Supervisory Technology widely known as SupTech uses Artificial Intelligence (AI) and Machine Learning (ML) to help regulatory authorities in supervision. SupTech solutions are automating and streamlining administrative, digitizing data and improving data analytics. Many agencies around the world currently use it to forecast various industrial indices using financial models, detect frauds and improve compliance. The RBI Governor Shaktikanta Das had also pushed for the use of SupTech in a recent speech. He also talked about the ability of this technology to reshape the Banking and Financial Services Sector.
What exactly is SupTech, how is it used, what are its benefits and how does it fit into the Indian Financial Sector. All this and more in this week’s Banking Brief.