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.
Keywords: Americas, US, Banking, Regtech, Tech Sprint, FDITech, Community Banks, Financial Inclusion, FDIC
Previous ArticleEIOPA Amends Decision on Cross-Border Supervisory Cooperation in EU
In a letter addressed to the industry, the Australian Prudential Regulation Authority (APRA) set out an updated schedule of policy priorities for the banking, insurance, and superannuation industries.
The European Commission (EC) adopted a comprehensive review package of Solvency II rules in the European Union.
The Office of the Comptroller of the Currency (OCC) issued Versions 1.0 of the "Earnings" and "Regulatory Reporting" booklets of the Comptroller's Handbook.
The European Central Bank (ECB) published results of its economy-wide climate stress test, which aimed to assess the resilience of non-financial corporates and euro area banks to climate risks.
The European Banking Authority (EBA) published a report on the use of digital platforms in the banking and payments sector in European Union.
The Hong Kong Monetary Authority (HKMA) published updates on the policy measures that were announced in context of the ongoing pandemic.
The International Swaps and Derivatives Association (ISDA), along with several other associations, submitted a joint response to the Basel Committee on Banking Supervision (BCBS) consultation on preliminary proposals for the prudential treatment of cryptoasset exposures.
BIS published the September issue of the Quarterly Review, which contains special features that analyze the rapid rise in equity funding for financial technology firms, the effectiveness of policy measures in response to pandemic, and the evolution of international banking.
The Basel Committee for Banking Supervision (BCBS) met in September 2021 and reviewed climate-related financial risks, discussed impact of digitalization, and welcomed efforts by the International Financial Reporting Standards (IFRS) Foundation to develop a common set of sustainability reporting standards
The Office of the Comptroller of the Currency (OCC) issued a Cease and Desist Order against MUFG Union Bank for deficiencies in technology and operational risk governance.