Financial institutions often need to use fake data in product development to protect customer privacy – and generative AI makes building complex, realistic datasets much easier. 

A handful of big banks are getting real about fake data.  

UK-based startup Hazy just raised money from Wells Fargo, Nationwide Building Society, and Intesa Sanpaolo bank, among others, to simplify the previously time-consuming, expensive, and risky process of wrangling test data.  

“Teams now get realistic data in hours or days, rather than weeks or months,” according to Nationwide’s chief data officer.  

Synthetic data creation is another example of generative AI, which has become one of the hottest areas of investment and experimentation.  

While some financial institutions choose to generate their fake data independently, finding a dedicated partner can help save time and effort (Insight Partners’ portfolio company Tonic AI also has a slew of finance and insurance clients).