Reserve Bank may expand dashboard to insurance
The Reserve Bank’s says the popularity of its Financial Strength Dashboard hs exceeded expectations, and it is now looking to extend it to insurance.
Friday, October 5th 2018, 8:06AM
The Reserve Bank launched the dashboard in May. It is an online, interactive tool for sharing bank data which allows the public to better understand and compare banks’ businesses and risks.
Dashboard usage statistics show it had more visits in its first 24 hours than its predecessor typically received in an entire year.
Head of Prudential Supervision Toby Fiennes said the bank was encouraged by the response to it. “It not only challenges banks to be open and transparent with their disclosures, but also gives the public the opportunity to take an active interest in monitoring their bank’s performance,” he said.
Future work to develop the dashboard includes introducing an application programme interface to enable data to be easily mashed with other sources. A te reo Māori version of the dashboard is also planned.
Next year the Reserve Bank will explore disclosure dashboards for other sectors such as insurance and non-bank deposit takers.
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