Tech innovation in banking cited as goal for partnership between agency, engineering school

Support for technological innovation in banking is the aim of a partnership announced Monday by the federal insurer of bank deposits and the engineering school of a Durham, N.C., university.

According to the Federal Deposit Insurance Corp. (FDIC), the alliance with the Duke University’s Pratt School of Engineering provides a “roadmap” for the FDIC’s Tech Lab (FDiTech) and Duke faculty and students to collaborate in a number of areas focused on innovation, including artificial intelligence, risk management, quantitative research, and cybersecurity.

The partnership was announced by Sultan Meghji, the agency’s new chief innovation officer who was named to the position in February after a more than two-year search for someone to fill the job.

Meghji, in a release, indicated the partnership would strive to better understand opportunities and risks of new technologies and to build “a first-of-its-kind strategic innovation program.”

FDIC and Duke University’s Pratt School of Engineering Announce Strategic Partnership to Promote Innovation