Contributions to Economics Free Preview. Buy eBook. Buy Hardcover. Buy Softcover. FAQ Policy. About this book Innovation in banking should be directed at improving the infrastructure that fosters efficient financial services and international trade. Show all. Tanai et al.
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Show next xx. Read this book on SpringerLink. On the hard infrastructure side, "big data is opening up new opportunities for more competitive, platform-based finance of SMEs," he said.
This new finance demands a Bank of England that is as open to new providers as it has been to traditional players. Read next: Bank of England eyes saving of 'tens of billions' by using blockchain technology for settlements.
1. What drives innovation in Europe?
Responding to demands from fintech providers, the rebuild will provide API access to read and write payment data. The bank is also currently in the middle of a second major rebuild of its massive central data hub after some teething issues rendered the first iteration unfit for purpose. Read next: How the Bank of England redesigned its data hub around open source. Giving three examples, Carney went on to explain how this new 'platform for innovation' will benefit the UK.
One of these focuses on investigating the application of AI on the sector, by "building a platform for fintech innovation, considers how general purpose technologies, including advanced analytics such as AI, can increase the resilience of the financial system," he said. As some in the audience are exploring, there is also significant potential in credit assessments, wholesale loan underwriting and trading.
How the Bank of England is modernising its systems for the future
Lastly, he spoke about the impact climate change will have on financial systems and the need for the bank to respond and prepare the UK accordingly. The full speech can be read here. Here are the latest Insider stories.
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