The Rise of SupTech: New era of banking supervision
Financial authorities' use of technology has evolved over the years, leading to different generations of technology that culminate in what is considered as SupTech, which refers to the application of big data or artificial intelligence (AI) tools. SupTech is more broadly defined as the use of innovative technology by financial authorities to support their work.
On 17 October 2019, the Bank for International Settlements issued a new paper – “The suptech generations”, which describes the trends of the SupTech by analysing suptech initiatives in 39 financial authorities globally.
This article provides further insight on the benefits of innovative technologies and the challenges ahead.