A Shift in Mindset, New Mode of Operations, and Digital Transformation

Abstract

This chapter looks at the need for the central bank to shift their mindset more towards resilience instead of stability at all costs, as well as embracing innovation, experimentation and testing. The chapter then looks at the need for the central bank to upgrade their mode of operations, particularly to achieve a better balance between rules-based and goals-based regulations, and a more collaborative approach towards stakeholders. This chapter ends by looking at the need for digital transformation of central banking operations, both for those external oriented, e.g. SupTech and RegTech, and those internal-oriented.

Citation

Moenjak, T. (2024), "A Shift in Mindset, New Mode of Operations, and Digital Transformation", Central Banking at the Frontier, Emerald Publishing Limited, Leeds, pp. 293-306. https://doi.org/10.1108/978-1-83797-130-520241016