The ‘DataStack’: A Data and Tech Blueprint for Financial Supervision, Innovation, and the Data Commons

BFA Global, 2020

22 Pages Posted: 9 Jun 2020

See all articles by Simone di Castri

Simone di Castri

Cambridge SupTech Lab - University of Cambridge; University of Cambridge - Cambridge Centre for Alternative Finance

Matt Grasser

Cambridge SupTech Lab - University of Cambridge; BFA; University of Cambridge - Cambridge Centre for Alternative Finance

Arend Kulenkampff

Independent

Date Written: May 7, 2020

Abstract

Digital transformation of the financial sector has been driving financial inclusion and innovation. Better connectivity, cheaper mobile technology, new products, and improved customer experience are steadily closing gaps in technology adoption and financial access. However, a new “Big Data divide” is forming between the digital financial services (DFS) market participants who can leverage data for their respective ends, and a number of public and private sector stakeholders who cannot. This imbalance of power has the potential to skew the development of digital financial ecosystems in favor of a few large players.

To bridge this divide, a new Open Data Commons needs to be established that guarantees access to rich and plentiful data, as well as the tools to make them meaningful and actionable. This report proposes an expanded variety of Open Data Commons, which we refer to as DataStack. The DataStack is a modular, streamlined, end-to-end data architecture that leverages an interoperable data platform and advanced analytics tools to generate meaningful, actionable insights in digestible formats for multiple personas. The blueprint that we present leverages advances in supervisory technologies (SupTech) as the base for this new data architecture for the financial sector, shaping a new role for financial authorities, encouraging them to become the catalyzer for innovation in financial sector development.

Keywords: Central Bank, Suptech, Regtech, Financial Sector Development, Open Data, Open Data Commons, Nigeria, Data Stack, Data Stack, Technology, Regulation, Supervisory Technology, Data, Blueprint, Financial Sector

Suggested Citation

di Castri, Simone and Grasser, Matt and Kulenkampff, Arend, The ‘DataStack’: A Data and Tech Blueprint for Financial Supervision, Innovation, and the Data Commons (May 7, 2020). BFA Global, 2020, Available at SSRN: https://ssrn.com/abstract=3595344

Simone Di Castri (Contact Author)

Cambridge SupTech Lab - University of Cambridge ( email )

NY
United Kingdom

University of Cambridge - Cambridge Centre for Alternative Finance ( email )

Matt Grasser

Cambridge SupTech Lab - University of Cambridge ( email )

NYC
United Kingdom

HOME PAGE: http://cambridgesuptechlab.org

BFA ( email )

259 Elm Street, Suite 200
Somerville, MA 02144
United States

University of Cambridge - Cambridge Centre for Alternative Finance ( email )

Arend Kulenkampff

Independent ( email )

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