# LGBTQ+ Banking Financial institutions are catering to the diverse needs of the LGBTQ+ community. By [Kalin Ned](https://www.trendhunter.com/knedelch), Research Writer | Published Oct 20, 2020 | Category: [Business](https://www.trendhunter.com/pro/category/business-trends) Source: Trend Hunter, https://www.trendhunter.com/protrends/lgbtq-banking ## Key Figures - Trend score: 3.1/10 - Evidence articles: 4 ## 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. ## 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. ## At a Glance - Evidence: 4 featured examples - Articles from: Oct 20, 2020 - Published: Oct 20, 2020 - Patterns: [Divergence](https://www.trendhunter.com/pattern/divergence), [Acceleration](https://www.trendhunter.com/pattern/acceleration) - Megatrends: [Experience](https://www.trendhunter.com/megatrend/experience), [Personalization](https://www.trendhunter.com/megatrend/personalization), [Authenticity](https://www.trendhunter.com/megatrend/authenticity) ## Audience - Gender: 50% men, 50% women - Primary generations: Millennial, Gen X - Top markets: North America, Europe, Asia ## Themes within the LGBTQ+ Banking trend ### LGBTQ+ Banking Services Financial institutions are developing services and initiatives that cater to the specific and unique needs of the underserved LGBTQ+ community. ### 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. ### LGBTQ+-Friendly Financial Marketplaces Initiatives like Superbia are looking to create safe spaces for marginalized communities with banking, insurance, healthcare, and money management solutions. ## What the LGBTQ+ Banking trend means for industry ### For 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 for LGBTQ+ Banking Trend score 3.1 out of 10, from popularity 52%, activity 31%, freshness 9%. - Popularity: 52% - Activity: 31% - Freshness: 9% ## Examples of the LGBTQ+ Banking trend 4 featured examples from Oct 20, 2020. - [LGBT+ Digital Banks](https://www.trendhunter.com/trends/be-money): Be Money is a Welcoming Alternative to Traditional Banking Services (Category: Marketing) Implication: Be Money is disrupting the traditional banking industry by offering innovative and inclusive financial services tailored to the needs of the LGBT+ community. - [LGBTQ+-Friendly Financial Marketplaces](https://www.trendhunter.com/trends/create-safe-spaces): Superbia's Goal is to Create Safe Spaces for This Community (Category: Marketing) Implication: Banking industry can create LGBTQ+-friendly financial services to support the underserved market and improve accessibility for the LGBTQ+ community. - [Preferred Name Credit Cards](https://www.trendhunter.com/trends/preferred-name-credit-card): Citi is Seeking to Accommodate Trans and Non-Binary Customers (Category: Marketing) Implication: 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. - [LGBTQ+-Friendly Banking Services](https://www.trendhunter.com/trends/accommodate-the-lgbtq-community): BMO Harris' True Name Seeks to Accommodate the LGBTQ+ Community (Category: Marketing) Implication: The finance industry has the opportunity to embrace disruptive innovation by creating LGBTQ+-friendly banking services to cater to a growing niche market. ## Recent trend clusters - [Assisted Conversion](https://www.trendhunter.com/protrends/ai-assisted-checkout) (Business) - [Occasion Commerce](https://www.trendhunter.com/protrends/occasion-commerce) (Business) - [Autonomous Merchandising](https://www.trendhunter.com/protrends/autonomous-merchandising) (Business) - [Assisted Choices](https://www.trendhunter.com/protrends/weight-loss-medication-support) (Lifestyle) ## Trending in Business - [Performance-Based Creator Ads](https://www.trendhunter.com/trends/creator-ad-platforms) - [MIami Pop-Culture Shirts](https://www.trendhunter.com/trends/miami-pop-culture-shirts) - [Natural Deodorant Expansions](https://www.trendhunter.com/trends/target-beauty-studios) - [Mini Beauty Stores](https://www.trendhunter.com/trends/little-luxuries-store) All articles: [Business](https://www.trendhunter.com/business)