State of SupTech Report 2023
164 Pages Posted: 29 Feb 2024 Last revised: 12 Apr 2024
Date Written: December 28, 2023
Abstract
The Cambridge SupTech Lab’s State of SupTech Report 2023 presents insights on the evolution and current state of the digital transformation of financial supervision worldwide. The Report provides a global snapshot across several facets of supervisory technology, including underpinning digital infrastructure and technologies, supported supervisory use cases, approaches employed for developing and deploying suptech applications, the related challenges and risks, and the benefits gained by suptech adoption.
The State of SupTech Report 2023 focuses on how the development and implementation of financial suptech is evolving across the globe, extracting insights from the information provided by 64 financial authorities such as central banks, securities and capital market authorities, financial conduct authorities, and insurance supervisors from six continents. The survey responses boast a robust and geographically diverse representation of financial authorities, representing financial sector oversight for a significant population of approximately 2 billion people.
This year’s survey leverages the State of SupTech 2022 Report as a baseline to provide a picture of emerging trends, persisting and new challenges, maturing strategies, and attained impacts. Compared to last year, the 2023 survey included five times more questions, allowing for a substantially more detailed and expansive analysis.
Keywords: SupTech, Supervisory Technologies, Central Banking, Financial Supervision, Financial Regulation, Financial Services, Fintech, Digital Transformation, Securities, Digital Assets, Prudential Supervision, Fintech, Regtech, Compliance, AML, Machine Learning, Big Data
JEL Classification: D23, G38, K22, L22, M15, O16
Suggested Citation: Suggested Citation