The use of big data analytics and artificial intelligence in central banking
THe following IFC Publication was published on the IFC website (Irving Fisher Committee on Central Bank Statistics (IFC)
Monetary and Economic Department), Bank for International Settlements
IFC Bulletin No 50 on “The use of big data analytics and artificial intelligence"
Information and internet technology has fostered new web-based services that affect every facet of today’s economic and financial activity. This creates enormous quantities of “big data” – defined as “the massive volume of data that is generated by the increasing use of digital tools and information systems” (FSB (2017)). Such data are produced in real time, in differing formats, and by a wide range of institutions and individuals. For their part, central banks face a surge in “financial big data sets”, reflecting the combination of new, rapidly developing electronic footprints as well as large and growing financial, administrative and commercial records.
For further information:
IFC Irving Fisher Committee on Central Bank Statistics - Monetary and Economic Department - Bank for International Settlements
ECB European Central Bank