Published: 04 April 2024
Synthetic data offers opportunities to advance financial crime prevention, financial inclusion, innovation, fintech onboarding and open banking. Banking CIOs can use this research to learn how early adopters are using synthetic data, and its potential for business application.
Synthetic data can become a tool to advance training and of machine learning (ML) models and stress testing of existing models by simulating new fraud attack types. This improves capabilities of internal risk management models and processes, and can advance fraud and financial crime prevention practices in the industry.
Synthetic data can help accelerate loan growth, expand access to new customers and increase financial inclusion by enriching data for credit decision making, supporting market and pricing scenarios, and simulating customer behaviors to better understand their needs.
Synthetic data is core for data privacy and protection. It can enable a
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