Bank of Italy - 4th IFC Workshop on Data Science in Central Banking

The Irving Fisher Committee on Central Bank Statistics (IFC) of the Bank for International Settlements (BIS) regularly organises seminars on 'Data Science in Central Banking' to engage a broad audience of practitioners and experts in discussions on the use of machine learning and artificial intelligence techniques for data analysis. The main goal is to present projects and share experiences that can help advance knowledge in this field.

The 2025 workshop, jointly organised with Banca d'Italia, brought together a wide range of participants from central banks, international organisations, national statistical institutes, and other interested stakeholders. The event focused on generative artificial intelligence and its potential applications in the institutional functions of central banks. It was held in person in Rome from 18 to 20 February 2025, with the option for non-presenting participants to attend remotely.

More information on the first three workshops is available here.

Contact

For further questions, please contact IFC.secretariat@bis.org and datascienceincb@bancaditalia.it.

Programme

Programmepdf 483.6 KB Publish date::17 February 2025

Opening remarks and keynote speech

Opening Remarks for the 4th IFC Workshop on Data Science in Central Bankingpdf 137.9 KB Alberto Naudon, Chair of the BIS Irving Fisher Committee on Central Bank Statistics (IFC) Publish date::21 February 2025
Keynote speech: Tailoring small language models for enterprise use casespdf 12.3 MB Julien Simon, Chief Evangelist at Arcee.ai Publish date::02 April 2025

Day 1 - Session 1.1 - Adoption of generative AI in central bank operations

Chair: Eric Anvar, OECD

Results of IFC survey on central banks' use of artificial intelligence and machine learningpdf 853.3 KB Alberto Naudon, IFC Chair, Central Bank of Chile Publish date::02 April 2025
Innovation project: large language model adaptation at Latvijas Bankapdf 1.4 MB Martins Liberts and Rihards Ostrovskis, Bank of Latvia Publish date::02 April 2025
A natural language processing toolbox for the National Bank of Romania (testo in inglese)pdf 1.5 MB Claudia Voicila, National Bank of Romania Publish date::02 April 2025

Day 1 - Session 1.2 - Natural language processing tools for enhanced text analysis

Chair: Roeland Beerten, National Bank of Belgium

Transforming survey analysis: tools for central bankspdf 612.3 KB Nicholas Gray and Dominic Jones, Reserve Bank of Australia Publish date::02 April 2025
From text to insights: AI-based topic modeling for central banking applicationspdf 363.7 KB Felix Marx, Marlena Pietsch, Diana Sola, Michaela Vollmer and Babak Zandi, Deutsche Bundesbank Publish date::02 April 2025
Efficacy of AI RAG tools for complex information extraction and data annotation tasks on bank documentspdf 175.9 KB Nicholas Botti, Flora Haberkorn and Shaun Khan, Board of Governors of the Federal Reserve System Publish date::02 April 2025

Day 1 - Session 1.3 - Generative AI for summarisation and information extraction

Chair: Bruno Tissot, BIS

BankGPT: the use of Large Language Models in official communicationspdf 651.7 KB Claudia Biancotti, Carolina Camassa, Marco Fruzzetti, Luigi Palumbo and Myriam Portaluri, Banca d'Italia Publish date::02 April 2025
Extracting economic issues from news data: with the help of generative AIpdf 432.2 KB Younghwan Lee, Bank of Korea Publish date::02 April 2025
What skills are employers looking for? Applying generative AI to Danish job postingspdf 473.5 KB Per Andersen and Erik Grenestam, Danmarks Nationalbank Publish date::02 April 2025

Day 1 - Session 1.4 - Text analysis for market monitoring and monetary policy purposes

Chair: Giuseppe Bruno, Banca d'Italia

The global database for central bank communicationspdf 12.3 MB Cory Baird, Fitch Group / GeoQuant, Jonathan Benchimol, Bank of Israel, Vira Vyshnevska, KDI School, Iegor Vyshnevskyi, and Wook Sohn, Woosong University Publish date::02 April 2025
Read between the headlines: can news data predict inflation?pdf 644.3 KB Alan Chester Arcin, Ma. Ellysah Joy Guliman, Genna Paola Centeno, Jacqueline Margaux Herbo, Sanjeev Parmanand and Cherrie Mapa, Bangko Sentral ng Pilipinas (Philippines) Publish date::02 April 2025
The impact of monetary surprises on exchange rates: insights from a textual analysis approach on a panel of countriespdf 649.5 KB Jean-Charles Bricongne, Bank of France, and Louis Marolleau, Lille University Publish date::02 April 2025

Day 2 - Session 2.1 - Using text analysis for novel economic insights

Chair: Giuseppe Bruno, Banca d'Italia

Turbulent times: capturing social unrest in the newspdf 3.5 MB Flora Haberkorn, April Patel and Zach Proom, Board of Governors of the Federal Reserve System Publish date::02 April 2025
Indexing and visualization of climate narratives using BERT and causal extractionpdf 1.3 MB Noriyasu Kaneda, Bank of Japan, and Hiroki Sakaji, Hokkaido University Publish date::02 April 2025

Day 2 - Session 2.2 - AI in supervisory technology and financial regulation

Chair: Douglas Araujo, BIS

GenAI in action: transforming data use in SupTechpdf 1.6 MB Patrick Hoffmann, Maha El Dimachki, Kenneth Gay, Sivasubramanian Ramanathan, and Harry Lee, BIS Innovation Hub Publish date::02 April 2025
AI-driven legal summarization for financial regulation monitoringpdf 1.8 MB Diana López Avilés and Isidora Díaz Jorquera, Central Bank of Chile Publish date::02 April 2025
A novel multi-step prompt approach for LLM-based Q&As on banking supervisory regulationpdf 1.1 MB Daniele Licari, Canio Benedetto, Daniele Bovi, Praveen Bushipak, Alessandro De Gregorio, Marco De Leonardis and Tommaso Cucinotta, Banca d'Italia Publish date::02 April 2025

Day 2 - Session 2.3 - Advanced forecasting and data analytics techniques

Chair: Juri Marcucci, Banca d'Italia

Project Neo - gaining economic insights with AI and novel datapdf 1.3 MB Rachel Arulraj-Cordonier, Marko Nanut Petric, Flurina Strasser, BIS Innovation Hub Publish date::02 April 2025
Enhancing external debt nowcasting: a data-driven approach using advanced analyticspdf 2.4 MB Candra Puspita Dewi, Aditya Wisnugraha Sugiyarto and Sony Panji Wicaksono, Bank Indonesia Publish date::02 April 2025
Generalised weighted framework for synthetic data evaluationpdf 1.2 MB Chiung Ching Ho, Central Bank of Malaysia Publish date::02 April 2025
Dynamic consumer cash inventory modelpdf 1.1 MB Kim P. Huynh, Alex Shcherbakov and André Stenzel, Bank of Canada Publish date::02 April 2025
Istanbul electricity demand forecast with artificial neural networkspdf 1.3 MB Hayriye Yasak Özkal, Buse Kaylan, Meltem Sipahi, Prof. Dr. Muammer Altan Çakir, Central Bank of the Republic of Türkiye / Istanbul Technical University Publish date::02 April 2025
Forecasting influenza-like illness in Italy using Wikipedia: a principal component regression approachpdf 1.3 MB Gianluca Mura, Banca d'Italia Publish date::02 April 2025
A Foundational Model for Macroeconomic Time Series Forecasting and Nowcastingpdf 2.4 MB Batuhan Koyuncu, Byeungchun Kwon, Marco Lombardi, Fernando Perez-Cruz and Hyun Song Shin, BIS Publish date::02 April 2025

Special feature

Data science: the role of statisticianspdf 979.5 KB Elisabetta Carfagna, International Statistics Institute (ISI) Publish date::02 April 2025

Day 3 - Session 3.1 - Data privacy and anonymization

Chair: Adam Cap, BIS

Data anonymization principles at Banco de Portugalpdf 338.4 KB Ana F Carvalho, Francisco Fonseca, Mário Lourenço and Ricardo Marques, Banco de Portugal Publish date::02 April 2025
Generative AI in payments: secure synthetic data and morePDF 1.2 MB Ajit Desai, Colin Jones and Masoud Nasari, Bank of Canada Publish date::02 April 2025
Data sharing conundrum? In fully homomorphic encryption we (must) trustpdf 803.7 KB Mirko Avantaggiato, Adriano Baldeschi, Giuseppe Bruno and Andrea Capitanelli, Banca d'Italia Publish date::02 April 2025

Day 3 - Session 3.2 - Metadata and data integration with SDMX

Chair: Rafael Schmidt, BIS

Metadata integration as a key enabling technique for AI and MLpdf 2.2 MB Thomas Gottron and Daniel Suranyi, European Central Bank (ECB) Publish date::02 April 2025
SDMX chatbot - a trustworthy assistant to navigate the SDMX documentationpdf 1.4 MB Samuel Melm and Brian Buffett, BIS Publish date::02 April 2025
sdmx.io - where tools and learning resources come together to address official statistics use casespdf 539.8 KB Brian Buffett and Douglas Araujo, BIS Publish date::02 April 2025
SDMX enabled users' processes at Banca d'Italiapdf 445.0 KB Attilio Mattiocco and Valentino Pinna, Banca d'Italia Publish date::02 April 2025

Day 3 - Session 3.3 - AI assisted data search and retrieval

Chair: Mónica Molés Ramos, Bank of Spain

Supporting users in seeking data on the ECB data portal: a use case for retrieval augmented generationpdf 1.1 MB Luca Petracca, Alessandro Cortese, Simone De Benedictis, Thomas Gottron, Zlatina Hofmeister, ECB Publish date::02 April 2025
Using RAG and LangChain to drive chatbots for interactive economic data analysis and insightpdf 811.1 KB Seah Boon Keong, Eilyn Chong and Max Chew, Central Bank of Malaysia Publish date::02 April 2025
Leveraging generative AI for granular credit data utilization: a multi-agent approachpdf 1.3 MB Nontawit Cheewaruangroj, Kawinwish Laobundit, Peranut Nimitsurachat, Supachai Saengthong, Skunpoj Thanarojsophon and Anak Yodpinyanee, Bank of Thailand Publish date::02 April 2025

Closing remarks

Data Science in Central Bankingpdf 553.5 KB by Paolo Angelini Deputy Governor of the Bank of Italy Speech by Paolo Angelini, Deputy Governor of Banca d'Italia - workshop on 'Data Science in Central Banking' - Rome, 20 February 2025 Publish date::20 February 2025

4th IFC Workshop on Data Science in Central Banking18-20 February 2025 - Rome, Bank of Italy