NatWest Group and the University of Edinburgh have joined forces to establish a research and innovation centre with a focus on banking data.
The centre’s aim is to enhance the utilization of data for the benefit of bank customers, students, researchers, and policymakers. This initiative also builds upon the previous collaborative efforts between NatWest and the University.
Both organizations have previously demonstrated their commitment to technological innovation in financial services. The CEO of NatWest Group, Dame Alison Rose, expressed enthusiasm about the partnership.
He highlights the combination of the University’s world-class research and social science expertise with NatWest’s extensive understanding of customer and business dynamics.
Benefits of the Centre
Professor Sir Peter Mathieson, the principal and vice-chancellor of the University of Edinburgh, emphasized the pressing challenges faced by society.
He stated that the Centre for Purpose-Driven Innovation in Banking would combine the University’s expertise with NatWest’s comprehensive data. This in turn will co-create interdisciplinary research with practical applications.
The insights derived from this collaboration will help translate cutting-edge research into real-world solutions for the betterment of society.
NatWest Group’s decision to establish the research centre comes on the heels of a profitable first quarter. The bank’s Q1 2023 earnings report showed an impressive 50% year-on-year increase in profits before tax, reaching INR 180 Crore.
Profits after tax also surged by 48% to £1.24 billion (INR 124 Crore) compared to the previous year. In May, NatWest announced a commitment to invest £1 billion (INR 100 Crore) in additional lending to achieve net-zero financed emissions, assets, and operational value chain by 2050.
The establishment of this research and innovation centre signifies a significant step towards leveraging data. And also research to drive positive change in the banking sector.
With the combined strengths of NatWest Group and the University of Edinburgh, the centre is poised to make meaningful contributions to both academia and industry.