The FDIC this week announced the selection of eight teams to participate in a “tech sprint” to explore new technologies for banks that will help meet the needs of unbanked individuals. The tech sprint asks participants to identify better tools to help banks get unbanked households into the banking system and keep them banked.
The agency will host a “demo day” next month where the selected teams will make short presentations to a panel of judges who will evaluate submissions based on creativity, effectiveness and market readiness.
According to the FDIC, approximately 7.1 million U.S. households remain completely unbanked. The American Bankers Association has urged its member banks to actively promote financial inclusion, including through offering Bank On certified accounts. There are 92 financial institutions with more than 32,500 branches nationwide offering Bank On certified accounts, which offer features including low costs, online bill pay capabilities, no overdraft fees and certain transaction capabilities.