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Financial Services Law Insights and Observations

FDiTech launches tech sprint to help unbanked

Fintech FDIC FDiTech Unbanked Consumer Finance Bank Regulatory


On June 16, the FDIC’s technology lab, FDiTech, announced a tech sprint, which challenges participants to “explore new technologies and techniques that would help expand the capabilities of banks to meet the needs of unbanked individuals and households.” The tech sprint, Breaking Down Barriers: Reaching the Last Mile of Unbanked U.S. Households, invites banks, non-profit organizations, academic institutions, private sector companies, and others to identify data, tools, and other resources that may assist community banks meet the needs of the underbanked in a cost-effective manner. According to the FDIC, a recently published survey found that more than seven million U.S. households were unbanked with Black, Hispanic, American Indian or Alaska Native households having a higher likelihood of being unbanked. Registration will be required for stakeholders to participate, and additional information on how to participate is expected on the FDiTech website in early July.

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