In the UK, 20 per cent of adults currently experience accessibility issues with mobile or online banking applications which culminates in a lasting negative social impact. Unwilling to allow this to persist, fintech and financial services entrepreneur, David Agar, is striving to do something about it.
In May 2020, Agar took the first major step in addressing the problem by establishing the start-up business, AbilityBank. The venture was set up with the aim of building an inclusive digital banking solution that can be accessed by the most vulnerable and isolated in society. Agar’s ambition is to do away with the accessibility issues faced by a plethora of individuals who experience them, preventing subsequent frustration and isolation, and avoiding potential financial exclusion.
Speaking on The Leaders Council Podcast, Agar explained: “A lot of people have traditionally struggled or shied away from using banking applications. Instead, they have relied heavily on using their bank’s branch networks. However, over the previous decade, we have seen a significant number of these closed down, particularly in smaller towns and villages where residents have been cut off from all but digital services. So, if you cannot go digital as a customer, what else can you do?
“For us, therefore, it's about getting down to the fundamentals involved and addressing their accessibility needs to ensure they aren’t excluded from these services. I think it's very easy for people who do not have a disability or are comfortable with using digital devices to assume that their digital accessibility requirements work for everyone else. This most definitely is not the case.
“Vulnerable people with disabilities such as sight issues, autism or hearing problems are in the millions. So, there are many people out there who face significant challenges experiencing the things we all take for granted.”
The AbilityBank platform, which is based on Open Banking, will automatically optimise the user-experience for people with digital access needs, regardless of disability, age, device, or operating system. This will enable people to take ownership of their finances better and with that, enjoy more control over their everyday lives.
For Agar, the greater vision is not only to bring this solution to those in need of it in the UK but make it accessible around the world.
Agar continued: “We are focusing on an Open Banking platform which will enable people to manage their finances more easily, but the technology will be applicable to any sector. So, once we develop this initially, the goal will be to make it viable in any market. According to the World Health Organisation, there are more than a billion people on this planet who have a recognised disability, which makes for a lot of people we can help. This isn’t a UK solution; this is very much a global vision.”
Despite having started to build AbilityBank at a time when the Covid-19 pandemic was taking hold across the world, Agar has been able to put together a highly experienced management team to bring the platform to life. The team has been operating on a pro-bono basis until funding begins to come into the business. The company achieved its first major milestone with grant funding from Innovate UK to build its Proof of Concept app, and is currently seeking potential investors and corporate sponsors to take this game-changing social impact project forward to the platform’s beta launch.
An optimistic Agar has set an initial target of the end of 2022 for the AbilityBank platform to go live.
“We started our research and development stage in May 2020 and a year later we completed our proof of concept”, Agar said.
“We are eternally grateful to those at Innovate UK for supporting our grant application, since this has enabled us to open talks with prospective partners. On this front, we are talking to many leading disability charities who understand what their communities and service users need, and many of these have their own digital inclusion teams that we can work with to help us finesse our solution. On the other side of the coin, we’re also looking to work with banks and financial institutions.
“Before the end of this year, or at the very latest early 2023 is when we want to be live, but whenever we do launch, that’s when the real work starts. Developing a solution for those who will be using our services will be an ongoing thing because our goal is to achieve the best possible user experience for everybody and that is something we will constantly have to chase.”
Once AbilityBank is up and running as a functioning business and becomes a profitable entity, Agar revealed that he and his team have pledged to further give back to their charity partners by donating 10 per cent of AbilityBank’s annual profits for their use.
“We are pledging 10 per cent of all profits to be distributed across our partner charities. This whole venture is very much about giving and creating technology for good, putting aside the regular corporate greed we often see.”
Listen to the full interview with AbilityBank’s David Agar, alongside John Gibson of Aventus Law, on The Leaders Council Podcast below.
Photo by Pickawood on Unsplash
