Unveiling barriers and opportunities for LGBTQIA+ customer’s financial well-being

Purpose This study aims to advance services marketing scholarship by examining the financial services experiences of LGBTQIA+ individuals in India and assessing the marketing readiness of financial service providers to serve this under-researched and potentially lucrative market segment. Design/methodology/approach Data was collected through semistructured interviews with LGBTQIA+ customers (23) and representatives (26) of financial institutions in India. The data collected through interviews was analyzed thematically to identify recurring patterns and experiences. Findings This study shows significant marketing challenges hindering the financial well-being of LGBTQIA+. Financial service providers create a disadvantageous customer experience for LGBTQIA+ individuals through overt discrimination, microaggressions and a lack of LGBTQIA+ representation. The absence of marketing strategies targeting LGBTQIA+ specific financial needs, such as joint accounts for same-sex couples or insurance coverage for gender-affirming procedures, hinders financial well-being within this community. Furthermore, a lack of understanding of LGBTQIA+ identities and needs perpetuates heteronormative marketing myopia, failing to resonate with this potential customer segment. Practical implications The findings highlight the need for a multifaceted approach to overcome the barriers and create opportunities to cater to the LGBTQIA+ segment of customers. Financial Institutions can develop LGBTQIA+friendly products and train staff on cultural competency to create a welcoming environment. Policymakers can implement regulations promoting LGBTQIA+ financial well-being, such as mandating insurance coverage for gender-affirming procedures or allowing joint accounts for unmarried partners. Community organizations can offer financial literacy workshops tailored to the LGBTQIA+ community. Business schools can integrate modules on LGBTQIA+ financial well-being into their curriculum to equip future leaders with the knowledge to create a more equitable financial system. Originality/value This research delves into a previously under-examined area: LGBTQIA+ financial well-being in the specific context of India.