FDIC Launches Competition to Modernize Bank Financial Reporting
20 tech companies will participate
The Federal Deposit Insurance Corp. (FDIC) announced the start of a rapid prototyping competition to 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 AI/ML fields.