The Reserve Bank of New Zealand’s (RBNZ) financial strength dashboard is proving a hit with the public and now the bank is looking to explore and establish disclosure dashboards to other sectors.
The dashboard, launched in May, is an interactive disclosure tool for sharing bank data that allows the public to better understand and compare banks’ businesses and risks. RBNZ data showed it had more visits in its first 24 hours than its predecessor typically received in an entire year.
“It not only challenges banks to be open and transparent with their disclosures, but also gives the public the opportunity to take an active interest in monitoring their bank’s performance,” RBNZ head of prudential supervision Toby Fiennes said in a speech for chartered accountants in Auckland.
He noted that majority of visitors to the dashboard are from New Zealand and about 15% of users to date are return visitors. This “indicates that a number of users view the dashboard as a resource, rather than just a one-off curiosity.”
RBNZ said it is keen to explore disclosure dashboards for other sectors such as insurance and non-bank deposit takers.