The FDIC was created in 1933 to maintain stability and public confidence in the nation's financial system. Over the last century, the FDIC has evolved to address emerging risks within the financial services sector and carry out its insurance, supervisory, and consumer protection responsibilities.
FDITECH marks a new chapter in the agency’s continued evolution and efforts to ensure safety and soundness in today’s financial market place. Innovative and transformative technologies are rapidly transforming the way banks serve their customers.
Data is the new capital. The question for industry is how to best utilize data and technology to meet consumer demands. The question for regulators is how to allow industry to do so while maintaining safety, soundness, and consumer protection. FDITECH will bridge that gap.
bankers, fintechs, technologists, and other regulators on innovations that will lay the foundation for banking’s future
“tech sprints” and pilot projects to test emerging technologies in cooperation with states and affected federal regulators
and promote the adoption of new technologies by financial institutions, particularly at community banks
banking services to individuals in underserved communities through new technologies
The FDIC launched its first tech sprint, Breaking Down Barriers: Reaching the Last Mile of the Unbanked, as an opportunity to engage with non-profits, researchers, academics, private sector companies and others to help expand the capabilities of banks to meet the needs of the unbanked. Selected participants will be given a short time period to intensely focus on a problem statement that will culminate in a Demonstration Day to share their findings.
The FDIC is excited to launch the Rapid Phased Prototyping (RPP) program as an opportunity to engage with companies in an intentional, innovative, and insightful way to deliver cutting-edge capabilities for the FDIC and its member banks. RPP’s innovative approach allows the FDIC and awardees to rapidly and collaboratively co-create solutions, moving from initial concept paper to final prototype in less than five months.
Sultan Meghji to spearhead agency's tech lab and financial innovation efforts.Read More
On January 11, 2021 the FDIC selected 11 companies to compete in the third and final phase of the agency's Rapid Phased Prototyping Competition.Read More
On June 30, 2020, the FDIC announced a tech sprint to develop a new and innovative approach to financial reporting, particularly for community banks.Read More
— Chairman McWilliams on FDIC's tech sprint to develop a new technology-driven approach for banks to report their financial information