According to Gartner, organizations in the finance sectors have an increasing interest in synthetic data technology due to generating a huge volume of data that is extremely complex and varied, consisting very sensitive and personal information of the individuals.
Due to different legal restrictions (like the GDPR in the European Union, and in the United States the CCPA) and security concerns, leveraging customer data became a challenge.
That’s why synthetic data can solve all these problems and help explore market behaviors such as risk managements, financial frauds, lending decisions or pension investments.