As the role of central banks evolves, innovations that support financial inclusion need to be at the forefront of all actions that central banks take.
This is the conclusion of a two-year central bank future research project conducted by the Ford Public Policy Center’s Financial, Law and Policy Center with the support of the Bill & Melinda Gates Foundation.
The project, led by Ford School Dean Michael Barr and Practical Professor Adrian Harris, includes current and former central bank governors, policy makers, regulators, researchers, innovators, entrepreneurs, consumer and community organization leaders. Was convened. They set out to explore how central banks, responsible for policies affecting the country’s money and credit supply, could leverage technological advances to promote financial inclusion.
The final treatise (PDF) summarizes many of the key themes that emerged throughout the project.
Comprehensive research on how stimulus was provided using digital technology to reach populations with shortages of bank accounts and populations without bank accounts As well as regulators, as a utility and service provider The role of central banks Establishing a global definition of financial inclusion Technology using artificial intelligence, digital currencies and decentralized ledgers New technology players and fintech companies, especially in collaboration with existing financial institutions in emerging markets, are themselves against global standards How to enable verification
The final survey also provided some recommendations. “Survey initiatives need to facilitate an interdisciplinary approach to financial inclusion and innovation, especially by leveraging new technologies such as AI and DLT with more traditional areas of central bank expertise. It offers the best opportunity for innovative strategies to promote financial inclusion globally. “
“Financial inclusion should be a central bank mission and we look forward to seeing the ongoing work that results from this two-year project with the Gates Foundation,” Barr said.
The project produced an introductory paper, eight working papers, a comprehensive dataset cataloging the financial inclusion obligations of central banks around the world, and “what if”. Blog series. The two conferences in 2019 and 2020 brought together experts from around the world to share ideas, case studies, best practices and innovations on financial inclusion.
“Fintech companies, big tech, NGOs and banks are currently working on financial inclusion efforts. A culture of collaboration that promotes central bank innovation and consumer feedback, along with the views of private actors. It is important to nurture the world, “says the project author.
The final treatise was co-authored by three student research assistants at the Center for Financial, Law and Policy, Brian Ricketts, Megan Kelly, and Emma McFarlane.
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