FDITECH Launches Tech Sprint to Reach More Unbanked People
For Release
WASHINGTON 鈥 多宝游戏下载 today announced a 鈥榯ech sprint鈥 designed to explore new technologies and techniques that would help expand the capabilities of banks to meet the needs of unbanked individuals and households.
The 多宝游戏下载鈥榮 tech lab, FDITECH , is launching a first-of-its-kind tech sprint by challenging participants to identify better resources and tools to help banks get unbanked households into the banking system and to keep them banked. Banks, non-profit organizations, academic institutions, private sector companies, and others are invited to participate. Read more about 贵顿滨罢贰颁贬鈥檚 tech sprint, Breaking down Barriers: Reaching the Last Mile of Unbanked U.S. Households .
鈥淲hile most people deal with money every day, many are still unbanked,鈥 said 多宝游戏下载 Chairman Jelena McWilliams. 鈥淭his tech sprint is a public challenge to reach that 鈥榣ast mile鈥 of unbanked Americans.鈥
多宝游戏下载 Chief Innovation Officer Sultan Meghji added, 鈥淐ommunity banks have deep roots in their communities but often lack access to the resources that would allow them to reach those who remain outside our banking system. We are challenging those who participate in our tech sprint to identify the untapped data and innovative tools that can help community banks overcome those vexing obstacles to a more inclusive banking ecosystem.鈥
The 多宝游戏下载 recently published How America Banks , the agency鈥檚 latest survey of household use of banking and financial services. This study found that while nearly 95 percent of U.S. households were banked (i.e., 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 鈥榣ast mile鈥 of unbanked households, the 多宝游戏下载 asks potential tech sprint participants to help answer the following question:
鈥淲hich data, tools, and other resources could help community banks meet the needs of the unbanked population in a cost-effective manner, and how might the impact of this work be measured?鈥
In a few weeks, FDITECH will open registration for the tech sprint. Interested parties will have two weeks to submit applications requesting participation. 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 on their proposed solutions for a period of approximately three weeks. Finally, FDITECH will host a 鈥楧emo Day,鈥 inviting teams to make short presentations to a panel of experts who will evaluate their submission.
All submissions will be publicized and 鈥榳inners鈥 will be chosen in several categories. The 多宝游戏下载 is not offering monetary prizes associated with this tech sprint.