Almost 38,000 visits have been made to the Reserve Bank’s Financial Strength Dashboard since it was launched a year ago.
The Dashboard, released in late May 2018, is an innovative website designed to help depositors, investors and other stakeholders make well-informed decisions, when placing money with a bank, by displaying more than 100 individual metrics on the financial strength of banks that cover seven subject areas including Credit Rating, Asset Quality and Profitability.
The data on the Dashboard is updated quarterly and is more timely, of better quality and provides more detail than was previously available on its predecessor, the little-used ‘G1’ table.
The outcome of the first year of operations has been published in an article in the Reserve Bank Bulletin. In that time, the Dashboard fielded nearly 38,000 visitors who spent a total of 2,800 hours on the website. The Dashboard has gained international recognition and won the Initiative of the year award from the Central Banking Publication.
‘Disclosures have long been a key part of the Reserve Bank’s approach to prudential regulation,’ article co-author Cavan O’Connor-Close said. ‘And the Dashboard is a major overhaul of how financial disclosures are communicated to a diverse audience.’
A variety of enhancements are being planned that respond to user needs and help ensure that the Dashboard remains fit for purpose.