The Federal Deposit Insurance Corporation (FDIC) announced the start of a rapid prototyping competition to help develop a new and innovative approach to financial reporting, particularly for community banks.
Twenty technology firms from across the country have been invited to participate in the competition. The competitors will develop proposed solutions over the next several months that will be presented to the FDIC for consideration, similar to an extended version of a “tech sprint” or “hackathon.” Competing firms represent leaders in the financial services, data management, data analytics, and artificial intelligence/machine learning fields.
These modern tools – and lessons learned in future competitions – will 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.