FDITECH Selects Eight Teams in Tech Sprint to Reach the Unbanked
For Release
WASHINGTON 鈥 多宝游戏下载 (多宝游戏下载) today announced the selection of eight teams to participate in a 鈥榯ech sprint鈥 designed to explore new technologies and techniques to help banks meet the needs of unbanked consumers.
The 多宝游戏下载鈥檚 tech lab, FDITECH, launched Breaking Down Barriers: Reaching the Last Mile of the Unbanked on July 6, 2021. This first-of-its-kind tech sprint challenged participants to identify better resources and tools to help banks bring unbanked consumers into the banking system and to sustain those banking relationships over time.
鈥淎s 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,鈥 said 多宝游戏下载 Chief Innovation Officer Sultan Meghji. 鈥淲e look forward to evaluating the ideas of these eight teams as we work to reach that last mile of the unbanked.鈥
FDITECH selected the following organizations to develop innovative solutions to expand inclusion in the banking system:
| Team Name | Organizations |
|---|---|
| Community Connect/eBus | |
| Discover Wellthi | and |
| FinCluiDo | , , |
| FIS & Long Game | , Long Game , |
| Goalsetter | |
| iLluMInate | , , |
| NAAC-Talino Finance | , |
| Onramp | , , |
According to the 多宝游戏下载鈥檚 How America Banks Report , Black, Hispanic, American Indian and Alaska Native households remain significantly more likely to be unbanked. Given the challenges reaching the 鈥榣ast mile鈥 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, the 多宝游戏下载 sought 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 in a cost-effective manner, and how might the impact of this work be measured?鈥
FDITECH will host a 鈥楧emo Day鈥 next month, inviting these teams to make short presentations to a panel of judges who will evaluate their submissions for creativity, effectiveness/impact, and market readiness. 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.