Using Big Data to Benefit the Economy
October 20, 2016 | HSBCEstimated reading time: 1 minute
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.
Suggested Items
Nolan’s Notes: Coming to Terms With AI
05/07/2024 | Nolan Johnson -- Column: Nolan's NotesHow fast do things move in the world of data analytics? Here’s an example. We’ve been planning this issue on artificial intelligence for the past few months, and, in fact, I had already written this column about a month ago. Then I went to IPC APEX EXPO and upended it all. I originally had compared AI to drag racing in that (CPU) horsepower and new (data) vehicles have steadily delivered higher performance competition. That seemed pretty accurate given how generative AI models dominated the popular media with amazing results—and sometimes spectacular crashes.
RTX's Advanced Ground System for Space-based Missile Warning Now Operational
05/06/2024 | RTXAn advanced ground system for space-based missile warning developed by Raytheon, an RTX business, is now operational at the U.S. Space Force's Overhead Persistent Infrared Battlespace Awareness Center (OBAC).
Cigent, Swissbit Announce Partnership to Enhance Endpoint Data Security
05/06/2024 | CigentCigent, a leading provider of endpoint data protection solutions, and Swissbit, a leading manufacturer of storage, security, and embedded IoT solutions, today announced a strategic partnership to offer a comprehensive portfolio of secure storage drives designed to safeguard endpoint data against a growing landscape of cyberthreats.
Industrial PC Market Size to Record $1.75 Billion Growth from 2023-2027
05/03/2024 | PRNewswireThe global industrial pc market size is estimated to grow by USD 1.75 billion from 2023 to 2027, according to Technavio. This growth is expected to occur at a Compound Annual Growth Rate (CAGR) of almost 6.29% during the forecast period.
Gartner Survey: 61% of Organizations Evolving D&A Model Due to AI
05/01/2024 | Gartner, Inc.Sixty-one percent of organizations are forced to evolve or rethink their data and analytics (D&A) operating model because of the impact of disruptive artificial intelligence (AI) technologies, according to a new Gartner, Inc. survey.