The Financial Services Implementation Unit (FSIU) is now collecting important data from businesses that will shape the future development of the financial services industry.
The unit has launched a survey via the online service, Survey Monkey, which is targeted at companies within the industry. Through data collected, the FSI will be able to set benchmarks for the various initiatives under the BVI Forward campaign; measure and monitor their progress and ultimately determine the overall success of the campaign.
The industry consultancy facilitated by McKinsey and Company underscored the significance of using data to define the way forward through evidence-based decision-making.
The FSIU is collaborating with the Central Statistics Office and the Macro Fiscal Unit in the Ministry of Finance which are charged with strengthening government’s evidence-based decision-making processes.
Premier and Minister of Finance Dr. the Honourable D. Orlando Smith, OBE, appealed for the industry’s support in the data gathering process at a recent breakfast meeting he hosted for members of the Financial Services Advisory Committee.
Premier Smith said, “FSIU will be embarking on a series of surveys for the purpose of collecting the data that will help us create new evidence based systems and strengthen current ones. This will help us to measure and monitor the changes we are seeking to make.”
He added, “We need your support and assistance with building the evidence based foundation we need to manage this new economy with a strong substance focus. To do this, we need to strengthen our data and information collection, analysis and decision making systems.”
FSIU’s Data Analyst, Ms. Aida Biberic also appealed for companies to complete the survey. She acknowledged that various surveys have been conducted in the past but said a more standardised approach is now being used.
Ms. Biberic said, “The survey includes questions related to marketing and product development, resources and training as well as other issues relevant to the industry. We tested the survey with the help of a select group of industry officials and the feedback was quite useful. Now that we have launched the survey for the wider industry, we are keen to see a similar level of feedback.”
The survey requires only one response per company. Individual responses are confidential but the data acquired will be aggregated and summarised in a report that will be made available to the industry.
The FSIU plans to launch other surveys in the coming months, one of which will be a population survey to get an understanding of the general perception of the financial services industry in the BVI, and one for high school students to determine their level of awareness of the various career opportunities the industry provides.