OMFIF report finds that the global economy will reap huge benefits if public and private sectors can reconcile privacy with the benefits of access to data
How should exponential advances in data technology best serve the financial economy and the economy at large? As regulators and policy-makers work to balance protection and innovation in their evolving frameworks, OMFIF has launched a landmark report on the use of data and its potentially transformative impact on developments in the global economy, financial services, the business community and society as a whole.
The report, conducted in association with Meta, includes unique input from a diverse group of global data regulators as they reconcile privacy needs with supervision and security demands alongside the social and economic benefits of new technologies and networks. It moves forward the debate on best policy practices in data collection and application.
Many of the regulators that took part in the OMFIF study expressed confidence that the economic and societal advantages of the responsible use of data are extensive. These include: financial inclusion, especially the ability to provide tailored financial services to the unbanked and those with limited access to credit; businesses, in providing better consumer insights for small- and medium-sized enterprises, enabling them to scale up their operations; social services, including improving the quality and delivery of healthcare and education.
The report provides detailed analysis on the past, present and future use of data, with chapters including:
- The fundamental role of data in today’s global economy
- The role of data in driving SME growth
- How data can be used to address policy challenges, such as remittances and financial inclusion
- The safety and guardrails required during the collection and use of data
- Regulators’ views and their understanding of the role of data
- Policy options to encourage and promote the benefits of digital transformation
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