Managing Technology in Finance: Global Approaches for the Digital Age by IMF Deputy Managing Director Bo Li
(523자/ 5분 36초)
Glossary
1 | ATMs | ATM |
2 | macroprudential policy | 거시건전성 정책 |
3 | unbanked | 은행에 예금을 하지 않은 |
본문
Technological change has long been a driver of human progress. And the financial sector has been no exception. From the development of the introduction of ATMs to the modern payment systems - each wave of innovation has left its mark. Detailed data on our activities, transactions, and behaviors are now being captured in massive amounts as the Internet Of Things and mobile connectivity have exploded around the world.
Meanwhile, the news is filled with stories of the latest hack of computer systems and resulting loss of service and personal data. These trends are intertwined technologically, but we are only beginning to understand many of the challenges. From the perspective of financial regulators, the key question is how to reap the benefits of technology in terms of financial inclusion, efficiency, risk management, and oversight, while simultaneously managing the financial stability risks.
In three separate and recent papers, we have found the need for adapting policy approaches and regulation to these new challenges, and the need for enhanced cross-border cooperation to address risks that do not have national boundaries.
First, on the digital economy and data. In today’s digital age, data has become a valuable, globally portable good. But moving it across borders requires countries to have coherent policies that build trust. Without global principles for managing data, we could face deepening digital fault lines between nations, as massive data pools become increasingly isolated. This would be especially costly for smaller and lower-income countries. The good thing is that recently G7 countries have announced some key principles for cross-border movement of data, and that is a very good start.
Our data can power open finance and AI that can make societies more productive, driving growth, employment, and finance. But there are also dark sides. Data can be captured without our effective consent by large platforms—creating new monopolies and stability risks, and posing challenges to countries to balance individual privacy with needs to protect data from cyber attacks.
These challenges have important implications for growth, stability, and the international system, which are at the core of the IMF’s mandate and means global cooperation is needed to address them. Today, our panel will discuss how policymakers can address key challenges around data and the digital economy that span financial stability and inclusion, competition, and privacy.
Second, on AI and machine learning. The adoption of these technologies in the financial sector has accelerated in recent years and is now far reaching. Rapid adoption of AI and machine learning in finance can increase efficiency, improve the client experience, and strengthen risk management. They also power the tools used by regulators to strengthen prudential oversight and support the implementation of monetary and macroprudential policies. Think of more efficient supply chains, or lending to previously unbanked small businesses around the world.
But these technologies also bring risks, including from opacity, bias, and the scope for new sources of systemic risk, including from greater interconnectedness. Policymakers will need to confront these issues as they consider potential regulatory approaches. And, as we will discuss shortly, the full extent of the strengths and weaknesses associated with these technologies is yet to be completely understood.