Financial institutions are catering to the diverse needs of the LGBTQ+ community
Trend - 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 - 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.
Insight - 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.
Workshop Question - How can your brand cater to the needs of LGBTQ+ consumers?
Trend Themes
1. LGBTQ+ Banking Services - Financial institutions are developing services and initiatives that cater to the specific and unique needs of the underserved LGBTQ+ community.
2. 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.
3. 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
1. 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.
2. Fintech - Adopting preferred name credit cards and other innovative solutions presents an opportunity to disrupt the fintech industry and create more inclusive financial products.
3. Insurance - Creating safe spaces for marginalized communities with queer-friendly policies in the insurance industry presents an opportunity for growth and innovation.
