Regulating fintech is biggest tech challenge, central banks say
Benefits include financial inclusion, cost reduction and service efficiency
The majority of institutions in the Fintech Benchmarks 2023 said “keeping up with regulating the use of new fintech products and services” is one of their top technology challenges.
The dataset revealed 73% of 37 institutions voted “keeping up with regulating the use of new fintech products and services” is a key problem, followed by adapting legacy systems (62%), cyber security (62%), budget and resource limitations (59%), and recruiting and training top technology talent (57%).
Central banks
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