Exploring new technologies and techniques to help banks meet the needs of unbanked consumers will be the task of three teams selected by the federal insurer of bank deposits, the agency said Monday.
The Federal Deposit Insurance Corp. (FDIC) said it has selected:
- The firm Goalsetter (a firm that aims to help parents teach their kids financial literacy) to lead its “creativity” team;
- The National Asian American Coalition (NAAC) and Talino Venture Labs (the former a non-profit group advocating for Asian-American homeownership affordability and economic growth; the latter a financial technology, or fintech, firm that develops technology to promote financial inclusion) to lead its “market readiness” team; and
- Amazon Web Services (AWS, a top Internet services and data analysis provider), Narmi (a software developer that helps banks and credit unions develop online and mobile presences), and Galileo (a payment processing provider) to lead the “effectiveness/impact” team.
The teams were named to fulfill the agency’s tech sprint initiative announced in July for participants to identify better resources and tools to help banks bring unbanked consumers into the banking system and keep them there, the FDIC said.
No monetary prizes are offered in this tech sprint, the FDIC said.