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Federal Deposit Insurance Corporation

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Enhancing our nation's financial data analytics capabilities

Federal Deposit Insurance Corporation

Helping the Federal Deposit Insurance Corporation leverage financial data to better analyze loans, their associated credit risk, and whether or not they meet underwriting standards

About FDIC

The Federal Deposit Insurance Corporation (FDIC) is an independent agency created by the Congress to maintain stability and public confidence in the nation's financial system by insuring deposits, examining and supervising financial institutions for safety and soundness and consumer protection, making large and complex financial institutions resolvable, and managing receiverships.

The challenge

How can we help the FDIC partner with startup companies to introduce new and viable technologies suitable for rapid prototyping projects that deliver cutting-edge capabilities for the FDIC and its member banks?

The project

The FDIC insures accounts at more than 5,000 financial institutions and directly supervises more than 3,000 financial institutions. The manual loan review process is the single largest use of resources at FDIC - totaling 425,000 hours annually, on average (about 325 Full Time Employees). The agency is exploring ways to transform bank supervision and credit risk detection using Artificial Intelligence (AI) and Machine Learning (ML) on loan data. To support this goal, FDIC is leveraging non-traditional acquisition strategies such as prize challenges and rapid-phased prototyping. Enhanced financial data analytics capability would benefit both the FDIC and participating banks by demonstrating that algorithms can be developed to better analyze loans, their associated credit risk, and whether or not they meet underwriting standards. PIFs working on this project would be required to stand up and operationalize a portfolio focused on better usage and analytics of financial data. Recent press coverage about this project can be found here.

FDIC is seeking two Presidential Innovation Fellows:

  1. Investment manager to build a new portfolio and orchestrate business plan reviews using prize incentives, open innovation design and deployment, etc.
  2. SME with a background in AI and ML, preferably in the financial sector, with the goal of ensuring that solutions are feasible and both technically sound and secure. The PIFs will serve as a government-industry liaisons, use emerging technologies and agile practices to deliver rapid prototypes, and have strong presentation and stakeholder management skills.