Central banks' use of and interest in "big data"

This report presents the results of the 2015 IFC survey of central banks on the use of and interest in “big data”. The aim of this survey was twofold: (i) To take stock of central banking experience in the use of big data; and (ii) To explore central banks’ interest in this topic with a view to defining a roadmap for further action. 

The online survey took place in early 2015. The vast majority (69) of IFC member central banks responded, representing a response rate of 83%. The main conclusions of the survey are the following: 

• Conclusion 1: There is strong interest in big data in the central banking community, in particular at senior policy level.
• Conclusion 2: Central banks actual involvement in the use of big data is currently limited.
• Conclusion 3: Big data can be useful for conducting central bank policies. 
• Conclusion 4: Big data are perceived as a potentially effective tool in supporting macroeconomic and financial stability analyses.
• Conclusion 5: Big data may also create new information/research needs.
• Conclusion 6: International cooperation can add value.
• Conclusion 7: Exploring big data is a complex, multifaceted task.
• Conclusion 8: Regular production of big data-based information will take time, especially because of resource issues.