Federal Deposit Insurance Corporation (FDIC) officials said eight teams have been selected to participate in an endeavor they said seeks to aid banks in meeting the needs of unbanked consumers.
The tech sprint explores new technologies and techniques to attract unbanked consumers to the banking system while sustaining continual relationships.
“As we work to build the banking system of the future, one of our most important challenges is to make certain that banking is open and accessible to every family,” FDIC Chief Innovation Officer Sultan Meghji said. “We look forward to evaluating the ideas of these eight teams as we work to reach that last mile of the unbanked.”
Community Connect/eBus, Discover Wellthi, FinCluiDo, FIS & Long Game, Goalsetter, iLluMInate, NAAC-Talino Finance, Onramp were chosen to develop solutions expanding banking system inclusion.
The FDIC’s tech lab, FDITECH, will host a demonstration day next month, with selected teams being slated to make presentations to judges evaluating submission creativity, impact, and market readiness. Submissions will be publicized, and it is anticipated top entries will be selected in several categories. Officials noted the FDIC is not offering monetary prizes associated with the tech sprint.