The Global Open Finance Centre of Excellence (GOFCoE)has partnered with NatWest Group and the UK Government to use financial data to provide support to help the vulnerable.
The GOFCoE is a collaboration between University of Edinburgh, Financial Data and Technology Association (FDATA) and Fintech Scotland.
It is aiming to help in the economic recovery from Covid-19 by offering insight to Natwest Group and government departments across the UK refreshed on a weekly basis, to help improve recovery efforts from the pandemic.
NatWest Group is the first UK bank to share data that will support research into the pandemic's impact on household finances, to help policymakers better understand which groups have been hit hardest by the pandemic.
To protect customer rights and privacy, all of the NatWest data is de-identified, and accessed and analysed by GOFCoE.
It uses the security of the University of Edinburgh financial data safe haven environment - a controlled and secure service environment for undertaking data research.
The work with NatWest hopes to harness financial data to better target funding to help those in need during the pandemic.
The data will provide insight into spending, payments, and bank balances and reveal patterns and trends, adding important detail to the bigger picture of the pandemic’s economic impact.
The initiative with the NatWest Group is just the start for GOFCoE, which is already finding ways financial data could be applied to issues related to removing the poverty premium, addressing the looming pensions gap and using it to create a more sustainable economy.
GOFCoE will soon transition to an independent not-for-profit business, believing it can provide the means to derive crucial insights to help citizens and businesses recover from the pandemic and beyond.
“Our purpose is to improve people’s lives by safely unlocking the potential of financial data,” said Kevin Collins, chief executive at GOFCoE.
“The opportunity to partner with NatWest Group aligned perfectly with their purpose so that the people, businesses and families they serve can rebuild and thrive.”
Simon McNamara, chief administrative officer at NatWest said "The pandemic continues to be challenging for many communities, and the impact is unique for each customer, household and business. We have a crucial role, guided by our purpose, to support our customers and communities to get back on their feet and thrive. ”
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