Role of synthetic data in financial systems

Introduction

Like all financial institutions, HSBC uses a large amount of data to support its primary goals of providing trusted services to customers. Data that is personal can play a significant role in protecting the bank, and its customers, from financial loss including bad lending decisions and/or fraud. Therefore, this project investigates the role of synthetic data to undertake various analysis and modelling projects without having to directly rely on personal data. For example, better analysing customers propensity to acquire further products (mortgages, loans etc) or fraud. This project is also interested to understand the striking and appropriate balance between privacy and utility and to support the understanding of of synthetic data as a service, by investigating commercially available synthetic data techniques and tools.