FDIC Tech Sprints Spark New Product Ideas for Fintech Participants

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Data Society
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  February 23, 2022    
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Original article by Miriam Cross appeared in American Banker

The FDIC’s tech lab FDITECH’s sprints were spearheaded in 2021 by Chief Innovation Officer Sultan Meghji, who left the agency on Friday. Chosen teams that consist of banks, nonprofits and private companies take three weeks to brainstorm a solution to a problem statements posed by sprint organizers, and pitch their ideas at a demo day. Many of the winners credit the program with inspiring new features or products, motivating them to accelerate vague notions on their road maps and giving them a megaphone to publicize their ideas.

Data Society, a company in Washington, D.C., that provides customized training and artificial intelligence solutions, teamed up with Google to build on the CAMELS rating system for evaluating bank risk, which stands for Capital Adequacy, Asset Quality, Management Capability, Earnings, Liquidity and Sensitivity. Data Society’s proposed CAMELSBACK system takes Backup and Recovery, Assessment, Cyber and Communications, and Key Personnel into account. The CAMELSBACK system will be a technical architecture available on Google Cloud that blends and analyzes bank-specific data, market information and alternative data.

“We have done projects with financial institution customers, thinking through data systems that need to exist to ensure operational resiliency,” said Dmitri Adler, the chief solutions architect and co-founder of Data Society. “What we had not thought through with those customers is a standard risk framework, how we standardize data and operational controls that we’ve been helping banks deploy.”

Google weighed in on security wrappers and data protection, how to ensure the system would be compliant with federal regulators, and which tools from the Google suite could be plugged into the architecture. The team won in the Creativity category.


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Data Society provides customized, industry-tailored data science training solutions—partnering with organizations to educate, equip, and empower their workforce with the skills to achieve their goals and expand their impact.

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