Some 24% of Brits with disabilities find online banking services confusing to use (University of Bristol, 2023). To combat this, fintech innovators are designing more inclusive digital banking environments. Enter accounts that cater for individuals with dementia (and their caregivers) and more sophisticated frequently asked questions pages with sign language video translations.

Globally, the digital payments market is projected to reach $16.6tn by 2028, up from $10.5tn in 2023 (Statista, 2024). Innovations in simpler digital payment tools are already proliferating. Open banking (allowing a bank’s customers to share select financial data with third-party providers) is enabling comprehensive subscription management services and smartphone peer-to-peer payments.

Globally, more than 75% of consumers would switch to a bank with better services, indicating an appetite for more nuanced and even inclusive features (Pymnts, 2024). From Pakistan to Europe, innovative companies are seizing opportunities to improve financial literacy, democratise access to credit and lower investment barriers.

In the UK, 25% of 18-24 year old banking customers have used social media for financial guidance, and 20% have invested money based on these recommendations – yet, 33% lack confidence in their financial knowledge to invest (Deloitte, 2023). Addressing this knowledge gap are new offerings which include kid-friendly wearable payment devices and AI-powered financial education platforms.