FDITECH, the technology lab of FDIC, announced a tech sprint that is designed to explore new technologies and techniques that would help expand the capabilities of community banks to meet the needs of unbanked individuals and households. FDITECH expects to open registration for the tech sprint by early July 2021 till Mid-July 2021. In the end of July 2021, FDITECH will invite a select number of teams to participate and will host a Demo Day in Mid-August 2021. FDITECH will invite teams to make short presentations to a panel of experts who will evaluate their submission. Typically, a tech sprint culminates with a Demonstration Day where each team shares findings with a panel of evaluating experts.
Banks, non-profit organizations, academic institutions, private-sector companies, and others are invited to participate. FDIC will provide a problem statement and selected teams will devote their collective energy and expertise toward addressing specific challenges. All submissions will be publicized and winners will be chosen in several categories. FDIC is not offering monetary prizes associated with this tech sprint. FDIC recently published How America Banks, the agency’s latest survey of household use of banking and financial services. This study found that while nearly 95% of U.S. households were banked (that is, had a bank or credit union account), more than seven million households were unbanked. Black, Hispanic, American Indian or Alaska Native households remain significantly more likely to be unbanked. Given the challenges reaching the "last mile" of unbanked households, FDIC asked potential tech sprint participants to identify the data, tools, and other resources that could help community banks meet the needs of the unbanked population cost-effectively and to help measure the impact of this work.
Keywords: Americas, US, Banking, FDITech, Tech Sprint, Fintech, Regtech, Community Banks, FDIC
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