Banks urged to adapt to keep vulnerable adults banked

Sean Tyrer, CEO of Money Carer, warned in a recent interview that rapid fintech adoption and the shift to real-time payments could leave some vulnerable adults underbanked. He called on banks to change product design, apply the Mental Capacity Act 2005 in supportive ways and involve users with lived experience.

Tyrer highlighted how some firms treat capacity as a binary decision: either a customer is judged to have full capacity and can access all products, or they are judged to have capacity issues and lose direct access. He said that approach creates a gap for people who could use mainstream accounts and cards with appropriate help.

He discussed payment options that do not rely solely on smartphones or standard card handling. Alternatives such as biometric cards, wearable payment devices, rings or bracelets can help customers with mobility or dexterity challenges pay independently. He described a client who uses a wrist device because holding a card is not possible.

Tyrer recommended that banks and fintech firms test products with the intended users and with charities that support people with disabilities. “You can’t just assume an idea will work for everybody,” he said, urging firms to get input from people with direct experience of physical and cognitive challenges.

Cross-industry programmes have increased awareness of inclusion issues, Tyrer noted, but he said awareness does not automatically change operational practice. He urged firms to review decision-making policies for customers with capacity concerns and to develop options that allow supported use of accounts rather than removing access.

The interview raised specific operational questions for payments teams, including how to decide when a customer should be supported to use their own account and when another person should act on their behalf. Tyrer called for pilots of non-digital solutions, clearer staff guidance on types of vulnerability and practical tests of accessibility in real situations.

The Mental Capacity Act 2005 provides legal rules for decisions made on behalf of people who lack capacity. Financial services’ move toward faster, digital payments has prompted consumer groups to warn that some customers may be left behind without inclusive product choices.