Through our Partnerships in Innovation and Technology Program (PIVOT), we work with innovators in the private sector and academia to experiment with digital tools and technologies, such as artificial intelligence and machine learning. This initiative builds on our recent collaborations with private sector firms in fintech, such as Project Jasper, as well as our partnership with the Creative Destruction Lab.
We want to improve
- the quality and breadth of our economic research and analysis
- our day-to-day operations
How we’ll do it
Our staff team up with external partners for a limited time to try to respond to challenges through experiments. We periodically issue these challenges and their desired outcome.
This initiative is part of our commitment to build a culture of innovation at the Bank.
What’s in it for you
By participating in PIVOT, successful partners can
- collaborate with our staff who are at the top of their field
- have a meaningful impact on our economic research and operations
- contribute to improving the economic and financial well-being of Canadians
- leverage the partnership with a leading central bank to attract potential investors and clients
Challenges open for application
Subscribe to an email alert to find out when a new challenge is posted.
Challenges in progress
1. Using mixed reality to engage staff in learning opportunities
One challenge in our organization is engaging staff to learn how to manage information. From security awareness to document retention and disposal policies, Bank of Canada staff need to know a great deal of information outside their core work.
Traditional attempts to train employees in these subject areas haven’t increased their engagement or sense of ownership. They often see this type of training as disruptive and unnecessary. We are seeking a new, more interactive way to inspire staff to learn.
We want to use virtual reality, augmented reality, gamification or a combination of these to engage staff in learning. We could also expand an innovative learning approach that’s sustainable and accessible to facilitate improved training across Knowledge and Information Services.
Challenge has been cancelled.
2. Finding innovative technologies to improve data cleaning
The Bank of Canada uses securities-related data from various external sources to monitor financial markets and perform associated research. But to make these data usable, staff must spend vast amounts of time “cleaning”—organizing and preparing—the information they receive. We are seeking a way to improve the data-cleaning process.
We want to assess whether an augmented artificial intelligence solution could improve our ability to understand, automate and accelerate securities data cleaning. This could involve technology that lets us input missing data, identify true outliers versus data entry errors and remove trend and seasonal factors from our research. It could also ensure data consistency across multiple sources.
Applications are closed. Experiment is in progress with Bronson Consulting.
We partnered with individuals and businesses to come up with innovative ways to solve challenges we face as a central bank. Check out the results.
For more information about the program, send us an .