A “new and innovative approach to financial reporting,” particularly for community banks, is the aim of a rapid prototyping competition started by the federal insurer of bank deposits, announced Tuesday.
Under the program announced by the Federal Deposit Insurance Corp. (FDIC), competitors will develop proposed solutions to bank financial reporting over the next several months. According to the FDIC, the ultimate goal of the competition is to help make financial reporting seamless and less burdensome for banks, provide more timely and granular data to the FDIC on industry health, and promote more efficient supervision of individual banks.
The proposed solutions will be presented to the agency for consideration. The competition, the agency said, is similar to an extended version of a “tech sprint” or “hackathon.”
The agency said it has invited 20 technology firms from across the country to compete. The firms represent “leaders in the financial services, data management, data analytics, and AI/ML fields,” the FDIC said.