In a world that prides itself on economic progress and technological advancement, it is sobering to realise how often we overlook the people who could benefit the most from inclusive financial systems: people with disabilities and senior citizens. Despite multiple rounds of discussions over decades regarding “Inclusive Growth,” these two communities still face disproportionate barriers in accessing even basic financial services.

The Reality Behind the Numbers

Over 1 billion people worldwide live with disabilities (WHO, 2023). In India, the NFHS-5 (2019-21) estimates that around 63 million people (4.5% of the population) have some form of disability. As for seniors, India had 66 million people aged 64 and above in 2023, projected to double by 2050 (UN World Population Prospects, 2022).

Yet, most financial platforms and banks remain inaccessible, both physically and digitally, failing to meet the basic needs of these large and growing demographics.

From unapproachable bank branches with physical inaccessibility to complicated mobile banking apps that don’t support voice commands or screen readers, the barriers are baked into the structure.

Inclusion Needs More than an Account

The traditional metric for financial inclusion, owning a bank account, is grossly inadequate when viewed through the lens of the disabled and elderly. Having an account is one thing: being able to use it independently and safely is another.

Senior citizens, particularly those unfamiliar with technology or living alone, often face difficulties in understanding online services or reaching bank branches. Meanwhile, persons with disabilities, be they hearing, visual, or mobility impaired, are frequently met with unintuitive designs, poorly trained bank staff, or simply inaccessible customer support services.

What Needs to Change?

Financial inclusion must be focused on and designed with empathy. Here’s how that could start:

Accessible Banking Interfaces

ATMs and mobile banking apps must adhere to universal design principles, offering voice navigation, tactile buttons, large text options, and compatibility with screen readers. Banking websites must comply with global web accessibility standards.

Simplified KYC and Nominee Mechanisms

People with disabilities and senior citizens often struggle with paperwork. Simplifying documentation requirements and enabling nominee additions can reduce stress and vulnerability.

Proactive Customer Service

Financial institutions must train staff on interacting sensitively and effectively with PwDs and elderly clients. A designated “inclusion officer” in every branch could be a step forward.

Doorstep Banking and Voice-based Services

Services like doorstep banking, currently a pilot in many areas, must be scaled and institutionalized for those who physically cannot visit branches. Voice-based authentication and phone banking in local languages can also bridge the digital literacy gap.

Policy Enforcement and Incentives

RBI guidelines already recommended facilities for differently-abled customers but compliance is patchy. There needs to be strict enforcement, along with incentives for banks to innovate around inclusive practices.

Financial Dignity Over Financial Access

Financial Inclusion, at its heart, is not just about credit scores or bank accounts. It is about dignity, independence, and equal opportunity. It’s about ensuring that a 75-year-old woman in a Tier-2 town doesn’t have to depend on her grandson to withdraw her pension. It’s about ensuring that a visually impaired entrepreneur can apply for a loan without facing rejection.

As India pushes toward becoming a $5 trillion economy and expands digital finance, let us remember that progress must be measured not by how many are included, but how they are included.

Shedding light on the Financial Inclusion, Venugopal Naidu Puvvada, a social entrepreneur and a managing trustee of Hindrise Social Welfare Foundation, said, “After spending two decades understanding the gaps in our system, I can say that financial inclusion is much beyond access and it’s closer to acknowledgement. When a person with disability is unable to open a bank account without help or a senior citizen struggles to withdraw their pension, we have not just failed economically but morally. True financial inclusion begins when the last person in the village can save, borrow, and build a future with dignity, without needing to ask for help.”

Banks and fintechs must not view financial inclusion as charity, compliance, or CSR. It is an economic imperative. A society that alienates its disabled and elderly ones is unsustainable. To build an inclusive economy, there is a need to rethink about the overlooked ones.