We are concerned by the rising reporting burden on banks and run the risk of suffering from data overload at our end. We are now embarking on a landmark project to automate dataflow from financial institutions, set up a data warehouse, and introduce Business Intelligence tools for users.
The project will radically improve the entire system of data management at the Bank as well as reduce the reporting burden on financial institutions. The technology envisaged for the transmission of information, XBRL – or eXtensible Business Reporting Language – is used by major regulators and authorities across the world. We expect to roll out the new system in the next 18 months.