BMO wants to make rainbows more meaningful for Pride

The bank is inviting people to turn all the flags and colourful logos they'll see this month into tangible donations.

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BMO is putting out a call for Rainbow Deposit donations, part of its latest effort to drive tangible results during Pride.

Similar to taking a picture of a cheque, BMO’s “Rainbow Deposits” enable users to “deposit” a rainbow they see this month. BMO donating $1 for every rainbow deposited – whether the pictures are taken from nature, captured on flags or even on the logos of other brands – up to $50,000.

Funds will be going to Rainbow Railroad, a non-profit committed to helping persecuted members of the 2SLGBTQ+ community. Uploaded to a dedicated desktop and mobile website, “deposits” are being welcomed regardless of where someone does their banking.

It’s a move meant to stand out in a swath of branded rainbows that will be seen as Pride Month gets underway, what critics have referred to as “rainbow-washing,” with words of support but no meaningful actions.

Jeremiah McNama, ECD at FCB Canada – the agency behind the campaign – acknowledges that “rainbows are everywhere over Pride,” but that this effort is lending them specific purpose.

Catherine Roche, CMO at BMO, agrees, saying it represents a visible and engaging way of standing with the 2SLGBTQ+ community, enabling Pride supporters to turn any rainbow into the change they want to see.

The “Rainbow Deposits” campaign, part of the bank’s “growing the good” CSR efforts, is geared around a mission to create “Zero Barriers to Inclusion” and supporting equity, equality and inclusion, whether it’s Indigenous people getting access to banking, female entrepreneurship or supporting 2SLGBTQ+ communities.

Rainbow Deposits OOH V1“Rainbow Deposits” is being supported with a fully integrated North American campaign by agency partner FCB Canada, with a focus on key markets in Vancouver, Toronto, Montreal and Chicago.

The campaign includes online video and social, supported by OOH, branch wraps and decals and a partnership with local small businesses.

BMO is also partnering with drag queens and 2SLGBTQ+ influencers to create online content to spread awareness and participation.

“Rainbow Deposits,” the institution says, is the latest in BMO’s longstanding commitment to the 2SLGBTQ+ community, which includes more than two decades of Pride sponsorship.

BMO is also the presenting sponsor of the Pride and Remembrance Run, an annual 5K fundraising run/walk in support of LGBTQ+ charities in the GTA.

It also recently became the first Canadian financial institution to offer Mastercard’s True Name feature, which lets transgender and non-binary people display their chosen name on their card.

UM Canada is the media agency, with Reprise Canada handling influencer relations.