HSBC to offer gender-neutral banking to promote inclusivity

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banking major HSBCThe UK branch is pushing for more inclusive services for non-binary and trans customers, Bloomberg reported.

To this end, the bank plans to remove the practice of collecting data on the gender of customers in some offers.

According to the company’s spokesperson, HSBC UK has already removed references to gender in some of its products, including HSBC Kinetic, a mobile banking business account and its tool for mortgages in principle.

The move is part of the bank’s broader review of the inclusiveness of offerings and exploring additional changes.

“The concept of gender is evolving at a societal level, and we are looking at how it is relevant to our sector,” said Jimmy Higgins, co-chair of the HSBC UK Pride Employee Network, as quoted by the publication.

“There is no reason for us to enter information for a bank account or a loan if it is not relevant.”

Lenders are working to make their products more inclusive to accommodate trans customers. Earlier, the Bank of Montreal started offering bank cards for non-binary customers after Citigroup announced a similar move.

The news comes amid the ongoing gender debate in the US and UK.

Companies that take a bold stance on gender identity will need to hold their ground when challenges arise, said Matt Cameron, Founder and Global Managing Director of LGBT Great.

LGBT Great is an organization that works with people like Citigroup and black rock.

Cameron added that a growing number of young people identify as LGBT+.

“Organizations that are bold on LGBT+ inclusion will be the ones that build trust, attract more talent, and appeal to a broader customer base.”

Additionally, the UK-based bank has a research program to track the inclusiveness of its offerings.

Additionally, it updated old systems to allow customers to easily change names and replaced the labels “husband” and “wife” with “spouse”.

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