The tech lab of the Federal Deposit Insurance Corporation (FDIC) selected three winning teams in a tech sprint designed to explore new technologies and techniques to help banks meet the needs of unbanked consumers. The FDIC tech lab FDITECH had launched this tech sprint on July 06, 2021 and the submissions were reviewed for the criteria of creativity, market readiness, and effectiveness or impact, to select one team focused on each of these areas. The program was intended to bring together banks, non-profit organizations, academic institutions, private-sector companies, and various other stakeholders in a collaborative setting for typically 2-3 weeks to focus on challenges of importance to FDIC.
The following teams were selected in the tech sprint:
- Goalsetter team. Team comprises the organization named Goalsetter, which was chosen for an idea meeting the criteria of creativity. Creativity in this context is defined as how new or different was the team’s approach and to what degree did the approach introduce a potential paradigm shift in how financial institutions serve the unbanked."
- NAAC-Talino Finance team. Team comprises National Asian American Coalition and Talino Venture Labs, which were chosen for the criteria of market readiness. Market readiness criteria has been defined as the time it would "take to bring the approach to market and have users adopt the solution"
- Onramp team. Team comprises Amazon Web Services, Narmi, and Galileo, which were chosen for the criteria of effectiveness or impact Effectiveness or impact is defined as the degree to which "the approach has the potential to make a practical and concrete improvement to the number of unbanked or the existing relationship between the unbanked and their financial institution. In addition, how did the approach add value for a variety of stakeholders, such as the unbanked, consumers, and banks?"
Keywords: Americas, US, Banking, FDITECH, Fintech, Regtech, Tech Sprint, Financial Inclusion, FDIC
Previous ArticleSRB Vice Chair Advocates Establishing a Common Deposit Insurer
The European Banking Authority (EBA) published four draft principles to support supervisory efforts in assessing the representativeness of COVID-19-impacted data for banks using the internal ratings based (IRB) credit risk models.
The European Council and the European Parliament (EP) reached a provisional political agreement on the Corporate Sustainability Reporting Directive (CSRD).
The Prudential Regulation Authority (PRA) launched a consultation (CP6/22) that sets out proposal for a new Supervisory Statement on expectations for management of model risk by banks.
The European Commission (EC) published the Delegated Regulation 2022/954, which amends regulatory technical standards on specification of the calculation of specific and general credit risk adjustments.
The Bank for International Settlements (BIS) Innovation Hub updated its work program, announcing a set of projects across various centers.
The European Insurance and Occupational Pensions Authority (EIOPA) published two consultation papers—one on the supervisory statement on exclusions related to systemic events and the other on the supervisory statement on the management of non-affirmative cyber exposures.
Certain members of the U.S. Senate Committee on Banking, Housing, and Urban Affairs issued a letter to the Securities and Exchange Commission (SEC)
The European Insurance and Occupational Pensions Authority (EIOPA) published a consultation paper on the advice on the review of the securitization prudential framework in Solvency II.
The Bank for International Settlements (BIS) published bulletins on lending in decentralized finance (DeFi) system, on blockchain scalability and fragmentation of crypto, and on extractable value and market manipulation in crypto and decentralized finance.
The Prudential Regulation Authority (PRA) issued a statement on PRA buffer adjustment while the Bank of England (BoE) published a notice on the statistical reporting requirements for banks.