Reserve Bank Financial Strength Dashboard proving popular
Visitors and feedback on the Reserve Bank’s Financial Strength Dashboard have exceeded expectations, and the Bank is committed to enhancing the tool to further enrich disclosures.
The Reserve Bank launched the Dashboard in May. It is an innovative, 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 told an audience of chartered accountants in Auckland last night that the Bank is encouraged by the usage and feedback on the Dashboard. “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.
Feedback from users suggests they appreciate the accessibility and the better quality of information the Dashboard contains compared to the previous table of statistics (G1) and off-quarter disclosure statements.
“The vast majority of visitors to the Dashboard are from New Zealand. An interesting observation is that about 15 percent of users to date are return visitors, which indicates that a number of users view the Dashboard as a resource, rather than just a one-off curiosity.”
Mr Fiennes said the Bank is seeking further improvements with the Dashboard and welcomes more feedback on its usefulness. “We’re aware that simply publishing the Dashboard will not be enough to engage all our stakeholders. This is why we are proactively seeking engagements with all groups. Efforts to enhance financial literacy and further accessibility will continue,” Mr Fiennes 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.
Mr Fiennes’ speech follows Governor Adrian Orr’s article last week where he tells the story of Tāne Mahuta to describe the role of the Reserve Bank to nurture the financial system and contribute to a well-functioning economy. Mr Fiennes weaves this analogy into this speech, describing the Prudential Supervision Department as aborists who take care of Tāne’s branches (the regulated industries).
- Read the speech: Enriching disclosures: The Bank Financial Strength Dashboard
- Visit the Bank Financial Strength Dashboard
- Read the article: The Journey of Te Pūtea Matua: Our Tāne Mahuta