Millions of Americans don’t trust banks and financial institutions. In fact, that was the second-most cited reason that unbanked U.S. households don’t have bank accounts, according to survey data from the FDIC. And if Americans don’t trust banks with their money, they’re likely not going to trust them with their personal data and information, either.
But there’s a limit to how much banks can leverage your data, anyway. That’s because the ways in which banks can use customer data to research tools and methods, or devise new product offerings, are rife with red tape—making it difficult not only for banks to drive revenues, but also to fine-tune their products and services.
That’s why banks are turning to another way of generating the data they need, by creating what’s called “synthetic data.” In a world that’s quickly adopting artificial intelligence and creating meatless meat products, why not embrace phony data too?
Is it real or fake?
But phony isn’t the right way to phrase it, experts say. Synthetic data wasn’t just pulled out of the ether. Instead, synthetic data is an artificial version of real data—it has the same characteristics and structures as real data, and similar statistical properties.
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