Using Big Data to Benefit the Economy

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HSBC has signed a five-year partnership with The Alan Turing Institute, the UK’s newly created national centre for data science.

The multi-million pound deal will provide funding for research into data science and what it reveals about the trends that shape the UK economy and its connections to other markets. The research will also draw on HSBC’s experience of collecting and analysing information about trade flows and transaction patterns.

The Alan Turing Institute aims to become a world leader in data science – a fast-evolving field that draws on computing, mathematical and social sciences. It was founded in 2015 as a joint venture between the universities of Cambridge, Edinburgh, Oxford, University College London, Warwick and the UK Engineering and Physical Sciences Research Council. Supported by GBP42 million of UK government funding, the Institute will carry out research, offer training and help to inform public debate and policy.

The Institute is working with the public sector and companies to identify and solve problems in six areas: engineering, technology, defence and security, smart cities, financial services, and health and well-being.

HSBC Group Chairman Douglas Flint 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 need to adapt to changes.”

More than 100 researchers, ranging from senior academics to early career researchers, and more than 30 doctoral students are currently beginning research at the Institute’s headquarters in the British Library in London.

What is data science?

In today’s digital world we are surrounded by vast quantities of data. But with so much information available how do we make sense of it all? Data science aims to use a range of processes to analyse large blocks of information. By analysing data more effectively, trends can be identified that can then be used to help inform decisions and develop policies.

Data science draws on expertise from a variety of disciplines. Academics at The Alan Turing Institute, for example, include mathematicians, computer scientists, social scientists, statisticians and experts in machine learning and artificial intelligence.