Banks Embrace the Use of Synthetic Data
Banks have long been using synthetic data to validate solutions, but tech advancements and regulatory pressure have established this practice as a crucial step in the development and testing of technologies.
Synthetic data is playing an increasingly important part in testing solutions, particularly as pressure mounts on banks to harness newer, more sophisticated technologies while complying with a raft of regulation.
Although auto-generated data is not a new tool for many banks, it has proven particularly useful in recent cases where firms look to adopt new capabilities, similar to those of Netflix, Amazon or Google, that require vast amounts of data.
According to Giuseppe Nuti, head of
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