The suptech generations
Financial authorities’ use of technology has evolved over the years, leading to different generations of technology that culminate in what the paper considers as SupTech. SupTech refers to the application of big data or artificial intelligence (AI) to tools used by financial authorities. There are many ways of exploring SupTech tools and these are not mutually exclusive. They range from developing explicit SupTech roadmaps, incorporating SupTech into institution-wide digital transformation or data-driven innovation programs, to establishing innovation labs or one-off programs such as accelerators or tech sprints. While SupTech is still in its infancy, it is gaining traction, with a significant number of SupTech use cases found in the areas of misconduct analysis, reporting and data management. But most of these use cases are still experimental in nature. This helps to explain why only a limited number of external parties have so far been involved in the development of SupTech tools. This underscores the need for further international coordination and collaboration to help open up the field of SupTech.