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HSBC aims for trans inclusivity by ditching gender data collection

HSBC aims for trans inclusivity by ditching gender data collection

The UK arm of HSBC is set to stop collecting data on the gender of customers of some of its products in order to be more inclusive towards non-binary and trans people, according to Bloomberg.

References to gender have been removed from, among other offerings, the HSBC Kinetic app-based business banking account.

Jimmy Higgins, co-chair of HSBC’s UK Pride Employee Network, tells Bloomberg: "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."

With gender a hot button topic, financial services firms have begun making moves to boost inclusivity.

Mastercard launched its True Name initiative in 2019 in the US in order to remedy the constant misgendering and mis-identification of transgender and non-binary individuals. The payments giant recently published research showing that 57% consumers believe corporations should respect their gender identity.

However, the subject has proved thorny: last month Halifax found itself at the centre of a social media storm for a Twitter post saying "Pronouns matter" with a picture of a name badge saying "Gemma (she/her/hers)".

The lender invited offended customers to close their accounts.

Comments: (1)

A Finextra member
A Finextra member 26 July, 2022, 09:02Be the first to give this comment the thumbs up 0 likes

I suppose this means male fraudsters will find it easier to fleece female punters - or vice-versa (just for inclusivity) when it comes to speaking to call-centres. Fraudsters have never been too worried about the gender of their victims. Whilst social media focuses on knowing 'everything' about consumers, banks want to know less?