Mack Wallace

Regtech is for Regulators Too: AI Use Cases for Supervisors

Over the last decade, consumer finance has been transformed due to digital technology. Traditional players have undergone digital transformations, while a range of new, non-traditional players have entered the market, including fintechs, mobile network operators, and technology firms. While this transformation has led to beneficial innovations, it also presents financial sector supervisors with new challenges. Supervisors are undergoing a profound shift to data- and technology-driven oversight. Drawing on research from 14 financial authorities worldwide, this presentation will explore concrete use cases and examples of the application of supervisory technology.

Mackenzie Wallace is co-author of the World Bank’s 2021 technical note, “The Next Wave of Suptech Innovation: Suptech Solutions for Market Conduct Supervision.” He is a former financial regulator and early employee of the U.S. Consumer Financial Protection Bureau (CFPB), where he helped pioneer the authority’s innovative consumer complaint system and public complaint database. He also served as Fintech Policy Advisor at USAID where he helped create the RegTech for Regulators Accelerator (R2A), working with financial authorities globally to embed data and technology into supervision. He currently serves as Senior Director of Product at fintech, MPOWER Financing, designing inclusive financial products to make higher education more accessible.

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