Fintech
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
Financial technology continues to advance at pace. In the age of artificial intelligence, central banks are adopters as well as overseers of the new landscape. In the Fintech Benchmarks 2024, more than half (56.8%), say they use machine learning (ML) and artificial intelligence (AI) tools, up slightly from 51.4% last year. The 2024 benchmarks also reveal how central banks are using the cloud as well as suptech and regtech tools to enhance their work.
Charts
AI on the rise?
AI adoption at central banks, which had hovered around the 50% mark in previous benchmarks, ticked upwards in 2024. Many central banks are now exploring large language models and generative AI. The rise of ChatGPT may have been the breakthrough that triggers wider adoption of these tools among central banks.
For the full breakdown, use the benchmarking service’s interactive charts to explore the data.
Model banks analysis – Fintech 2024
Explore key differences between central banks across economy groups
Fintech data
View the full breakdown of responses to the Fintech Benchmarks.
Previous years
Fintech 2024
Fintech 2023
Fintech 2022
Fintech 2021
Fintech Benchmarks 2024 – model banks analysis
Data reveals how advanced and emerging economy central banks structure their fintech functions
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
Central banks fear CBDC will heighten cyber threats
European jurisdictions less likely to be deterred by security concerns
Improving domestic payments efficiency drives retail CBDC research
Barriers to adoption include concerns around privacy, disintermediation and operational risk
Wholesale CBDC work remains less popular than retail
Like retail, central banks say domestic payments efficiency is key driver
One in four central banks exploring blockchain, DLT and tokenisation
No respondents say they are researching or collaborating on quantum computing