|By Marketwired .||
|March 19, 2014 03:00 AM EDT||
LONDON, UNITED KINGDOM -- (Marketwired) -- 03/19/14 -- A challenge to be more relevant to lesbian, gay, bisexual and transgender customers has been presented to the financial services industry after issues of trust and confidence were highlighted in a new survey.
Findings from the national research, commissioned by Nationwide Building Society, were today announced at Nationwide's London offices in Threadneedle Street, Bank, hosted by Nationwide's Executive Director of Retail, Chris Rhodes, and 2003 Rugby World Cup winner Ben Cohen - straight ally and Chairman of the Ben Cohen StandUp Foundation which is working to eradicate bullying. Those attending included LGBT networks from the finance industry, marketing professionals and the gay rights charity, Stonewall.
Stonewall estimates that between 5-7% of the UK population is LGBT, equating to around 4.5 million people(i) and representing significant business opportunities to those companies making the effort to meet their needs.
The survey, which forms part of Nationwide's ongoing commitment to promoting diversity among both its 17,000-strong workforce and 15 million customers, is a precursor to a wider industry debate on how to better serve the needs of LGBT customers. Although the industry has made strong progress in breaking down barriers, the results highlighted specific areas for focus, including the need to highlight ethical practices, being supportive of the LGBT movement, implementing effective LGBT employment policies and including LGBT people within advertising and media.
Results from the poll reveal seven in ten people (70%) would switch to a bank or building society that took their issues seriously. More than two thirds (68%) of the LGBT customers surveyed feel that their financial services provider is not taking serious steps to understand them.
Issues around confidence were high on the agenda, with less than half (44%) of people saying they would confidently disclose their sexuality as part of a financial transaction with their provider or advisor, regardless of whether it was face-to-face, online or on the telephone. A further 24% of those polled said they were likely to withhold their sexual orientation because it was felt that a decision might go against them, or that a premium or product would be more expensive.
Other findings showed:
-- 70% would switch providers if they believed a financial services provider took LGBT issues seriously -- 13% have experienced an uncomfortable situation with a financial services provider because of their sexuality. This rises to 17% for women, compared to 11% for men. -- Nearly two thirds (65%) would switch providers to one that trains customer service staff on issues and concerns LGBT people may have regarding banking finance -- Women are less likely than men to be happy revealing they are in a same- sex relationship during a face-to-face meeting with a mortgage advisor, with one in five (20%) not being comfortable, compared to 12% of men. -- Around four in ten (39%) of LGBT people have not made adequate pension or financial plans for themselves and their partner. The gender divide was notable, with a third of men (33%) and nearly half of women (47%) having not made plans.
The research highlighted the areas where financial services providers could be doing more in order to capitalise on the LGBT market, with a number of factors cited as having the potential to persuade a customer to leave their current provider. These included:
-- 80% consider ethical banking practices an important attraction point. -- 70% would be influenced through effective LGBT employment policies and support. -- 71% said they would be influenced through more LGBT people featuring in mainstream media in relation to a particular company. -- 71% believe products relevant to LGBT customers could be a deciding factor. -- 68% would be drawn to companies focussing on corporate citizenship and supportive of LGBT groups, events or charities. -- 63% would be influenced through LGBT advertising within LGBT media.
Chris Rhodes, Nationwide's Executive Director for Retail and Executive Sponsor for LGBT, said: "The results of this study make for interesting reading. While some progress has been made in the financial services industry in recent years, when it comes to marketing to and serving LGBT customers, there is still more financial providers can do to ensure these customers feel supported and included. I don't feel this is something that has been given the consideration it deserves.
At Nationwide, we recognise the importance of a diverse workforce, one which reflects our customer base. It makes sound commercial sense and helps Nationwide deliver high standards of service. We are committed to furthering our LGBT agenda within Nationwide and have been recognised by Stonewall as one of the UK's top employers, in addition to our LGBT network having been rated as a Star Performer by the charity. However, there is still more we can do to raise awareness of this important issue and this survey is hoped to open a dialogue with the industry to ensure we all do our best to cater for all customers, irrespective of background."
Ben Cohen said: "This research is an important step to understanding customers better and shows that as much as everyone is different, we all deserve the right to be treated with respect. This is a positive movement and will hopefully lead the way for institutions to encourage equality whilst also being commercially beneficial. It is a win-win proposition and equality is something I'm proud to support."
Simon Feeke, Stonewall Head of Workplace said: "Every business knows that their success relies on them understanding and communicating effectively with customers. Lesbian, gay and bisexual consumers make decisions on the basis of a business's perceived inclusion of them. When businesses get this right, they secure consumer loyalty from millions of gay people and their friends and families. Millions more consumers will also be attracted, sensing that the relaxed inclusion of gay people in advertising or marketing strategies is a sign of a 21st-century product or service."
Notes to editors:
-- (i) Based on UK population of 63.7 million and calculated at 7% of population (4,459,000) -- Nationwide was ranked in the Top 100 list in the Stonewall Equality Index with a 'Star Performing' employee led network which has a board level executive sponsor. -- Diversity awareness forms part of our staff induction at Nationwide; this includes LGBT. -- LGBT anti-bullying material is to be included on Nationwide Education, in partnership with Stonewall. This will provide another distribution channel to ensure the issue of homophobic language and bullying in schools is addressed, in addition to engaging and discussing different modern family units. -- Nationwide has featured same sex couples on marketing material. -- Nationwide is creating a mentoring programme for local schools for LGBT staff to support students and give presentations in schools to raise awareness.
-- The research sample was collected from the Out Now consumer panel, which is made up from respondents from Out Now's LGBT2020 research who have opted- in to take part in further LGBT related research projects. 619 people responded to the survey. -- The Out Now Business Class LGBT2020 research project is the largest study into the lives of LGBT people globally that has ever been undertaken. To date the study has sampled nearly 100,000 people globally - gays, lesbians, bisexuals and transgender people in twelve languages from 21 countries on six continents on many aspects of their lives. From LGBT travel and tourism patterns, lifestyle habits, consumer expenditure, incomes, spending, discrimination and entertainment preferences - the LGBT2020 project is a ground-breaking project from Out Now which is giving unparalleled insight into the lives of real LGBT people from all over the world.
Nationwide is the UK's largest building society as well as a top-three provider of household savings and mortgages in the UK. It is also a major provider of current accounts, credit cards, ISAs and personal loans. Nationwide has around 15 million retail customers. Customers can manage their finances in a branch, on the telephone, internet and post.
Find recent press releases and photos at the Nationwide Media Centre: www.nationwide.co.uk/mediacentre
SYS-CON Events announced today that T-Mobile will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. As America's Un-carrier, T-Mobile US, Inc., is redefining the way consumers and businesses buy wireless services through leading product and service innovation. The Company's advanced nationwide 4G LTE network delivers outstanding wireless experiences to 67.4 million customers who are unwilling to compromise on ...
Apr. 25, 2017 04:00 PM EDT Reads: 907
In his keynote at 19th Cloud Expo, Sheng Liang, co-founder and CEO of Rancher Labs, discussed the technological advances and new business opportunities created by the rapid adoption of containers. With the success of Amazon Web Services (AWS) and various open source technologies used to build private clouds, cloud computing has become an essential component of IT strategy. However, users continue to face challenges in implementing clouds, as older technologies evolve and newer ones like Docker c...
Apr. 25, 2017 04:00 PM EDT Reads: 2,591
Multiple data types are pouring into IoT deployments. Data is coming in small packages as well as enormous files and data streams of many sizes. Widespread use of mobile devices adds to the total. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists will look at the tools and environments that are being put to use in IoT deployments, as well as the team skills a modern enterprise IT shop needs to keep things running, get a handle on all this data, and deli...
Apr. 25, 2017 03:15 PM EDT Reads: 2,277
SYS-CON Events announced today that Hitachi Data Systems, a wholly owned subsidiary of Hitachi LTD., will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City. Hitachi Data Systems (HDS) will be featuring the Hitachi Content Platform (HCP) portfolio. This is the industry’s only offering that allows organizations to bring together object storage, file sync and share, cloud storage gateways, and sophisticated search an...
Apr. 25, 2017 03:04 PM EDT Reads: 171
SYS-CON Events announced today that CollabNet, a global leader in enterprise software development, release automation and DevOps solutions, will be a Bronze Sponsor of SYS-CON's 20th International Cloud Expo®, taking place from June 6-8, 2017, at the Javits Center in New York City, NY. CollabNet offers a broad range of solutions with the mission of helping modern organizations deliver quality software at speed. The company’s latest innovation, the DevOps Lifecycle Manager (DLM), supports Value S...
Apr. 25, 2017 03:00 PM EDT Reads: 411
Developers want to create better apps faster. Static clouds are giving way to scalable systems, with dynamic resource allocation and application monitoring. You won't hear that chant from users on any picket line, but helping developers to create better apps faster is the mission of Lee Atchison, principal cloud architect and advocate at New Relic Inc., based in San Francisco. His singular job is to understand and drive the industry in the areas of cloud architecture, microservices, scalability ...
Apr. 25, 2017 03:00 PM EDT Reads: 3,398
Bert Loomis was a visionary. This general session will highlight how Bert Loomis and people like him inspire us to build great things with small inventions. In their general session at 19th Cloud Expo, Harold Hannon, Architect at IBM Bluemix, and Michael O'Neill, Strategic Business Development at Nvidia, discussed the accelerating pace of AI development and how IBM Cloud and NVIDIA are partnering to bring AI capabilities to "every day," on-demand. They also reviewed two "free infrastructure" pr...
Apr. 25, 2017 02:45 PM EDT Reads: 1,239
With billions of sensors deployed worldwide, the amount of machine-generated data will soon exceed what our networks can handle. But consumers and businesses will expect seamless experiences and real-time responsiveness. What does this mean for IoT devices and the infrastructure that supports them? More of the data will need to be handled at - or closer to - the devices themselves.
Apr. 25, 2017 02:45 PM EDT Reads: 490
Blockchain is a shared, secure record of exchange that establishes trust, accountability and transparency across supply chain networks. Supported by the Linux Foundation's open source, open-standards based Hyperledger Project, Blockchain has the potential to improve regulatory compliance, reduce cost and time for product recall as well as advance trade. Are you curious about Blockchain and how it can provide you with new opportunities for innovation and growth? In her session at 20th Cloud Exp...
Apr. 25, 2017 02:30 PM EDT Reads: 1,754
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm.
Apr. 25, 2017 02:30 PM EDT Reads: 496
Most technology leaders, contemporary and from the hardware era, are reshaping their businesses to do software in the hope of capturing value in IoT. Although IoT is relatively new in the market, it has already gone through many promotional terms such as IoE, IoX, SDX, Edge/Fog, Mist Compute, etc. Ultimately, irrespective of the name, it is about deriving value from independent software assets participating in an ecosystem as one comprehensive solution.
Apr. 25, 2017 01:45 PM EDT Reads: 305
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In his Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will explore t...
Apr. 25, 2017 01:45 PM EDT Reads: 410
SYS-CON Events announced today that CA Technologies has been named "Platinum Sponsor" of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, New York, and 21st International Cloud Expo, which will take place in November in Silicon Valley, California.
Apr. 25, 2017 01:30 PM EDT Reads: 2,244
While some vendors scramble to create and sell you a fancy solution for monitoring your spanking new Amazon Lambdas, hear how you can do it on the cheap using just built-in Java APIs yourself. By exploiting a little-known fact that Lambdas aren’t exactly single threaded, you can effectively identify hot spots in your serverless code. In his session at 20th Cloud Expo, David Martin, Principal Product Owner at CA Technologies, will give a live demonstration and code walkthrough, showing how to o...
Apr. 25, 2017 01:14 PM EDT Reads: 246
New competitors, disruptive technologies, and growing expectations are pushing every business to both adopt and deliver new digital services. This ‘Digital Transformation’ demands rapid delivery and continuous iteration of new competitive services via multiple channels, which in turn demands new service delivery techniques – including DevOps. In this power panel at @DevOpsSummit 20th Cloud Expo, moderated by DevOps Conference Co-Chair Andi Mann, panelists will examine how DevOps helps to meet th...
Apr. 25, 2017 12:30 PM EDT Reads: 1,191