Project Nemo Advances Inclusion for
The banking industry is exploring ways to support vulnerable adults, including those with capacity issues and physical disabilities, through initiatives
The banking industry is exploring ways to support vulnerable adults, including those with capacity issues and physical disabilities, through initiatives like Project Nemo and direct engagement with lived experience.
Project Nemo and Awareness
Cross-company initiatives, like Project Nemo, have already made some headway in raising awareness, but awareness is just one step on a complex journey.
Legal Framework and Capacity
In a FinextraTV interview, Sean Tyrer, CEO and founder of Money Carer, said that while financial inclusion is heading in the right direction, there are still considerations to not lose sight of: "There's still a lot of work to be done and a lot of work around understanding the nuts and bolts of what supporting vulnerable folk means. The Mental Capacity Act and how that's interpreted is a huge part of the jigsaw puzzle of making accessibility practical for individuals."
Tyrer referred to the MCA (Mental Capacity Act), introduced in 2005, which aims to provide legal clarifications and certainties when it comes to how decisions can be made on behalf of others. Tyrer suggested that, when it comes to applying these definitions and interpretations to payments, it is still too rigid and exclusive.
"It's really about changing the position with most banks at the minute when it comes to dealing with people with capacity issues."
Technology and Accessibility
Accessibility, he explained, is not automatically about digitisation and high-tech solutions. Some vulnerable adults struggle to use a smartphone and so alternate options, such as biometric cards, digital wearables and other innovations, can help move the needle forward in an inclusive way.
"Think of somebody who might be in a wheelchair with dexterity problems and they couldn't hold a card, potentially biometric or not, but they might be able to make a payment by using their wrist or the bracelet or to use a payment ring. The technology is high tech, but the user case is common sense and straightforward."
Lived Experience and Bespoke Solutions
Crucially, when developing solutions for vulnerable adults and those with caring responsibilities, he emphasised the importance of not being reliant on assumptions. Banks and fintech firms can meet this particular consumer base where they are; providing bespoke solutions that recognise their needs without condescending them.
When asked what his advice was for banks and fintech firms who want to ensure they cater for all, but are unsure of where to start or where they may be causing harm, Tyrer said: "Work with people who have lived experience. I met with an organisation, a charity yesterday that supports people with severe physical disabilities."
Financial inclusion cannot be measured by how quickly we digitize banking. The real measure is whether people with different needs can actually access and use those services.. Designing with lived experience at the centre is essential if innovation is to reduce exclusion rather than unintentionally create more of it.
