Business Disability Forum (BDF) has published extensive new research today (29 June) which finds that UK disabled consumers experience limited choice and feelings of disempowerment when purchasing or renewing an insurance policy and setting up or switching bank accounts. Some 7 in 10 respondents said that finding the information they wanted was more challenging because of their disability or access needs.
‘Banking and insurance: What disabled consumers choose to buy and why’ looks at how people choose providers and products, and why. Supported by Microsoft, this one of a series of in-depth research reports which examines buying experiences of the 1 in 5 people in the UK who have a disability. The series considers purchasing experiences across seven key sectors, including banking and insurance.
Business Disability Forum commissioned Open Inclusion to carry out the research. Research was gathered through an online survey and focus groups via Open Inclusion’s pan disability insight community.
Banking and insurance: Key findings
Disabled consumers who had been involved in changing or researching a new banking or insurance provider or product in the last two years were asked the most important factors for them when making a decision.
- 66 per cent said the types of account or product of offer.
- 57 per cent said website or app accessibility.
- 50 per cent said the actual process of purchasing, setting up or changing account.
- 42 per cent said a range of contact options.
- 40 per cent said confidence in how customer service would work and/or manage my account and needs.
Disabled consumers were asked to consider their disability or access needs.
- 74 per cent said that disability or access needs influenced their choice of banking and insurance provider.
- 70 per cent said that finding information they wanted about banking and insurance products and services was more challenging because of their disability or access needs.
- 40 per cent observed that choice of personal banking or insurance products and services was limited to some extent because of their disability or access needs.
- Only 43 per cent of respondents said they felt confident that they had made the right choice of banking and insurance product or service.
“I wanted to switch my home insurance because I was impressed with the advertising, but they said they couldn’t help because I could not telephone them. I have also tried to change bank accounts, but sadly the service for deaf customers is non-existent – everything revolves around telephone calls.” A disabled consumer
“I ended up staying with my current bank because I could not get information in easy read format on any other bank.” A disabled consumer
Urgent need for change
Diane Lightfoot, CEO, Business Disability Forum, said:
“Businesses cannot afford to overlook the needs and spending habits of disabled consumers. Yet, too often, disabled people face limited choice, increased costs, or even difficulty finding the goods and services they want and need.
“For disabled people, the need for better access to services and products has never been more urgent. Many disabled people face additional costs associated with having a disability. With living costs rising, it is more important than ever that disabled consumers have the information they need to make informed purchasing decisions and to get the best deals possible.
“Our research shows that there is plenty of good practice out there, but it can be patchy, and varies from sector to sector.”
Positive experience
In the research, disabled consumers also shared their experiences of when banking and insurance providers had got it right.
“When choosing to open a new bank account for business, I went to the branch and had a meeting with staff. They talked me through the account and its features and were willing to explain how everything would work. When they did not know the answers, they made calls there and then to seek info. They also let me test a dummy account and physically handle items such as the card reader and mobile app. This way I was able to judge whether they would meet my access requirements.” A disabled consumer
“I prefer booking an appointment and asking questions that way. Not so much jargon, no fancy terms, I can speak to a normal individual about an account.” A disabled consumer
Banking and insurance: Key recommendations
Based on findings, the research recommends that banking and insurance providers:
- Do more to demonstrate that their services and products are accessible and inclusive, so potential consumers can make an informed choice.
- Conduct barrier analyses of processes for setting up or closing an account or policy, taking into a range of different disabilities.
- Offer a range of ways for disabled consumers to communicate with them.
- Make sure websites and apps are accessible, but also consider other facilities and features too.
- Provide information about accounts and policies, including terms and conditions, in a range of formats and jargon free.
To view ‘Banking and insurance: What disabled consumers choose to buy and why’, along with the full series of consumer reports, please visit Business Disability Forum’s Knowledge Hub.
