FDIC finding novel approaches to bring new technology to users

“The Federal Deposit Insurance Corporation is taking the next step to tackle its big data problem by prototyping four tools from industry…”

“In August, the FDIC chose four companies— Novantas, Palantir Technologies, PeerIQ and S&P Global Market Intelligence—to accelerate the adoption of modern technological tools to potentially help financial institutions draw inferences from their data, and improve data structure, portability and processing that may support more efficient back-office operations and reporting…”

“’We are turning the tables around by going out to industry and basically asking them to propose solutions around issues we have,’ [Sylvia Burns, FDIC chief information officer] said. ‘For example, the FDIC regularly, every quarter, collects data from banks, which is used for many, many different purposes, one of which is to help our bank examiners prepare for exams. Some of it as we were entering the pandemic last year and uncertain about what the impact was going to be on the economy. Part of the thinking was, could we rethink how we get that data so we have a real time sense of what’s happening in the marketplace?’

The Rapid Phased Prototyping Competition started with 30 vendors who proposed technology concepts papers, and then FDIC chose 11 vendors to receive $50,000 to detail their initial concepts and receive agency feedback…” Read the full article here.

Source: FDIC, State finding novel approaches to bring new technology to users – By Jason Miller, September 14, 2021. Federal News Network.

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