The centre combines in-depth business insights from NatWest Group (NWG) with the University's research, and data and social science expertise to co-create data-driven, novel solutions for the future of banking. Such cooperation will improve how data is used to benefit bank customers, students, researchers, and policymakers. The new strategic partnership, with delivery support being provided by the Edinburgh Centre of Financial Innovations (ECFI), is planned for five years, with an initial commitment of £2m from NWG for the first two years of activity.
The Centre for Purpose-Driven Innovation in Banking is led by the Data-Driven Innovations hubs Edinburgh Futures Institute and the Bayes Centre and will draw on expertise from more than 100 academics across the whole of the University, including members of ECFI. Professor Michael Rovatsos, Chair in Artificial Intelligence at the School of Informatics, and ECFI's Director and Chair in Finance at the University of Edinburgh Business School, Professor Gbenga Ibikunle, co-direct the Centre.
Innovation activity will include skills and talent development for bank staff and university students and challenge-led research and development activities. The Centre will bring the latest academic developments and thinking in data science and AI, climate change, business, and the social sciences to tackling issues in the banking sector.
