Fintech & IT Benchmarks 2021 report – detailing the evolution of technology
Benchmarking data sheds light on staffing trends, priority areas of research and more
As central bank employees around the world went to work from home during the pandemic, points of vulnerability across their IT systems multiplied. At the same time, cyber hackers took the opportunity to ramp up attacks on financial institutions, while restrictions on cash usage and bottlenecks in circulation pushed some jurisdictions to greater dependence on fintech.
Technology plays a core role in the operation and credibility of central banks. Today they face an increasing number of
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Fintech Benchmarks 2024 report – the promise and threat of AI
Data reveals how central banks are developing CBDC, tapping into AI tools and using cloud services
Most central banks’ cloud services are software-focused
Operational environment is largely hybrid and public, while access to server is often domestic
Fintech employees trained in AI in just over one-third of central banks
Senior management staff are least trained across jurisdictions
AI being adopted in over half of central banks
Supervision, document automation, data analysis and research are primary areas of use
Regtech strategy still lacking in majority of central banks
Stress testing, AML/CFT risk and reporting are top areas of application
Suptech strategy adoption remains below 50%
Resource constraints and data quality issues are still barriers
Nearly all central banks see CBDC as environmentally friendly
Few jurisdictions see initiative as comparable to banknotes’ lifecycle
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