FDIC 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 “tech sprint” designed “to explore new technologies and techniques” to assist banking institutions with meeting the requirements of unbanked consumers.

The FDIC’s technology lab, FDITECH, introduced Breaking Down Barriers: Reaching the Last Mile of the Unbanked on July 6, 2021. This “first-of-its-kind” technology sprint challenged program participants “to identify better resources and tools to help banks bring unbanked consumers into the banking system and to sustain those banking relationships over time.”

As we continue to work towards developing the banking system of the future, one of our “most important” challenges is to ensure that banking stays both open and accessible to “every family,” according to FDIC CIO Sultan Meghji.

He also mentioned that they look forward “to evaluating the ideas of these eight teams as we work to reach that last mile of the unbanked.”

FDITECH chose the following organizations to create innovative solutions in order to further expand inclusion in the banking sector:

According to the FDIC’s How America Banks Report, Black, Hispanic, American Indian and Alaska Native households “remain significantly more likely to be unbanked.”

Due to the challenges reaching the “last mile” of unbanked households, and “recognizing 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 question”:

  • “Which 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?”

FDITECH confirmed in a release that it will be hosting a “Demo Day” next month, inviting these teams “to make short presentations to a panel of judges who will evaluate their submissions for creativity, effectiveness/impact, and market readiness.”

As mentioned in the release, all submissions will be “publicized and ‘winners’ will be chosen in several categories.” The FDIC is “not offering monetary prizes associated with this tech sprint,” the announcement clarified.

Further questions regarding the Tech Sprint may be sent to [email protected]

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