BMO Harris' True Name Seeks to Accommodate the LGBTQ+ Community
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
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
Trend Themes
1. Identity Affirmation - Disruptive innovation opportunities exist in developing services and products that affirm and respect individuals' preferred names and identities.
2. 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.
3. Collaborative Solutions - Disruptive innovation opportunities can be found in developing collaborative solutions between financial institutions and LGBTQ+ organizations to create inclusive banking services.
Industry Implications
1. Finance - The finance industry has the opportunity to embrace disruptive innovation by creating LGBTQ+-friendly banking services to cater to a growing niche market.
2. Technology - Technology companies have the opportunity to develop innovative solutions that enhance the security and convenience of LGBTQ+-friendly banking services.
3. Retail - Retailers can seize disruptive innovation opportunities by collaborating with financial institutions to offer inclusive payment options and services for the LGBTQ+ community.
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