The European Central Bank (ECB) has a broad range of cutting-edge suptech tools alongside a powerful set of core IT systems, which have a tangible impact on the day-to-day supervisory work and strongly influence the ECB’s processes and work culture, said Elizabeth McCaul, member of the central bank’s Supervisory Board in a recent speech.
“Our vision is to deliver ‘suptech at your fingertips’, with supervisors able to access a real-time picture of the banks they supervise in just a few clicks, combining the power of technology, data and innovation,” she said.
These three areas — technology, data and innovation — are closely interlinked and will form the cornerstones of the ECB’s Single Supervisory Mechanism digital strategy through to 2028, announced earlier this year.
“Our idea is to fully integrate core systems and suptech. We want to develop a kind of single supervisory platform or cockpit where supervisors have direct access to most of the IT applications they need, receive alerts and data notifications from relevant internal and external data sources and have an advanced search and query function, leveraging artificial intelligence (AI),” she said.
“Supervisors would be able to customize their cockpit based on their role and personal preferences. This would be a bit like a smartphone for supervisors, with powerful, complex technology working in the background while being simple and intuitive to use, allowing supervisors to focus exclusively on the banks they supervise, equipping them with a clear line of sight into risks.”
At the same time, authorities will be gaining a greater understanding of how supervised institutions are deploying the same technology, which in turn will help them hone our supervisory skills, she added.