The CGLCC estimates that Canada’s 1m person LGBT+ population has an annual spending power of $90 billion. To better serve the needs of this community, fintechs are personalizing the consumer banking experience:
BMO, Citi, and Republic Bank now offer Mastercards with a client’s “true name”.
US digital bank startup Daylight, advises clients how to set savings goals toward transition-related medical procedures.
True names in banking
Moves by Mastercard and Daylight help shine a light on the tension between banking KYC requirements and chosen names.
1/3 of people who have shown IDs with a name or gender that did not match their presentation reported negative experiences, including being harassed, denied services and/or attacked.
Banks make it very difficult and expensive to change names on their accounts and cards, nearly always requiring a letter from a doctor, judge or notary.