for decision - making. one such step ahead of us is building a modern data warehouse. the need to adopt, integrate, process, and report large amounts of data to multiple users on a daily basis requires a modern business intelligence - based information system. adapting to such a technologically advanced system also requires data governance. currently, there are several decentralized statistical databases, registries created for specific purposes of statistics and bank activities. the symbiosis of all these sources opens up a new chapter in the central bank – setup of systematized data governance. this process should focus on the need to recognize data as a central bank asset that should be governed at a strategic level. learning from the experience of the european partners, the implementation requires a clear strategy, policy and guidance, as well as the need for standardization of data definitions, standards for data collection and management. in a word, there is a change in the organizational culture. the project of creating an integrated reporting system for statistical and supervisory purposes in the national bank is such an example. recognizing the need for unifying and replacing partial reporting systems by banks for statistical and supervisory purposes, we have worked diligently to set up a single multifunctional reporting system. the potential benefits for us and our partners – banks and savings houses, are immense – lower burden on the reporters, and a richer granular data set that can be used for multiple purposes, thus replacing the traditional way of submitting aggregates. as a reminder, one of the lessons learnt from the crisis is that aggregated data is not always sufficient to detect vulnerabilities in the system. the technological requirements, as well as the need for coordination and standardization are not processes that rest solely with the central bank. in the eve of meeting european statistical standards, communication and coordination among the statistical bodies is crucial. in our case, we are proud of the excellent coordination with our partners, the state statistical office and the ministry of finance, who are here with us today. a significant step forward will be the introduction of the so - called integrated coordination system for compiling government statistics, with real - time data available to all three institutions. this would ultimately mean more consistent fiscal, financial and macroeconomic statistics. 2 / 3 bis central bankers'speeches despite the gravity of the global crisis, the process of innovation and digitization continued post crisis, widely spread in the financial industry. such digitalization and innovation of financial services pose new challenges for their statistical monitoring and measurement.

##pmg1 shows that fintech investment globally more than doubled during 2018, and reached $ 112 billion. in addition, while new startups sprouted across emerging fintech subsectors, highly mature areas like payments saw some consolidation through mergers and acquisitions of big developed players. reports also show that highest number of fintech service providers are in the payments, clearing and settlement category, thus, giving them the potential to gradually undertake a paradigm shift in the payment landscape. ernst and young adoption index for 2017 highlights the impressive and rapid growth in adoption of fintech services among mature and developing markets with highest adoption rate among younger generations ( 25 – 34 years ). on average, about 33 % of digitally active consumers have used at least two fintech services in the last six months ( compared to just 16 % two years ago ), with payments and money transfer being the most popular segments ( used by 50 % of digitally active consumers ). perhaps even more importantly, there is an increasing awareness : 84 % of customers are aware of fintech services compared with 62 %, two years ago. thus, rising investments in fintech segment, as well as growing awareness and adoption of fintech services 1 / 4 bis central bankers'speeches indicates that fintechs are embraced and will continue to gain momentum in the future. financial innovations change the environment not only for customers, but for traditional banking industry and policy makers, as well. customers may benefit from increased and cost effective access to financial services, although in some instances at the cost of privacy and consumer protection. as for traditional financial institutions, such as banks, they may face strong competition by new entrants, on the one hand, but may benefit from increased cost efficiency, competiveness and ability to offer new state - of - the - art services, on the other hand. the impact on policymakers and regulators is also large, as they have to first properly understand innovations / new services, foresee possible consequences for financial intermediation and stability, and react in a timely and proper manner. rising importance of this topic is clearly demonstrated by the adoption of the bali fintech agenda of the imf that provides guidance for national authorities on how to cope with new and evolving financial landscape, and underlines the need for stronger international cooperation as financial services are blurring boundaries, both institutionally and geographically. in what follows, i would like to briefly focus on the challenges of fintech developments for the banking industry and policy makers. we do have to