FDIC Selects Eight Teams in Tech Sprint on Reaching Unbanked Consumers
The Federal Deposit Insurance Corporation (FDIC) has selected eight teams to participate in a tech sprint on exploring new technologies and techniques to help banks meet the needs of unbanked consumers. FDITECH, the FDIC tech lab, had launched this tech sprint on July 06, 2021. Recognizing that community banks are uniquely positioned to meet needs of the unbanked, FDIC sought tech sprint participants to address which data, tools, and other resources could help community banks meet these needs cost-effectively and how might the impact of this work be measured. The FDITECH sprint program brings together a diverse set of stakeholders, including banks, non-profit organizations, academic institutions, private sector companies, and public, in collaborative settings for typically 2-3 weeks to focus on challenges of importance to FDIC.
FDITECH will host a Demo Day on September 10, 2021 and invite the selected teams to make short presentations to a panel of judges, who will then evaluate their submissions for creativity, effectiveness or impact, and market-readiness. Winners will be chosen in more than one category. The following teams have been selected for this activity next month:
|
Team Name
|
Organizations
|
|---|---|
| Community Connect/eBus | The Community College Foundation |
| Discover Wellthi | Discover BankandWellthi |
| FinCluiDo | Global Atlantic Partners,GCS Dominicana,Incedo |
| FIS & Long Game | FIS,Long Game,Citizens Trust |
| Goalsetter | Goalsetter |
| iLluMInate | Milken Institute,Sunrise Banks,Independent Community Bankers of America |
| NAAC-Talino Finance | National Asian American Coalition,Talino Venture Labs |
| Onramp | Amazon Web Services,Narmi,Galileo |
Related Links
Keywords: Americas, US, Banking, FDITech, Fintech, Regtech, Techsprint, Financial Inclusion, FDIC
Related Articles
OSFI Issues Results of Pilot on Climate Risk Scenario Analysis
The Office of the Superintendent of Financial Institutions (OSFI) published an update on the discussion paper that intended to engage federally regulated financial institutions and other interested stakeholders in a dialog with OSFI, to proactively enhance and align assurance expectations over key regulatory returns.
EC Issues Regulation on Adjustments to K-Factor Coefficients Under IFR
The European Commission (EC) published a report summarizing responses to the targeted consultation on the supervisory convergence and the single rulebook in the European Union (EU).
ECB Issues Opinions on Green Bonds Standard and CRR Proposals
The European Central Bank (ECB) published its opinion on a proposal for a regulation on European green bonds, following a request from the European Parliament.
ESRB Explores Policy Response to Risks Arising from Digitalization
The Advisory Scientific Committee (ASC) of the European Systemic Risk Board (ESRB) published a report that explores the expected impact of digitalization on provision of financial and banking services, and proposes policy measures to address the risks stemming from digitalization.
HKMA Consults on FIRO Code, Revises Policy on Foreign Exchange Risk
The Hong Kong Monetary Authority (HKMA) is consulting on the draft Financial Institutions (Resolution) Ordinance (Cap. 628), or FIRO, Code of Practice chapter on liquidity and funding in resolution, until March 14, 2022.
FI Publishes Multiple Regulatory and Reporting Updates
The Swedish Financial Supervisory Authority (FI) announced that the capital adequacy reporting as at December 31, 2021 must be done by February 11, 2022.
EU Authorities Address COVID-19 Reporting, MCD, and PSD2 Issues
The European Banking Authority (EBA) announced that the guidelines on the reporting and disclosure of exposures subject to measures COVID-relief measures shall continue to apply until further notice.
BSP Tackles Aspects of Lending and Islamic, Open & Sustainable Finance
The Central Bank of the Philippines (BSP) issued communications covering developments related to online lending platforms, open finance framework and roadmap, and on the expected regulations in the area sustainable finance.
US Agencies Issue Regulatory Updates, FDIC Launches Tech Sprint
The Board of Governors of the Federal Reserve System (FED) published the final rule that amends Regulation I to reduce the quarterly reporting burden for member banks by automating the application process for adjusting their subscriptions to the Federal Reserve Bank capital stock, except in the context of mergers.
EBA Issues Guide on Bank Resolvability, Consults on Transferability
The European Banking Authority (EBA) published its assessment of risks through the quarterly Risk Dashboard and the results of the Autumn edition of the Risk Assessment Questionnaire (RAQ).
