Harnessing the power of innovation

How do we evolve and advance our work to prepare for the future?

We will challenge ourselves to be bold and creative, building on what we have accomplished to address emerging challenges and explore new directions. Fulfilling our promise to Canadians means working, as always, to the highest standards of excellence. It also means striving constantly to think ahead, integrating innovative strategies into every aspect of our work.

Enhance existing policy models and begin developing the next generation

Priorities

  • Enrich the Bank’s models to better capture important aspects of the Canadian and global economies and their links to the financial system.
  • Identify key features of our future suite of policy models and initiate design work to develop them.

Integrate new types of data and analytics to strengthen our research, analysis and operations

Priorities

  • Increase the quality, accessibility and usability of data.
  • Leverage advanced tools such as artificial intelligence and machine learning.

Help transform the payments ecosystem while enhancing security and efficiency

Priorities

  • Guide and advance the modernization of Canada’s major payment systems.
  • Implement expanded supervision and oversight to support the evolving retail payments landscape.
  • Build the capability to issue a central bank digital currency.

How we’ll measure success

  • Policy models: Insights from our enhanced and new baseline models deepen our understanding and influence how we evaluate policy choices relative to past practice. Incorporating the latest theoretical and empirical developments, our models are at the leading edge of those used by central banks in advanced economies.
  • Data and analytics: Our work is richer and more insightful because we have incorporated new types of data, analytics and related systems.
  • Payment systems: We contribute significantly to the successful implementation of the real-time gross settlement system (Lynx) and the always-on Real-Time Rail payment system.
  • Retail payments: Our expanded supervision and oversight responsibilities support Canada’s evolving retail payments landscape.
  • Central bank digital currency: We develop a safe, efficient and easy-to-use CBDC for pilot testing.