Synthetic data generated by artificial intelligence offer banks and financial institutions an anonymised way to extract information and identify patterns from the amount of customer data they hold. George Labs, Erste Group's in-house fintech lab, and MOSTLY AI have completed a few projects. By using realistic synthetic datasets, the George Labs team has been able to test the platform using real-life scenarios, resulting in a more user-friendly and customer-centric product.
Synthetic data will play a part in these projects through privacy protection and data democratisation across the organisation.
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