a powerful reminder of the ongoing fight for equality and accessibility in all aspects of life, including financial services. It’s been 3 weeks since the close of the Games in Paris, a Games that International Paralympic Committee President, Andrew Parsons hoped would start an ‘inclusion revolution’.
As we reflect on the achievements of our athletes, it’s an opportune moment to consider how fintech can better serve disabled individuals, ensuring accessibility extends beyond physical spaces to include digital and financial environments.
A catalyst for change
The Paralympic Games are a significant global platform for disability awareness and advocacy, challenging stereotypes and promoting inclusivity. They highlight the abilities of disabled athletes, inspire policy change, and drive technological innovations in assistive devices. Perhaps most importantly, they also leave a lasting legacy of improved accessibility and inclusion in host cities.
The Paralympic Games have sparked important conversations and driven changes in accessibility across transportation, architecture, and public services. Cities often upgrade public transport, implement barrier-free venue designs, and improve public services to accommodate needs. The Games also inspire broader policy reforms, further advancing disability rights worldwide.
The Paralympic Games hit a major turning point with London 2012, creating a significant shift in attitudes and perceptions towards people with disabilities. Coverage focused on the incredible sporting abilities of the para-athletes rather than their disability. Research conducted after the Games showed two in three UK adults felt the Paralympic Games changed the way people with disabilities are viewed. This highlights the power of the Games to drive significant change in wider society.
Financial accessibility
Despite advancements in many sectors, financial inclusion remains a significant challenge for many disabled individuals. Access to payments, banking, credit, and investment opportunities are often hindered by digital platforms not designed for disability, complex processes, and a lack of accessible options.
This is an urgent conversation to have. In Europe alone, there are approximately 135 million people with a disability. Ensuring these individuals can fully participate in the economy has benefits for society as a whole, and equal access to financial services is a human right that everyone deserves.
Disabled individuals face significant challenges with digital finance from inaccessible websites and mobile apps to limited compatibility with assistive technologies and complex authentication methods. They can be more vulnerable to fraud and some are forced to rely on caregivers for financial management, severely restricting their independence. Customer support is often inadequate, with limited accessible communication options, and financial products are rarely designed with disability needs in mind. These barriers highlight the pressing need for more inclusive, accessible financial platforms.
A moment for financial institutions to lead
Paris 2024 made significant strides in disability inclusion, setting a new standard by improving infrastructure, increasing visibility, and driving societal change. The legacy of the 2024 Games aimed to embed inclusion into broader public policy and long-term urban planning. The focus on athlete experience, visibility, and driving systemic societal change marks Paris 2024 as a key milestone in the history of the Paralympic Games.
Financial institutions such as Visa have been one of the key sponsors of the Olympic and Paralympic games since 2002, reflecting their commitment to supporting inclusivity and accessibility. Other financial sponsors included Citibank (the official partner for Paris), Group BPCE, and Lloyds Banking Group (sponsoring the British cycling team). These partnerships help companies to get more directly involved with disability and begin to understand it fully so learnings can be applied across their organisation.
Another example of corporate partnership at the Games was the collaboration between Deloitte and ParalympicsGB. Together they developed an interactive platform to enhance fan engagement and demonstrate what it takes Paralympians to succeed both on and off the field. The platform gave greater insight into the personal stories of athletes, highlighting the challenges faced by disabled individuals in everyday life. Whilst this technology is not specifically tailored to fintech and financial services, it is an example of how greater understanding of the individual experiences of disability can help drive inclusion.
The momentum of the 2024 Paralympic Games is a fantastic opportunity for fintechs to think more broadly about financial inclusion, and how they can embed accessibility into all aspects of their products and services.
The Paralympic Games are a powerful reminder of what can be achieved when barriers are broken down and inclusivity is prioritised. As the world celebrates these incredible athletes who are pushing the boundaries of human potential, fintechs have an opportunity, and a responsibility, to ensure the same spirit of accessibility and inclusion is reflected in their services. By embracing the challenge of financial accessibility, we can move closer to a world where everyone, regardless of disability, has the tools and opportunities to achieve their financial goals.
Written by Mia Broughton