The Bank for Worldwide Settlements (BIS), a world monetary establishment owned by reserve banks that goals to assist worldwide financial and monetary cooperation and acts as a bank for central banks, notes that as monetary expertise, or monetary innovation and digitalization, start to remodel the monetary sector, it additionally opens up “data gaps” in central bank statistics.
These gaps are created as a result of new monetary services are launched, which may not be as simple to look at as extra conventional platforms.
“Information gaps are at present prevalent as (internationally comparable) info on fintech is missing in official statistics. To know innovation, qualitative info on evolving constructions, and harmonized time sequence are wanted.”
The BIS recommends making a classification of Fintech that covers the completely different monetary market segments of Fintech, as information gaps present that monetary expertise corporations concerned in monetary intermediation are “not systematically assigned to the financial sector” (as recognized by the Worldwide Commonplace Industrial Classification of all Financial Actions).
Intra- and inter-institutional cooperation will be improved as soon as information from completely different or unbiased sources is correctly linked, the BIS suggests.
“The resulting information set (from properly combining multiple data sources) can usefully be complemented by surveys or compulsory reporting requirements on aspects for which data of sufficient quality are not available from other reliable sources; indeed, the working group (WG) notes that the information available varies from country to country, which can call for flexibly adjusting the various national strategies to construct fintech statistics.”
The WG recommends selling the worldwide adoption of a “revised classification of economic activites” that’s higher in a position to take into accounts the relevance of Fintech platforms and providers.
The WG suggests taking acceptable measures to make sure that the statistical methodologies used to evaluate the influence of Fintech providers observe “sound” skilled and scentific requirements and necessities.
The WG additionally recommends growing a well-defined course of for monitoring any Fintech-related information points that may come up. Moreover, the Working Group suggests leveraging established IT improvements and making an effort to enhance them, by “promoting technological solutions to facilitate the compilation of Fintech statistics.”