The decisions that we make affect the whole economy, and ultimately serve the good of the people of the United Kingdom. And, making these decisions effectively relies on good data. This isn’t new: the Bank has been collecting data in one form or another since its foundation in 1694. But while data have always been important, the pace of change in technology has unlocked much greater potential. Across public and private sectors alike the possibilities of leveraging data on a massive scale or in innovative ways are being explored – in health and consumer tech, in finance in the form of fintech, and regtech and suptech for regulators like the Bank.1 As well as providing new opportunities for individual firms, the use of data in fintech – to better price and allocate capital and to monitor the uses to which it is being put – has the potential to support productivity growth across the wider economy.2 3 It is often said that “data is the new oil” fuelling a new industrial revolution. While the transformational potential is similar, there are differences from oil which mean that the nature of that revolution will be very different. Unlike oil, data are “non-rivalrous”, meaning more than one person can use the same piece of data at once. Once in the public domain it also becomes by definition “non-excludable”, meaning you can’t control who does and doesn’t have access.
The "Banker" program comes as a solution complementary to the study programs arranged by educational institutions, and a parallel to the banks' direct efforts in attracting and employing national cadres. We are gathering here today to celebrate the opening of the first course of this integrated program, which hopefully will provide the financial institutions with needed human resources, and offer good job opportunities for the youth of our homeland. In conclusion, I can only reiterate my thanks to all those who contributed to accomplishing the "Banker" program, which I hope will continue to successfully achieve the objectives for which it has been established. Thank you for listening. BIS Review 125/2006  1