The new innovation centre is set to combine business insights from the banking group with the university’s research, data, and social science expertise, to co-create data-driven solutions for the future of banking.

The Centre aims to bring the latest academic developments and thinking in data science and Artificial Intelligence (AI), climate change, business, and the social sciences to tackle issues in the banking sector.

The Centre — which will be led by the other data-oriented innovation hubs Edinburgh Futures Institute and the Bayes Centre — will draw on knowledge from over 100 academics across the university.

Further, innovation activity is set to include challenge-led research and development activities, as well as skills and talent development for bank staff and university students.

Supported by Edinburgh Innovations — the University of Edinburgh’s commercialisation service — the partnership is planned for five years, with an initial commitment of £2 million from NWG for the first two years of activity.

The centre builds on previous collaborative work between the university and the banking group around technological innovation in financial services provision, harnessing data for public good, and climate education.

Commenting on the announcement of the partnership, Professor Sir Peter Mathieson, Principal and Vice-Chancellor of the University of Edinburgh, said: “Our world is faced with a variety of significant and complex challenges, from poor health to climate change and the complicated mix of challenge and opportunity associated with the emergence of artificial intelligence.

“The Centre for Purpose-Driven Innovation in Banking will bring together the University’s expertise with NatWest’s in-depth data and business understanding to co-create multidisciplinary research with business applications. The insights generated will help us translate cutting edge research into real world solutions to benefit society.”

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Dame Alison Rose, CEO of NatWest Group, commented further, saying: “By combining the University of Edinburgh’s world class research and social science expertise with NatWest’s in-depth customer and business understanding, we are creating a partnership which drives innovation and ensures that our customer experience is best in class.

“This, once again, shows that through the power of partnerships, we can support the people, families and business[es] we serve and help them thrive.”

The announcement of The Centre for Purpose-Driven Innovation in Banking marks another of the University of Edinburgh’s initiatives involving data, and yet another related programme that could help the Scottish capital meet its goal of becoming the European data capital.

In April this year, DIGIT reported on the news that Edinburgh was on the rise as a European data capital, despite stiff competition from the likes of Dublin, Amsterdam, and Stockholm.

Significant funding from the Data-Driven Innovation initiative (DDI) — which is a 15-year, £661m investment programme supported by £270m in capital funding from the UK and Scottish governments — has helped bolster the Scottish capital’s ambitions to become the recognised European leader in data.