Federal Deposit Insurance Corporation (FDIC) officials said three teams have been selected to help banks meet the needs of unbanked consumers via the agency’s Tech Sprint initiative.
Goalsetter, NAAC-Talino Finance and Onramp will explore new technologies and techniques while also identifying bolstered resources and tools as a means of aiding banks in bringing unbanked consumers into the banking system and to sustaining those relationships.
“This is only a first step,” FDIC Chairman Jelena McWilliams said. “I encourage all of our participants to continue to engage with us and share their ideas and expertise on how we can support innovation as a bridge to financial inclusion.”
The FDIC indicated selection criteria focused on creativity, specifically the uniqueness of the team’s approach and the degree to which the approach introduces a potential paradigm shift in financial institutions serving the unbanked; effectiveness and impact with regard to the potential to make a practical and concrete improvements to the number of unbanked or the existing relationship between the unbanked and their financial institution; and market readiness as it relates to the length of time it would take to deliver the approach to market and potential user adoption.
The FDIC suggests anyone with questions regarding the Tech Sprint forward the inquiries to Innovation@FDIC.gov.