Innovative technology in financial supervision (suptech) - the experience of early users

Financial supervisors can harness the same innovative technologies that are driving fintech developments. Such so-called suptech applications can be found in the areas of data collection and analysis. The experience of early users suggests that suptech can enhance supervisory effectiveness, cut costs and improve capabilities. However, suptech also raises challenges that include increased operational risks, as well as data, resource and legal issues. This paper outlines the experiences of early users, and highlights specific considerations that could help supervisory agencies take advantage of suptech developments.