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The BIS hosts nine international organisations engaged in standard setting and the pursuit of financial stability through the Basel Process. It is no exaggeration to say that we are in the midst of a defining moment for innovation in financial services.

Some expect that new technology will cause a complete disruption of traditional financial institutions, giving businesses and households access to more convenient and customized services.

Entrepreneurs are also finding applications well beyond finance, and these new technologies could transform other fields, such as humanitarian aid.

Fintech, which is the term people use to refer to innovation in financial services, has created a lot of excitement, but also quite a lot of hype, depending on your perspective.

Google searches for "fintech" have increased by more than 30 times in the past six years. Fintech has also attracted real money: There is a vast array of services being deployed in Canada and elsewhere. Many of you may be using Apple Pay or Google Wallet. You may also be getting investment advice from "robo advisors. I have had the opportunity to participate in a number of fascinating discussions about fintech in recent months - with my colleagues at the Financial Stability Board and other international organizations, as well as with fintech entrepreneurs and traditional financial institutions around the world.

I can tell you that, despite the hype, no one knows yet what the social and economic payoff of these investments will be. And because it is early days, no one knows for sure what fintech developments will ultimately mean for business models or for the financial system more generally.

But we are all trying to figure it out. I know this interest extends to all of us in the payments business, which is undergoing its own transformation. This conference is a great setting to offer a central banker's perspective on fintech.

So I want to thank Payments Canada for the invitation to speak here today. The Bank of Canada is doing a lot of work in this area.

Today I will explore three points with you that frame our thinking on the issues. First, fintech has the potential to transform the financial system across a broad range of services.

And that is a good thing, because there is a lot of inefficiency that can be shed. Second, although some of the technology may be revolutionary, its overall effect on the financial system is likely to be evolutionary.

Financial institutions that adapt will survive, and new service providers will become part of the financial ecosystem.

In some areas, this evolution is happening fast, while in others, the most transformative technologies still have developmental hurdles to clear.

Finally, now is the time for financial institutions, new entrants and policy-makers to work together. That is the best way to create the right environment for modernizing the financial sector and sensibly managing the risks that arise. This applies to many areas. For the Bank, the focus is on preserving financial stability and maintaining the safe and sound operation of core payment systems in Canada. My first point is that change is definitely in the air.

In many cases, financial innovations are simply interesting twists on existing technologies and business models. They promise to lower costs, improve services and broaden access. Peer-to-peer lending is one example. As we have already seen with the taxi and hotel industries, peer-to-peer services challenge traditional intermediaries.

This new competition could fundamentally change the relationship that traditional financial institutions have with their customers. From a regulatory perspective, the main issues relate to consumer protection, market integrity and rules that guard against money laundering and terrorism financing. Authorities are working to close significant gaps in these areas and are monitoring implications for financial stability.

Then we have financial services enabled by fundamentally new technology. A prime example is distributed ledger technology DLT. This technology has the potential to replace entire transaction systems, including core payment systems, and offer new products, such as smart contracts. Smart contracts are agreements written in computer code that do not need human intervention to be executed.

This strand of fintech could take us into uncharted territory. As I will explain in a minute, regulators could face issues related to governance, legal environments and financial stability. We have seen important innovations in the past - such as credit cards, automated banking machines and online banking - that did not revolutionize the financial landscape, even if they provided huge advances in convenience for consumers.

That is because financial institutions remained the dominant players and adapted to these changes, often by buying emerging competitors, adopting the technology and reducing access to legacy services to compel customers to adapt. First, customers are more demanding than in the past. They are looking for more convenient and cheaper access to financial services that are well integrated with the rest of their online activities.

Customers expect these services to be personalized, and faster, in part because of the widespread use of smartphones and the speed with which new apps can be pushed out. That is why we see a push to implement real-time retail payment systems in nearly all major jurisdictions.

Second, we are seeing large, well-funded companies outside the financial space, such as Apple and Google, starting to offer financial services.

One of the main advantages of traditional financial institutions is the trust they have built with their customers.

Tech giants also have wide customer bases and brand loyalty that could help drive adoption. These companies are using their customers' information and their existing platforms to offer attractive and cost-competitive services and to pick away at the most profitable business lines of financial institutions. The range of services they offer could grow over time. Finally, some existing financial institutions and infrastructures have become relatively inefficient, while new technology has reduced barriers to entry in this space.

Supporting systems can date back several decades and are often not interoperable, even within an institution. So the door for competition is open. This brings me to my second point, which is about the kind of change we can expect.

Traditional players will have to adapt to survive, and there will be new players. And the new technologies that could be truly transformative have some way to go before they are ready for prime time. So I expect we are in for more of an evolution than a revolution. Since we are all talking about distributed ledgers - or blockchain - let me use that technology to illustrate my point.

Ledgers may sound incredibly dull, but innovations in this space have been game changers in the past. Indeed, the invention of double-entry bookkeeping has been credited as one factor enabling capitalism.

Let us first remind ourselves what this technology brings to the table. The exact features of DLT vary, depending on the needs it fulfills. At its core, it is a computer protocol that allows many participants to record information on a single ledger that is shared among users, so each one sees the same data.

A consensus mechanism and modern cryptography ensure that stakeholders agree that entries to the ledger are authentic. The ledger's key benefit is that you do not need a trusted third party to guard against double-spending or expensive processes to reconcile information between ledgers. The best-known application of DLT is Bitcoin, which is a decentralized digital currency.

The ledgers used for these currencies are "permissionless," which means that anyone with a computer can download the software, see the ledger and start authorizing transactions. The decentralized aspect of the technology is why some predict that widespread application of DLT could revolutionize entire industries.

They contemplate alternative futures, such as one in which there is complete disintermediation of banks and even central banks, with state currencies being replaced by decentralized digital currencies. I see this as highly unlikely. People have not widely embraced digital currencies like Bitcoin because these currencies cannot outshine the competition when it comes to serving as a store of value and a medium of exchange.

National authorities will want to run their own monetary policy, and so the most that could happen is that national currencies and digital currencies coexist. The Bank of Canada is studying digital currencies closely because of our role in issuing the nation's currency and the implications these currencies could have for monetary policy and financial stability.

Like many other central banks, we are also researching the conceptual merits of issuing electronic money ourselves. In fact, the potential for DLT is actually stronger for applications outside of digital currencies. We have seen test cases related to payments and post-trade processes, including the clearing and settlement of financial instruments such as repos, bonds, derivatives and equities. DLT could reduce this to about seven days by providing a secure database that all participants share across a distributed private network.

We may also see applications in areas such as trade finance and supply chains, where information cuts across jurisdictions and is difficult to centralize. If these ventures deliver on their promises, improvements could extend beyond efficiency and cheaper processing. Transactions could be settled almost immediately, which would reduce counterparty risk and free up capital for other uses. Transparency would be enhanced because a distributed ledger lets participants see the entire history of transactions.

That said, several important issues with DLT must be resolved before its benefits can be realized. First on the list are technical issues related to scalability, the consensus mechanism, data privacy and cyber security. Second, proponents will have to agree on governance, which can be a challenge when stakeholders have divergent interests.

Bitcoin's recent struggles are a clear illustration of this. Protocols may be an area where governments can contribute. In the early days of the Internet, governments helped develop the first networking protocols. Like the Internet, many of the applications of DLT will require a global view.

Applications of DLT will also need to become widely adopted. This means getting users to move away from the current networks and switch to DLT networks. Usually, the more people who join a network, the better the network becomes, which in turn entices even more people to adopt it. A social network like Facebook is a good example of this network effect - people flock to the service that their friends use - and it is no small challenge to compete with a system that is already established.

The final hurdle DLT has to overcome is to gain regulatory acceptance and comply with domestic and cross-border laws and regulations. Authorities should support innovation, but the bar will be high, especially for core financial services, and appropriately so.

Financial institutions, including Canadian banks, are working hard to test and adopt new technologies and adjust to new trends. So while banks may look different in the future, they will still play a major role in the financial system.

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From healthcare to utilities and from transit to city planning, local and regional governments are embracing innovation. Take a look at what these agencies and their partners are doing to move government forward on behalf of their citizens. Finalists - Best Practices Award Large. Finalists - Best Practices Award Mid-sized. Alameda County understands the importance of voter satisfaction and voter retention. Voters want fast election results and they want to see those results on a map, just as they do with national and state election results.

It allows residents to drill down into results, precinct by precinct, and gives voters access to information to keep them informed and engaged. During the migration and redesign of the Boulder County website, Boulder County came to a common crossroads for local governments: Ultimately, the migration was not feasible on the legacy system, and moving to the cloud allowed for cost savings through scalability.

The AWS Cloud also provides elasticity during high volumes of web traffic. The Caltrans project has one main goal: This requires coordinated development of tools, methodologies, and policy.

The project includes a Data Hub to consolidate real-time IoT sensor datasets, scalable, real-time traffic modeling and forecasting, an incident response Decision Support System informed by data and models, and coordinated, real-time control of signals, ramp meters, and detour signs. The project relies on an all-in move to the AWS Cloud to support data storage, analytics, and scaling for testing. When the City of San Diego wanted to increase transparency and improve public access to data, they built two open-source projects: They have moved beyond just publishing data to managing it as an asset and using it to improve city operations, bringing more information to the citizen.

StormSense enhances the capability of Virginia Beach and the neighboring communities of Hampton Roads, VA to predict coastal flooding resulting from storm surge, rain, and tides in ways that are replicable, scalable, measurable, and make a difference worldwide.

The scope of the project includes the interests of coastal local governments wishing to enhance their emergency preparedness via a network of IoT-enabled water level sensors, collaborating with the hydrodynamic flood modeling and forecasting capabilities of the Virginia Institute of Marine Science VIMS and their VIMS TideWatch Network.

Omaha is home to the largest residential Superfund Site in the U. For over years, lead refinery emissions polluted eastern Omaha with lead dust. These emissions, along with lead-based paint hazards, caused lead poisoning in children. The Omaha Lead Registry www. Every year for approximately five months, the Board of Equalization meets with citizens who have filed a protest on the value of their homes.

This process involves several offices that share information between them and the citizens. Moving information between departments and cloud vendors was difficult and costly to maintain with the current Java web application.

Record protests are expected this year and the old design did not scale causing significant risk for this years processing. Liverpool City Council adopted innovation procurement approaches to enable cooperation between care providers and technology companies to deliver an ICT enabled domiciliary care service to improve care outcomes and achieve cost and operational efficiencies.

By introducing LoRaWAN network, they are reducing the digital divide between those that have smart technology and those that don't. You can now access the Library whether you're at home, on your commute, or enjoying the summer at the beach.

This app is being shared with Libraries across the country. By deploying an application hosted on AWS that connected to GRT's real time web service, riders can call and enter their bus stop number. They get real-time arrival information for the next buses at their stop to help them plan their travel. In order to compete with well-funded private schools and provide a better web experience to students, families, and faculty, it became clear that a better online presence was a cost-effective way to begin.

By utilizing the power of Solodev platform built on AWS, they were able to set a new standard for modern K websites while saving money and streamlining operations. Developers will then be able to deliver geo-specific content and information to their users. The solution exemplifies cross-departmental collaboration, and uses an innovative serverless architecture that minimizes infrastructure spending.

This allows for open data initiatives that increase transparency and reduce siloing of data. Built on the AWS Cloud, LondonWorks 2 provides a modern cloud-based solution that provides a complete picture of all roadworks.

Benton Police Department is outfitting its officers with the latest body-worn technology and in-car video communications systems. The goal was to develop an all-in-one, automated system that works seamlessly with their current routine. This system is currently being used by the District Court with plans to expand into the Circuit Court.

Charlottesville City Public Schools uses AWS to automate and share deduction data from their payroll system for its vendors. Previously, the IT team fielded requests via email. The process was done manually by the CoF and then emailed back to the citizen or business, sometimes taking multiple days.

In only a few clicks, the data is downloaded automatically to their system, affording the IT team far fewer monotonous tasks and saving the citizen some frustration. With a mission to provide high-quality learning opportunities to Minnesota public school students, regardless of their geographic location, race, or socioeconomic status, Intermediate School District turned to digital means of supporting its students via the Minnesota Partnership for Collaborative Curriculum and the Northern Star Online School.

The AWS Cloud allows for affordable storage and management of digital resources. By using open digital curriculum, every teacher and student in Minnesota now has access to rich learning experiences and educational outreach programs.

Aiming to improve public safety, reduce crime, and build public trust between police and the citizens they serve, the Lawrence Police Department partnered with BodyWorn by Utility to provide Body Worn Camera technology. The project uses AWS for big data storage and analytics. Video and audio recording collected by police officers is instantly, effortlessly uploaded in a safe, encrypted storage environment.

The City of Florence is interested in implementing a system that predicts crowd density of different squares throughout the city on a continuous basis. The system will incorporate automated updates, tracking, and analysis of crowds each day, and provide the city with data that will allow the proper amount of resources to support the crowds.

The program will help local students at risk of falling behind in school due to challenges with attendance, and keep them up to speed on knowledge and literacy. They envision using Americorps Success Mentors to help the children develop skills using Amazon Alexa. This would allow Ottawa to begin pilot projects in a variety of areas e. IoT sensors for water distribution, Traffic applications, disaster recovery, etc , and further leverage the existing infrastructure of ottawa.

As the nation's capital, Ottawa would like to set the standard for best practices to create a repeatable process in other Canadian cities and abroad. The City of Plano wishes to utilize the AWS Cloud for improved citizen services, lower operational expenses, and off-site backup to reduce capital expenditures for on-premises hardware.

Additionally, Plano plans to run their development workloads in the cloud so that they are able to scale up to support testing and scale down when not in use. By utilizing machine learning, real-time traffic data, IoT infrastructure, and interconnected systems, Louisville is building a next generation adaptive traffic flow management system that can sense detrimental systemic changes to the circulatory nature of traffic and automatically adjust city infrastructure to mitigate the impact.

With PEDS, teachers and eventually students and parents can assess daily student growth within and across competencies. Our goal is to grow PEDS into a mechanism to target individual growth and gaps, and identify mastery. Seattle Public Schools' top strategic priority is closing the opportunity gap for historically underserved students.

The district intends to design a system that allows immediate answers to strategic issues fundamental to this goal. The AWS Cloud will enable advanced data services, such as predictive analytics, which isn't currently possible with their on-premises infrastructure. The resources will allow them to focus on the improvement of student outcomes. Tulsa Public Schools aims to build a recommendation engine to support school teams with data-informed decision making.

K education institutions collect a wealth of data related to student and teacher practice. In the majority of school districts, this data is used for compliance-based reporting. Tulsa Public Schools seeks to be a proof-point in public education by leveraging data as strategic asset to improve academic outcomes for kids. WSIPC provides a lineup of technology solutions, data management tools, expert service, training, and approximately , students, 2,, parents and guardians, and , teachers and administrators.

Trainers will be able to select a database backup to be used for professional development and troubleshooting. Training has been rolled out to 5 states, over 20, users, and has expanded internationally.

Beyond Machine to Machine Communications M2MC would like to provide interactive IoT training to inner city high school students who would not otherwise be exposed to this technology. The goal is to get these students interested in IoT, and then provide them with an environment where they can showcase their work to potential employers and investors.

They plan to build out and scaling the program to support more students and schools. Johnson County, Iowa is implementing elements of the Data Driven Justice Initiative to expand the work they have done with their post-booking jail diversion program.

They will use inter-departmental data to predict and identify populations that would benefit from a pre-jail diversion program, better understand infrastructure costs, where to increase efficiencies, and use the data to show improved outcomes.

They will also use the data to identify high utilizers of law enforcement, emergency medical services, emergency room, and jail services. This population will be provided with proactive mental health and substance abuse treatment to reduce recidivism and minimize their interaction with these services. Forty percent of adults in Salinas do not have a high school diploma and Because of the educational and economic levels of the community, many citizens have experienced a digital divide that has led to a divide in the amount of information available to citizens of different socioeconomic stature.

As part of a larger initiative, the city is proposing the implementation of a system to provide information about government activities and raw data in a centralized site that can be searched, viewed, and easily consumed. This resource will help citizens gain more access to citizen programs. The Kids' Home Run initiative is to change the culture of the city into one where every young person is prepared for college and career while creating a more robust workforce for local employers and enhancing the city's economic development capacity and competitiveness.

The City of West Sacramento is currently scoping the buildout of a data warehouse that can allow all of the Kids' Home Run partners to upload their data so that the city can track student progress and program success as youth progress through different stages in their lives and are engaged in the differing programs of the initiatives throughout their lives.

It will also give them access to government sponsored programs as they become eligible. They require high performance computing, remote learning, and virtual desktop solution assets to advance this to other schools. They will begin expanding to the first outside school this fall. This beacon can be activated by remote control or by a dedicated application on a smartphone.

The application provides information about the location and the people injured, details about the dwelling access code, as well as medical history data that could help save lives. Pokket helps justice professionals work with health and human services professionals to reduce recidivism.

A case manager can help a participant find and connect with the right services. Together, they can build a cross-functional plan and as the participant completes the plan, he generates a pattern of behavior, to mitigate any minor violations. Pokket acts as an early warning system to enable professionals to intervene before a challenge becomes a crisis. They manage the Release of Information process to speed access to services and information sharing. The software serves broad-based strategies including: Benefits realized from frequent and regular engagement include: