Parabank, a digital bank focused on people with disabilities, has introduced new credit and prepaid cards specifically designed for this community.
The bank, renowned for its commitment to inclusivity, aims to address the financial barriers faced by nearly 10% of the Brazilian population who have disabilities.
The rationale behind this innovative product is rooted in the significant challenges people with disabilities encounter in securing financial products suited to their unique needs. Traditional financial solutions often overlook the specific circumstances of this community, such as the high costs associated with medical equipment like prostheses, which are crucial yet financially inaccessible for many.
Parabank operates as a pioneering digital banking platform offering a spectrum of financial services tailored to individuals with disabilities. Leveraging advanced Dock technology, which is also used by major banks and FinTech firms, Parabank serves as a hub for accessible financial solutions.
The newly launched products include features such as partnerships with rehabilitation clinics, a specialized marketplace for products and services, and access to investment services. These offerings are designed to facilitate easier and more affordable access to essential services like prosthetic financing, physiotherapy, and educational support.
Looking forward, Parabank is set to introduce physical cards with Braille and tactile features to enhance accessibility for visually impaired customers. Additionally, the bank plans to broaden its services to cater to people with intellectual disabilities, further expanding its commitment to financial inclusion.
Dock CEO, Antonio Soares, commented on the broader impact of such initiatives, stating, “The Brazilian financial system is robust, but very concentrated. People with disabilities are one of the groups that still lack assistance in terms of access to adequate financial resources, including credit. The more companies start to look at specific niches like this, the better we will serve the diverse audiences and expand financial inclusion. This is our mission, so it was inevitable that we embraced the chance to partner with Parabank.”
Parabank CEO and two-time Paralympian, Gelson Junior, emphasised the transformative potential of these services: “A prosthesis, for example, is very expensive, and it is difficult for people with disabilities to obtain a loan for this purchase. Not everyone has finished their studies or works, and the lines of credit aimed at this consumer base are not sufficient. Our objective with Parabank is to develop accessible and inclusive financial solutions that really make a difference in people’s lives.”
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