Global financial stability was then in danger; that crisis had sizeable costs, but coordinated actions succeeded in halting a more costly spiral and, also through the work of the Financial Stability Board (FSB), making our financial systems more resilient. Today’s pandemic crisis brings to the fore another extremely dangerous challenge that must be addressed with ever closer cooperation across countries.
The growing availability of data on households and businesses and the adoption of advanced techniques based on AI can mitigate information asymmetries between borrowers and lenders, and can improve credit risk assessment. The spread of the internet allows intermediaries to offer traditional financing through digital channels, and new services, such as instant lending, based on the automated assessment of creditworthiness.