##ization of the financial sector are creating new ways to bring about more inclusion. many examples of this “ financial inclusion 2. 0 ” will be presented this afternoon and how specific technologies such as blockchain can play a role. there are many areas where fintechs can help bring more financial inclusion, but let me name a few : improving access to financial services, for instance via mobile devices ; gathering more and better data, which allows for more tailored and better priced products ; driving down operation costs, and making relationships with fragile clients more profitable. this also means major change for public authorities. fintechs means dealing with new firms, new technologies, new ideas. to be reactive and engaged, many authorities have set up fintech units, which is the case for acpr in france. we work in close cooperation with our counterparts worldwide, and in particular with mas, which is spearheading these developments. as public authorities, we also encounter new risks and challenges related to financial inclusion in a digitalized world. for instance, when embedding artificial intelligence in financial solutions, the risk grows higher of a “ black box ”, where it is more and more difficult to trace and understand outcomes. discrimination bias may occur and leave out customers, without even being detected as such. and big data never forgets : yet, financial inclusion means being sometimes able to overcome past conditions and give customers a “ second chance ”. in addition, digitalization of our economies also brings about a risk of digital divide between those who are at ease in a digital world and those who don ’ t understand it or don ’ t have access to it. this is a major issue for financial inclusion. when a bank or an insurer prioritizes access to its services via digital devices, those who don ’ t use those devices can be left out and become “ second - class ” clients. we must not overlook this. 3 / fintech and financial inclusion : moving forward faced by the new ways, the new challenges and the new risks that fintechs are bringing to financial inclusion, how do we, at the banque de france, adapt to the digital age and leverage digital tools, to further improve our policies and actions in favour of financial inclusion? the first way is by developing our understanding and use of new technologies : in addition to our fintech unit at acpr which i ’ ve mentioned, banque de france has launched in june 2017 “ le lab ”. le lab is a genuine open innovation laboratory

“ economic and financial regulation in the era of big data ” paris, 24 november 2017 closing remarks by francois villeroy de galhau, governor of the banque de france i am very pleased to close this conference on “ economic and financial regulation in the era of big data ”. i was in london this morning and i therefore regret having missed your discussions on an issue which i consider of paramount importance. let me thank warmly all speakers, in particular benoit coeure, member of the board of the ecb, who opened this conference and philip - hans franses, professor at eramus school of economics, who i am told gave an outstanding lecture. big data indeed deserves a global view, from a number of angles. it was the objective of this conference and i am grateful to all of you, presenters and participants, to have made this possible. in closing this conference, i will not come back to the specificities of big data and its numerous usages. all presentations have given a fresh look on big data and i am sure that on such an excellent basis, discussions will continue beyond this one day conference on issues which are of key importance for all of us. i would rather like to focus on the consequences of big data for the economy in general and for central banks in particular. i will develop this into three parts : i. big data will have significant economic effects. it will in particular change the relationships between the members of the financial community and between this community and the non - financial world ii. regarding big data, central banks will have to switch from an observer status to a user or player position, which implies significant changes in performing part of their activities iii. big data raise regulatory issues that cannot be solved within a national context but require a global reflection from public authorities. i. big data will have significant economic effects. entry costs for carrying out financial transactions have already been reduced and will be lowered further in the future. customer knowledge, in particular regarding the conditions applied by financial institutions, will be enhanced and more generally information asymmetries between clients and providers of financial services will narrow. big data can be a powerful card to play by gafas or other native non - financial firms to develop new activities. the financial industry has therefore to adapt rapidly to face the data revolution and compete with the new entrants, while protecting privacy against increasing cyber risks in particular. all in all, competition will increase, which is beneficial to the economy. the flip side can be enhanced