The State of SupTech 2023

Late last month, the Cambridge SupTech Lab — which is housed within the Cambridge Centre for Alternative Finance at the Cambridge Judge Business School — released its “State of SupTech Report 2023.”

The report presents the results of the Lab's survey of 64 financial authorities globally on their adoption of supervisory technologies (suptech). The survey found a positive trend in the uptake of suptech, with 81% of respondents reporting involvement in suptech initiatives, up from 71% in 2022. However, the Lab also found that many of these implementations remain in the early stages, and that few agencies have formulated a comprehensive suptech strategy or roadmap.

Among the other key findings of the survey are:

• Authorities reported that the objectives of their suptech initiatives primarily centered around prudential supervision (69%) and consumer protection and market conduct (62%);
• A culture shift is taking place among regulatory and supervisory authorities, with many creating new roles to promote suptech adoption, increasing training, and collaborating across the supervisory ecosystem; and
• Suptech is already making an impact, allowing authorities to be more agile and respond to emerging risks more quickly.

"As we look to the future, we can expect suptech to play an increasingly central role in shaping the efficiency, resilience, and fairness of the global financial system," the report reads. “New challenges and opportunities will undoubtedly emerge, demanding that supervisors remain vigilant and forward-thinking in their adoption and utilisation of supervisory technologies.”

For more on the promise of suptech, and how global regulators are working to drive its adoption, don't miss our 2024 Compendium, coming later this Spring. ▸ Learn More