In 2019, BMO Harris introduced True Name with the aim to accommodate the LGBTQ+ community which was using its services. The initiative is made possible in collaboration with MasterCard and it allows individuals to request a name change and switch to their preferred name. This is an important step to making trans and non-binary consumers feel accepted —especially since "it's a near-daily occurrence to have a credit card emblazoned with one name while moving through the world with another that reflects their identity."
Customers who would like to opt-in for the True Name service need only make a phone call or visit a BMO Harris branch. If verifying identity with merchants is an issue, the credit or debit card has a phone number on the pack that can be called for the bank to confirm your identity.
Image Credit: BMO Harris
What Makes This Trend Stand Out
- Identity Affirmation
- Disruptive innovation opportunities exist in developing services and products that affirm and respect individuals' preferred names and identities.
- Inclusive Banking
- Opportunities for disruptive innovation lies in creating banking services that cater specifically to the needs of the LGBTQ+ community, ensuring their financial inclusion and acceptance.
- Collaborative Solutions
- Disruptive innovation opportunities can be found in developing collaborative solutions between financial institutions and LGBTQ+ organizations to create inclusive banking services.
Sectors Adopting This
- Finance
- The finance industry has the opportunity to embrace disruptive innovation by creating LGBTQ+-friendly banking services to cater to a growing niche market.
- Technology
- Technology companies have the opportunity to develop innovative solutions that enhance the security and convenience of LGBTQ+-friendly banking services.
- Retail
- Retailers can seize disruptive innovation opportunities by collaborating with financial institutions to offer inclusive payment options and services for the LGBTQ+ community.
