Inspiring innovation through synthetic data
Collaboration is key to innovation. One of the biggest challenges for innovators is how to access quality data to drive innovation.
Imagine a world with a plentiful supply of data that can be safely and securely shared without any privacy issues, free from bias, with the addition of edge cases that are often too rare to test, even factoring in consumer behaviours.
Advances in techniques for creating synthetic data address this. Whether it’s using data to build a rapid prototype, test an AI model, run scenarios on the strategic impact of a new initiative, or just to test whether something works when data is added…. synthetic data can facilitate this.
Synthetic Data from Smart Data Foundry
We’re passionate about maintaining people’s privacy – synthetic data allows innovators and researchers to work safely with data without exposing sensitive information.
Smart Data Foundry’s answer is to generate high fidelity and high utility synthetic data.
We create synthetic data without needing to have a starting point of real data, by creating ‘agents’ (e.g. synthetic people and businesses) and giving the agents a ‘personality’ – i.e. a set of rules, preferences, and parameters to operate within.
Known as agent-based modelling, the simulated behaviour of the agents is logged and then output in the form of synthetic data.
Synthetic data generated by Smart Data Foundry contains very similar properties to ‘real’ data but entirely removes privacy issues by generating the data from scratch, meaning no real people or events are contained in the synthetic dataset.
It’s quick and easy to access synthetic data from Smart Data Foundry. Check out our most popular synthetic datasets below or get in touch to create unique synthetic data to match your needs.
Custom and bespoke synthetic datasets
We love working with customers in partnership to drive co-design-led engagements.
The power of the synthetic data generated by Smart Data Foundry is that there are no boundaries.
We’re constantly challenged to help solve complex problems by creating bespoke synthetic data that combines multiple datasets – something that cannot easily be achieved with real data.
It can’t even be achieved by alternative approaches to synthetic data that require real datasets and create a synthetic double of the data – unless the original data happens to contain all of the data and attributes needed to solve the complex problem in question.
We’d love to hear from you to discuss options to create unique synthetic data to match your needs.
- Standard datasets can be customised to support your specific requirements
- Bespoke datasets can be built where existing datasets are not aligned to your requirements
Get in touch
Standards for Innovation
Open Banking is a catalyst for unlocking the power of financial data and for driving innovation.
However, the UK is only one financial ecosystem, and we want to drive the development of products to be used across borders.
When different countries and different financial systems all embrace the same opportunity, it can lead to different technical standards created in isolation of each other.
That’s why we have introduced a set of Standards for Innovation.
The Standards Library allows for quick understanding and easy comparison of worldwide technical and regulatory standards in Open Banking, Open Finance and Open Data.
The financial environments within which these standards fit are showcased in our Innovation Atlas, highlighting levels of financial inclusion, data privacy and the direction of travel for financial innovation across the globe.
These rich resources for understanding how to drive innovation around the world will be available in mid-2023. Get to the front of the queue and be the first to get access when it goes live.