Industries
AI applications have led to remarkable breakthroughs in the finance industry both for businesses and their customers, which will only increase over time. Using generative AI models to create synthetic data, betterdata allows you to improve data-driven processes, reduce costs with near-instant data access routines and increase revenue streams.
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Use Cases
A synthetic dataset with more and accurately labeled fraud events facilitates fraud detection AI model training, improves accuracy, and reduces costs. Credit/debit card and transaction databases are frequently skewed, with only a few fraudulent instances. To improve your AI model performance, betterdata can generate more data samples for the rare cases of fradulent instances to create a more balanced dataset.
Predictive AI/ML algorithms are used by financial institutions for approving loans and assigning credit limits. However, getting access to the real user data required for these tasks is extremely difficult. betterdata can assist in enhancing your existing database and synthesise new records from it for sharing without compromising user privacy.
Two main challenges for financial organizations are ensuring data security and privacy while managing user data generated on a daily basis. betterdata enables you to generate any amount of new data that is as-good-as real data and is 100% compliant with data protection regulations worldwide.
