Fintech Benchmarks 2024 – executive summary
Data reveals growing AI adoption, as well as work on CBDC, suptech and the cloud
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.
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More on Fintech
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
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