Generative AI firm, Hazy, and Open Banking data ownership platform, Unbanx, announced today the launch of the ethical data cooperative comprising synthetically generated financial transaction data.
Transaction datasets provide analysts, hedge funds and other financial institutions with invaluable insights “into behaviors and trends which drive customer acquisition strategies and enable them to capitalize on emerging market opportunities.”
Yet these datasets are often sold and used without consent and unlawfully, “breaching basic privacy regulations.”
Unbanx is on a mission to change that by “putting consumers back in control of their data by enabling them to earn passive income from their banking transaction data.”
Using Hazy’s leading generative models, the firms have “created a totally artificial transaction dataset that retains all the value of the original dataset and is safe, easy and fast to use.”
The companies have launched the ethical data cooperative in order “to showcase the possibility of artificial data that can be used to drive real value within organizations without risking individuals’ privacy.”
This initiative is a key step forward in ethical data monetization.
The dataset is made up of transactions from over 20,000 consumers “covering real-time credit and debit cards from incumbent and challenger banks, and ticker spending.”
The dataset is available to trial and purchase on Snowflake Marketplace.
Harry Keen, Co-Founder and CEO, Hazy said:
“We’re really excited about this new partnership with Unbanx – another firm that shares the same view on data ethics as Hazy. Many customers we speak to need access to high-quality transaction datasets but cannot access or use them due to regulatory or privacy restrictions. This synthetically generated real-time transaction dataset will provide hedge funds, asset managers and financial firms with detailed consumer insights for improved market analysis and to drive customer acquisition strategies.”
Alan, Co-Founder and CEO, Unbanx: said:
“The Unbanx platform aims to create as much value as possible for consumers from their data. Using consumer data as a source to create accurately representative synthetic data is a no brainer. Our users will get paid for allowing their data to be included in the source data set. The Hazy generative models allow fast and easy creation of highly accurate and privacy-preserving datasets. This new partnership between Unbanx and Hazy is the beginning of the Ethical Data movement, where consumers finally get compensated for their data without any privacy compromises. “
As noted in the update, Hazy is the synthetic data platform “that replicates production data to produce highly secure, representative, and de-identified data.”
Hazy empowers teams with safe data “to accelerate product development, ensuring compliance and security.”
With Hazy, organizations can guarantee data privacy, “reduce development cycles, and avoid overheads associated with using live data.
