Category
Business
Assisted Conversion
Trend cluster
Category
LGBTQ+
Banking
Financial institutions are catering to the diverse needs of the LGBTQ+ community.
3.1
Trend score
Trend
What is the LGBTQ+ Banking trend?
LGBTQ+ Banking: The financial industry is increasingly recognizing that the LGBTQ+ community has been underserved in the sector and as a result, new initiatives and companies are popping up that are mindful of accommodating this demographic.
Insight
The consumer insight behind the LGBTQ+ Banking trend
Many members of the LGBTQ+ community are still struggling with the rigid and conservative practices of institutions—from educational to finance and beyond. In order to feel supported and receive the service that they deserve, this demographic is emphasizing the need for services that cater to their specific and unique needs. This, in turn, enables them to feel comfortable and accepted in a given space by being their authentic self.
Trend themes
Themes within the LGBTQ+ Banking trend
Three behaviours holding the trend together01
LGBTQ+ Banking Services
Financial institutions are developing services and initiatives that cater to the specific and unique needs of the underserved LGBTQ+ community.
02
Preferred Name Credit Cards
Major banks are adopting preferred name credit cards to create safer and more accommodating spaces for trans and non-binary customers.
03
LGBTQ+-Friendly Financial Marketplaces
Initiatives like Superbia are looking to create safe spaces for marginalized communities with banking, insurance, healthcare, and money management solutions.
Industry implications
What the LGBTQ+ Banking trend means for industry
Where the trend changes the playbookFor
Banking
Developing services that cater to the specific needs of the underserved LGBTQ+ community presents an opportunity for growth and innovation in the banking industry.
For
Fintech
Adopting preferred name credit cards and other innovative solutions presents an opportunity to disrupt the fintech industry and create more inclusive financial products.
For
Insurance
Creating safe spaces for marginalized communities with queer-friendly policies in the insurance industry presents an opportunity for growth and innovation.
Workshop question
How can your brand cater to the needs of LGBTQ+ consumers?
Trend signals
Trend signals for LGBTQ+ Banking
Trend score 3.1 out of 10, from popularity 52%, activity 31%, freshness 9%.
Popularity52%
Activity31%
Freshness9%
Audience
50%Men
50%Women
- Gen Alpha (not a primary audience)
- Gen Z
- Millennial
- Gen X
- Boomer (not a primary audience)
Market
North America
Europe
Asia-Pacific
Evidence
Examples of the LGBTQ+ Banking trend
4 featured examples from Oct 20, 2020CategoryMarketing
LGBT+ Digital Banks
Be Money is a Welcoming Alternative to Traditional Banking Services
Be Money is disrupting the traditional banking industry by offering innovative and inclusive financial services tailored to the needs of the LGBT+ community.
CategoryMarketing
LGBTQ+-Friendly Financial Marketplaces
Superbia's Goal is to Create Safe Spaces for This Community
Banking industry can create LGBTQ+-friendly financial services to support the underserved market and improve accessibility for the LGBTQ+ community.
CategoryMarketing
Preferred Name Credit Cards
Citi is Seeking to Accommodate Trans and Non-Binary Customers
The banking industry is responding to the need for more inclusive and accommodating services for members of the LGBTQ+ community through preferred name credit cards.
CategoryMarketing
LGBTQ+-Friendly Banking Services
BMO Harris' True Name Seeks to Accommodate the LGBTQ+ Community
The finance industry has the opportunity to embrace disruptive innovation by creating LGBTQ+-friendly banking services to cater to a growing niche market.
