Featured Product

    FDIC Launches Tech Sprint to Help Community Banks Reach Unbanked

    July 06, 2021

    FDIC opened the registration period to participate in a tech sprint designed to explore new technologies and techniques that would help expand the capabilities of banks to meet the needs of the unbanked. FDITECH, the FDIC Tech Lab, recently announced this tech sprint, challenging participants to identify better resources and tools to help banks get the unbanked into the banking system and to sustain those banking relationships over time. Banks, non-profit organizations, academic institutions, private-sector companies, and other organizations are invited to participate. Interested organizations may submit applications requesting participation by July 20, 2021.

    According to the How America Banks Survey by FDIC, black, Hispanic, American Indian, and Alaska Native households remain significantly more likely to be unbanked. Given 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, FDIC seeks tech sprint participants to help answer this 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?” Innovations developed for this tech sprint could range from creating technical solutions that help identify or surface opportunities, to designing artifacts for helping visualize the problem better, to developing findings and research-backed observations on how to better diffuse existing solutions. Participants can focus on any aspect of the problem statement and as that focus is developed the FDIC encourages consideration of the following:

    • How might community banks use publicly available data to better understand consumer behavior to provide deeper insights into how the unbanked interacts with the financial system and to aid in the design of better products and services for this population?
    • How might community banks be able to leverage identification and authentication services to streamline the onboarding and account creation process?
    • How might user-centered design and/or publicly available datasets help community banks better understand the unbanked in their geographic market and illustrate the customer journey for a household to get and stay banked?
    • To what extent can any of these approaches be feasibly implemented by community banks?

    After a brief review of submissions, FDITECH will invite a select number of teams to participate. Selected teams will attend a kick-off meeting and then work independently on their proposed solutions for a period of approximately four weeks. Finally, FDITECH will host a "Demo Day," inviting teams to make short presentations to a panel of judges who will evaluate their submission. All submissions will be publicized and winners will be chosen in several categories. FDIC note that it is not offering monetary prizes associated with this tech sprint. 

     

    Related Links

    Keywords: Americas, US, Banking, Regtech, Tech Sprint, FDITech, Community Banks, Financial Inclusion, FDIC

    Related Articles
    News

    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.

    January 13, 2022 WebPage Regulatory News
    News

    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).

    January 13, 2022 WebPage Regulatory News
    News

    HKMA Extends Repayment for Trade Facilities, Consults on Crypto-Assets

    The Hong Kong Monetary Authority (HKMA) published a circular, along with the reporting form and instructions, for self-assessment, by authorized institutions, of compliance with the Code of Banking Practice 2021.

    January 12, 2022 WebPage Regulatory News
    News

    FCA Registers Securitization Repositories; PRA Issues 2022 Priorities

    The Financial Conduct Authority (FCA) decided to register European DataWarehouse Ltd and SecRep Limited as securitization repositories under the UK Securitization Regulation, with effect from January 17, 2022.

    January 12, 2022 WebPage Regulatory News
    News

    EC Regulation Sets Out Methods for Measuring K-Factors Under IFR

    The European Commission (EC) published the Delegated Regulation 2022/25, which supplements the Investment Firms Regulation (IFR or Regulation 2019/2033) with respect to the regulatory technical standards specifying the methods for measuring the K-factors referred to in Article 15 of the IFR.

    January 11, 2022 WebPage Regulatory News
    News

    BIS Studies How Platform Models Impact Financial Stability & Inclusion

    The Bank of International Settlements (BIS) published a paper that assesses the ways in which platform-based business models can affect financial inclusion, competition, financial stability and consumer protection.

    January 10, 2022 WebPage Regulatory News
    News

    ESAs Publish List of Financial Conglomerates for 2021

    The European Supervisory Authorities (ESAs) published the list of identified financial conglomerates for 2021.

    January 07, 2022 WebPage Regulatory News
    News

    APRA Licenses Two More Banks, Reduces Committed Liquidity Facility

    The Australian Prudential Regulation Authority (APRA) updated the list of authorized deposit-taking institutions, granting license to Barclays Bank PLC and Crédit Agricole Corporate and Investment Bank to operate as foreign authorized deposit-taking institutions under the Banking Act 1959.

    January 07, 2022 WebPage Regulatory News
    News

    EU Issues SII Corrigendum; EIOPA Assesses SII Reporting Exemptions

    EU published, in the Official Journal of the European Union, a corrigendum to the Delegated Regulation 2015/35, which supplements Solvency II Directive (2009/138/EC).

    January 06, 2022 WebPage Regulatory News
    News

    EBA Opines on Impact of De-Risking and Associated AML/CFT Challenges

    The European Banking Authority (EBA) published an Opinion on the scale and impact of de-risking in European Union and the steps that competent authorities should take to tackle unwarranted de-risking.

    January 05, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 7860