WASHINGTON—Less than half of all central banks have a supervisory technology (suptech) strategy in place, according to a new study.
Suptech is the use of technology by financial institution supervisors to deliver innovative and efficient supervisory solutions.
According to Fintech Benchmarks study from Central Banking, a suptech initiative only exists in 16 (41%) of 39 central banks globally.
The trend is similar to what the same survey found in its 2023 and 2022 benchmarks, Central Banking said.
Central Banking asked respondents about the biggest hindrances to adopting a suptech strategy. Most institutions identified resource constraints (85.7%) and data quality (82.1%) as the top two roadblocks.
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