HSBC wants to do its part in closing the gender gap. The UK arm of the bank wants to stop collecting gender data on customers across various products and services. That move should make the institution more inclusive toward non-binary and trans users.
A Smart Move By HSBC
Times are a-changing worldwide, and the finance industry needs to keep up with these developments. Although harvesting consumer data is rather normal and expected when dealing with bank products, that too will change. More specifically, HSBC UK will end those practices across several of its products. That includes removing gender references from HSBC Kinetic, among other solutions.
Gender is a hot topic everywhere one looks. Boosting overall inclusion – primarily through more gender choices or removing the need for choosing – is a good step in the right direction. For financial institutions, boosting inclusivity is essential, as it can help them grow their customer base. Moreover, HSBC UK acknowledges many trans and non-binary people would feel left out if the gender data collection would continue.
HSBC UK Pride EMployer Network’s Jimmy Higgins adds:
“The concept of gender is evolving at a societal level, and we’re looking at how it’s relevant for our sector. There is no reason we should be capturing information for a bank account or a loan if it’s not relevant.”
Especially that latter part of the quote is interesting. Banks and other financial institutions often collect unnecessary and irrelevant data for bank accounts and loans. It appears the gender topic has finally made them rethink that approach, even if the focus lies on gender inclusion today.