Synthetic data in the Financial Sector
Financial sector
Banks
Insurance companies
FinTech
Why do financial organizations need synthetic data?
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.
More compliance costs for companies that lack privacy protection
of additional value annually for global banking thanks to using AI technologies
of the data used in AI and analytics is expected to be synthetic by 2024
Data sharing
The problem: Highly sensitive data is typically collected by those banks, insurance companies and fin tech organizations and cannot simply be used and shared with stakeholders. Consequently, those organizations cannot realize data driven innovation and they miss data opportunities
Our solution: share the data in synthetic form to unlock this data. Benefits for those organizations: Less risk, More data and faster data access. After our visit, those organizations can test, develop and innovate based on synthetic data.
Client use cases
Our clients
We are experts in synthetic data. But, don’t worry, our team is real!
Contact Syntho and one of our experts will get in touch with you at the speed of light to explore the value of synthetic data!
