LGBTQ + BANKING
Against the backdrop of these challenges , it is therefore imperative that banks and financial service providers double-down on their efforts to be inclusive for LGBTQ + consumers . This is particularly true for trans folks , who face greater challenges accessing the financial system ; are more likely to experience discrimination in everyday life ; and have a high need for affordable credit to cover their outof-pocket health expenses , as the CLEAR and MAP research shows .
As well as championing diversity , banks should be creating products from scratch that meet the unique needs of LGBTQ + consumers , if they are really serious about diversity and inclusion .
“ Creating a financial services market where all people feel seen and represented means understanding the unique challenges that people in the LGBTQ + community face when it comes to managing their money and financial accounts ,” says Arwas . “ Plenty of surveys have already thrown light on systemic issues like the LGBTQ + pay gap and underemployment , while other research has underscored practical issues with their bank ’ s processes , such as the difficulties involved in changing the pronoun , name or gender on their account .
“ Ultimately , this means that people may find it difficult to save for the future , boost
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