Executive summary

Report  (3 MB)

Over the past three decades, organisations, including central banks, have undergone successive transformations driven by data, digitalisation and artificial intelligence (AI), although their integration is often slow and fragmented. Two common pitfalls consistently undermine progress: embarking on transformation without a clear objective and failing to invest in the capabilities needed to support it.

Successful and sustainable data-driven transformation requires five key enablers: skilled workforce, strong technology infrastructure, sound governance, broad access to data capabilities, and dedicated time for training and collaboration.

The Banco de España has long recognised the importance of data, and its role in supporting its mission, aiming to become a fully data-enabled institution, capable of leveraging data and emerging technologies. To pursue this ambition, it has strengthened its data governance and management practices through the appointment of a Chief Data Officer (CDO), the creation of the Data Office, and the establishment of the Data and Users Committee; in addition to reinforcing its commitment through the Strategic Plan 2030.

While progress has been made –and the Bank stands out among its peers for the high quality of its analysis– its ability to integrate and utilise data across departments remains limited, as does its capacity to leverage modern data analytical tools and AI. 

To close this gap and achieve its ambition, we propose ten recommendations organised into four themes: Data Foundation and Fundamentals, Technology, Talent and Culture.

In its journey the Bank should consider as a priority three particularly sensitive and challenging elements: (i) pursuing cutting-edge technologies without first establishing the necessary foundational capabilities; (ii) the complexity of the organisation, which acts as a significant barrier to progress; (iii) talent —both in terms of attracting and developing the necessary skills. Some of these challenges have already been recognised and are intended to be addressed through the data strategy being developed by the Data Office and several initiatives of the Strategic Plan 2030. However, there are currently still issues preventing the Bank from making strides toward its data goals.

With the right focus and visible and vocal senior leadership commitment to modernisation and cultural change, the Banco de España cannot only close the gap but also position itself as a leader in leveraging data to support its mission.

Report (3 MB)