Published on August 15th, 2021 📆 | 2471 Views ⚑
0FDIC Announces that Teams Will Be Chosen to Explore Technology to Address Needs of Unbanked Consumers
The Federal Deposit Insurance Corporation (FDIC) recently revealed that eight teams have been chosen to take part in a âtech sprintâ designed âto explore new technologies and techniquesâ to assist banking institutions with meeting the requirements of unbanked consumers.
The FDICâs technology lab, FDITECH, introduced Breaking Down Barriers: Reaching the Last Mile of the Unbanked on July 6, 2021. This âfirst-of-its-kindâ technology sprint challenged program participants âto identify better resources and tools to help banks bring unbanked consumers into the banking system and to sustain those banking relationships over time.â
As we continue to work towards developing the banking system of the future, one of our âmost importantâ challenges is to ensure that banking stays both open and accessible to âevery family,â according to FDIC CIO Sultan Meghji.
He also mentioned that they look forward âto evaluating the ideas of these eight teams as we work to reach that last mile of the unbanked.â
FDITECH chose the following organizations to create innovative solutions in order to further expand inclusion in the banking sector:
According to the FDICâs How America Banks Report, Black, Hispanic, American Indian and Alaska Native households âremain significantly more likely to be unbanked.â
Due to the challenges reaching the âlast mileâ of unbanked households, and ârecognizing that community banks are uniquely positioned to meet the needs of this population but also often lack access to data and resources, the FDIC sought tech sprint participants to help answer the following questionâ:
- âWhich data, tools, and other resources could help community banks meet the needs of the unbanked in a cost-effective manner, and how might the impact of this work be measured?â
FDITECH confirmed in a release that it will be hosting a âDemo Dayâ next month, inviting these teams âto make short presentations to a panel of judges who will evaluate their submissions for creativity, effectiveness/impact, and market readiness.â
As mentioned in the release, all submissions will be âpublicized and âwinnersâ will be chosen in several categories.â The FDIC is ânot offering monetary prizes associated with this tech sprint,â the announcement clarified.
Further questions regarding the Tech Sprint may be sent to [email protected]
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