WASHINGTON–The Federal Deposit Insurance Corporation (FDIC) has announced the start of what it said will be a “rapid prototyping competition” as it seeks to replace the current system of financial reporting, including quarterly call reports.
According to the FDIC, 20 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,” the agency said, adding competing firms represent leaders in the financial services, data management, data analytics, and AI/ML 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,” the FDIC said.
In an interview with the Wall Street Journal, FDIC Chair Jelena McWilliams said, “What we would like to do, frankly, is make the call reports obsolete, and not because we wouldn’t have the data but because we would have better data and we would have more timely data.”
The Journal also quoted officials who compared quarterly call reports to seeing a doctor but then having to wait four months for the lab work.
Website Gets ‘Overhaul’
Separately, the FDIC has unveiled a redesigned website it says reflects a “comprehensive overhaul.” It is the first time the site has been redesigned in a decade.
According to the agency, the redesigned FDIC.gov offers consumers, bankers, and analysts easier access to the agency’s most popular content, including information critical to financial institutions and consumers impacted by COVID-19.
The FDIC said its new homepage prominently features a number of popular categories of information visitors historically look for, including information about the agency’s history and mission, financial education, research, and career opportunities.
In addition, FDIC said it also offers:
- Resources that include a wealth of information about how FDIC is meeting its essential mission to ensure financial institutions operate safely and soundly, to protect the deposits of consumers, and to resolve failed banks
- Analysis that provides trusted research and data on the state of the U.S. banking industry and the broader financial sector
- News that delivers regular updates on FDIC activities and banking developments including policy changes, speeches/testimony, video content, and a new FDIC podcast