NatWest Group and the University of Edinburgh are jointly implementing a project aimed at implementing efforts to create a Center for Purpose-Driven Innovation in Banking.

The purpose of this partnership project is to combine the strategic concepts of the development of a financial institution with the university’s experience in data processing and social sciences. Joint efforts will be aimed at creating solutions that are based on data. The main result for which the cooperation was launched is to contribute to the development of the financial services sector.

The Center for Purpose-Driven Innovation in Banking builds on previous partnerships in the field of innovative technologies, the use of data for the public good, and the implementation of solutions to eliminate and minimize the negative impact on the climate.

The new partnership agreement, supported by the commercialization service of the University of Edinburgh Innovations, is designed for five years. As part of this cooperation agreement, the financial institution undertakes to provide 2 million pounds over the next two years.

Alison Rose, Executive Director of NatWest Group, says that by combining the university’s experience in world-class research and social sciences with the bank’s understanding of customer needs and business specifics, a partnership is being created that promotes the more active implementation of innovative solutions and guarantees that the consumer experience is the best in its class.

She also noted that this example of interaction proves that joint efforts support people, families, and businesses that the lender serves, and help them thrive.

Peter Matheson, director and Vice-Chancellor of the University of Edinburgh, says that the world is currently facing a lot of problems, ranging from poor human health and climate change, and ending with the challenges associated with the active development and spread of artificial intelligence. He stated that the Center for Purpose-Driven Innovation in Banking will combine the university’s expertise with NatWest’s deep data to conduct interdisciplinary research with business applications.

Activities within the framework of the partnership program will include the development of skills and talents of employees of a financial institution and university students. Research and development work will also be carried out. At the same time, cooperation between the bank and the university will contribute to the emergence of the latest academic experience in the field of data science and artificial intelligence, climate change, and social sciences. Intelligent solutions within these areas of knowledge will be studied in the context of the possibilities of their application in the field of banking.

Michael Rovatsos, Head of the Department of Artificial Intelligence at the School of Computer Science, will lead the center jointly with Gbenga Ibikunle, Head of the Department of Finance at the University of Edinburgh Business School.

Ibikunle says that the Center for Purpose-Driven Innovation in Banking is an addition to the excellent student experience provided by the University of Edinburgh.

As we have reported earlier, NatWest to Let UK Merchants Accept Contactless Payments on Android Smartphones.