HSBC and the national centre for data science, The Alan Turing Institute, have announced they will partner to advance research into economic data science. Over the five year deal, HSBC will fund Turing data scientists at the Institute to research new methods to harness and analyse financial data with greater detail and accuracy, with the goal to help economists, researchers, policymakers and businesses to better understand the UK economy and its interconnection with global markets.
The announcement comes as The Alan Turing Institute begins its first ever year of research in its British Library headquarters. Launched in 2015 by five founding universities and the UK Engineering and Physical Sciences Research Council (EPSRC), the Alan Turing Institute brings together researchers across disciplines – ranging from mathematicians, computer scientists and experts in machine learning and AI, to social data scientists, experts in data ethics and software engineers – to catalyse research into ‘big data’ and algorithms.
HSBC will join other strategic partners at the Institute including Intel, GCHQ and the Lloyd’s Register Foundation, all of which support the Institute’s research priorities: financial services, technology, defence and security, engineering, health and wellbeing and smart cities.
Douglas Flint, HSBC Chairman said: “As the first financial sector partner we are excited about the prospect of working with the Institute’s world leading scientists using big data analytics to better understand economic trends.
“Though early days, we have discussed the potential of research into a range of issues, from the effect of the rise of the gig economy through to analysing factors impacting trade corridors and how quickly business and government needs to adapt to changes.”
Howard Covington, Chair of The Alan Turing Institute, commented: “At The Alan Turing Institute we’re committed to generating world-class research which not only creates the next generation’s theories and ideas, but also has long-lasting societal and economic impact.
“We’re delighted to partner with HSBC to advance cutting-edge research into economic data science, and devise new tools to enable us to better understand the UK economy.”
