Oct 05 2021

LGBTQ+ Financial Services

Report  
Number  
549

This research brief provides resources for credit unions looking to provide LGBTQ+ financial services in a manner that will enhance their value proposition to grow and deepen membership engagement.

Paul Dionne
Paul Dionne
Research Director
Filene Research Institute
Report Number 549

Executive Summary

Providing LGBTQ+ financial services carries benefits beyond improved engagement and financial outcomes for LGBTQ+ members. Making your credit union more inclusive also creates spillover effects that improve the climate and experience for all staff, members, and the wider communities served by your credit union. Improving your credit union’s approach and services in support of the LGBTQ+ community contributes to a sound organizational strategy that positions your credit union’s value proposition for continued relevance.

In an effort to keep up with community trends and consumer needs, financial service providers are beginning to commit more resources to improving their understanding and support for the LGBTQ+ community. Across the financial services industry, efforts are also growing to create more inclusive experiences for LGBTQ+ consumers and employees.

What is the Research About?

This research brief reviews current research and shares insights from LGBTQ+ movement leaders in the credit union system to provide guidance on inclusive LGBTQ+ financial services that can deepen your value proposition for existing members and attract new ones.

What are the Credit Union Implications?

To improve your credit union offerings and services for the LGBTQ+ community, including your staff, dive deeper into three key areas:

  • align internally across staff to ensure understanding and solicit feedback
  • provide inclusive products and services
  • create authentic marketing outreach

These recommendations build on previous Filene insights and have been updated in the context of changes to the social and economic climate facing LGBTQ+ consumers