Bank Indonesia (BI) (Photo: Antara)Jakarta (VNA) – The Bank Indonesia (BI) - the centralbank - has made optimum use of big data to formulate policies expected to speedup the national economic growth, said BI Deputy Governor Erwin Rijanto.
By taking advantage of big data, the BI is ableto predict something more accurately and quickly, Rijanto said after opening aninternational seminar on big data in Bali.
Rijanto said nearly 30 percent of the world’scentral banks, including the BI, have used big data to build policies. These policies are related to monetary and macro-prudentialanalyses, financial system stability, information needs and new researches, hesaid.
The other advantages of big data are new indicators whichenable the central banks to map the linkage of financial institutions through anetwork analysis to mitigate the systemic risks of the financial system, Rijantosaid.
In addition, big data will also enable theirusers to identify economic behavior through the analysis of transactional dataand unstructured data such as news stories and social media, he said.
According to the official, the BI can also monitor public expectationand perception of the bank’s policies more accurately.
However, the main challenges of taking advantageof big data are related to the exploration of big data and complicated process,not to mention good governance, time and human resources, he said.
Big data refers to voluminous amounts of structured orunstructured data that organizations can potentially mine and analyze forbusiness gains.-VNA
VNA
