The goals are to increase the range and depth of skills of our staff, improve our projections and reduce the uncertainty we face when making policy decisions. We are also working on how we could use machine-learning applications to increase efficiencies and manage operational risks in all parts of our business.
All the institutions represented in this room are doing interesting work in this area. Public sector institutions need to innovate in their business cultures. We should be open to more-diverse perspectives and expertise, work more often with private sector experts and take manageable risks.24 The Bank of England and the Monetary Authority of Singapore are leaders in exploring fintech with the private sector.