Reshaping the FDIC Through Innovation and Technology

The Yield

When you hear the words inclusion and resilience, do you think about the future of banking? According to this episode of The Yield, you should. Join Peter Kerr, CFA as he sits down with Sultan Meghji, Chief Innovation Officer at the Federal Deposit Insurance Corporation (FDIC) to discuss the future of the Financial Sector. Prior to joining the FDIC, Sultan spent his entire career in technology. Now, his mission is to bring the innovations of the future to the FDIC to ensure U.S. Banks are run safely and soundly, as well as inclusively.

Key Takeaways:

[1:43] The 4 pillars in the mission of the Chief Innovation Officer at the FDIC illustrate that the future of banking is in very good hands.

[5:10] A high-level overview of the FDIC consumer mission and their relationship with the Federal Reserve.

[9:25] Increasing inclusion and serving the underbanked starts with removing the biases that put the underbanked at a disadvantage.

[13:08] Does banking consolidation have a negative impact on the underbanked? It might, depending on where you live.

[17:32] Fintechs and startups might like to bend tradition, but they’re still playing by the rules. Does this result in regulatory problems or just human problems?

[19:51] Resilience in the face of threats to consumer data is more essential than ever.

[23:20] Cyber security, climate change and the other problems that are keeping Sultan up at night.

[26:14] Challenges of transitioning from the speed of the private sector to the much slower public sector.

[31:17] What does the future of banking look like from within the FDIC?

[33:20] Different pathways consumers can take to avoid the biases that the FDIC is working to remove.

[38:00] Countries that are getting regulatory banking rights are inspiring change in the US.

[40:10] Sultan’s thoughts on NFTs and the exciting future of fintech.

Mentioned in This Episode:

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