Every year the IMF and the World Bank hold a conference-style event that is referred to as the Spring Meetings. These Spring Meetings bring together central bankers, ministers of finance and development, private sector executives and academics to discuss global issues such as global economy, international development, and the world’s financial markets.
Here are my 2 takeaways from the 2019 Spring Meetings focused on technology and cybersecurity including my related articles:
- TECHNOLOGICAL ADVANCEMENTS AND JOBS
- Impacts of Technology
- Technology is creating a revolution in statistics
- Technological automation is prevalent when tasks are routine
- Technological automation brings high skill jobs but can take generations
- Technological automation highly depends upon the countries’ culture
- Technological automation will create winners and losers
- Technological automation will erase 65% of jobs being studied today
- Technology without trust is unscalable
- Technology can drive inclusion but can also create an exclusion
- Globally, all financial sectors need cybersecurity experts
- Lack of cybersecurity experts is creating opportunities for hackers
- Cybersecurity training is required internally and externally
- Cybersecurity check needs to be done internally and externally
- Cybersecurity directly affect the economic stability
- Fraud and systematic fragility should be looked at holistically
- Role of Central Banks in the Digital Age
- Create a safe, a trusted and efficient ecosystem for customers
- Provide infrastructure and support
- Reduce cost per transaction
- Crypto for Transactions will Spread more Rapidly if:
- Trust that all technology from infrastructure to end-user always works
- Fraud avoidance along with all technology
- Handle extreme cases (e.g., electricity goes down, political unrest, etc.)
- Oh My What (Big) Data You Have
- Data protection is a technical issue
- Data privacy is a legal and governance issue
- Better (big) data sharing networks and frameworks are needed
- Banks have underutilized the (big) transaction data that they have
- GPD nowcasting is being done using Machine Learning (ML)
- Trade flow nowcasting is being done using (big) data
- Economic growth nowcasting is being done using (big) data
- Value of Data
- For Enterprises,
- Shareholder value of data (e.g., startups, acquisitions, etc.)
- Value of data increases from Public → Private → Confidential
- For Consumers,
- Value is highly dependent upon individual perceptions of value
- For Enterprises,
- Impacts of Technology
- PARTNERSHIPS
- Technology knowledge and standards are being shared by IMF
- Technology needs to be thought about locally, regionally and globally
- Regulations are slow to adapt to technological advancements and can be too heavy-handed or light-touch if not properly understood by policymakers
Bonus: IMF’s iLab created its own educational crypto-assets
IMF has created the iLab whose goal seems to be to look at how technology and innovation are affecting the global economy and economic policies in various countries.
For 2018, here are my 2 takeaways.
Related Articles:
- SPICE FOR BUSINESS TRANSFORMATION
- 5 QUESTIONS TO ASK ABOUT STRATEGY
- 5 QUESTIONS TO ASK ABOUT POLITICS
- 5 QUESTIONS TO ASK ABOUT INNOVATION
- 5 QUESTIONS TO ASK ABOUT CULTURE
- 5 QUESTIONS TO ASK ABOUT EXECUTION
- 5 QUESTIONS TO ASK ABOUT BIG DATA
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