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The LGBTQ+ community encounters considerable difficulties in the financial world. Regularly, these difficulties straightforwardly come from personality-related concerns. As per a 2018 review by Experian, 62% of LGBTQ respondents announced having encountered problems with their funds due to their sex personality or sexual orientation.
“Same-sex couples were 73% more likely than heterosexual couples to be turned down for a mortgage, and those who were approved were lumped with higher interest rates than normal – even though they were less likely to default on their loans.”2019 data gathered by U.S. researchers
Fortunately, some disruptors in the financial world, namely Be Money, Superbia Credit Union, and True Name by BMO Harris, are making moves to address the eccentric network’s significant financial problem areas. These banks and administrations straightforwardly challenge everything from naming shows on Mastercards and check cards to credits and money-related training.
CEO and founder Ben Curtis wondered how he could change the banking system that caused myriad challenges to the LGBTQ+ community.
“Our community has almost $1 trillion in spending power in the U.S., and yet 53% of LGBTQ+ people struggle to maintain regular savings. Despite that, LGBTQ+ people have a wide and diverse range of goals that they need financial help to achieve, which include surrogacies, gender transitions, or even retiring in a queer-friendly beach town.”Ben Curtis
While still in the pre-customer stage, Curtis says that, in the final quarter of 2020, Be Money stands ready to launch a fintech organization that aims to remove the ‘awkwardness’ from conventional banking and change the way that LGBTQ+ individuals consider their cash.
Moreover, Superbia Credit Union tries to make a network where LGBTQ+ individuals and same-sex partners can “come as they are” and appreciate a money-related life upheld by a system that comprehends their expectations, dreams, and difficulties.
Lastly, to respond to the issue “that members of the transgender and nonbinary communities often experience harassment and discrimination when using their credit and debit cards because the first name on the card does not match their true identity,” as proven by research, BMO Harris Bank launched True Name.
Through a collaboration with Mastercard, BMO Harris clients can demand a name change on their credit cards or Visas with a call or visit to a branch. Clients who worry about what happens if a vendor requires their I.D. should not worry. Vendors can get back to the number on their card, and BMO Harris will confirm their character.
Such efforts provide opportunities for the LGBTQ+ community to approach their banking needs. These innovators, who are members of the queer community, did a favor to themselves and a larger population that demands gender equality and inclusivity.