Data drives valuable innovation in an increasingly digital financial services sector. But it also needs to be protected and consumers’ right to privacy safeguarded. So we want to understand the existing market maturity of ‘synthetic data’ within financial services and its potential for safely opening data sharing between firms, regulators and other public bodies.
Why we are asking for input
Increasingly, innovation within financial services is data-driven, requiring large volumes of high-quality data to develop and train accurate, effective models and systems.
However, financial data – such as consumer transaction records, account payments, or trading data – is sensitive personal data subject to data protection obligations, as well as often being commercially sensitive.
This is where we believe synthetic data can help.
To ensure that our innovation services remain fit-for-purpose in the digital age, we are asking for your input. We want to better understand different market participants views’ on the extent to which synthetic data can expand data access and data sharing opportunities in the market.
We are also evaluating the maturity of synthetic data usage within financial services, and the extent to which both regulated and unregulated firms are using it. Finally, we are interested in what the industry sees as the role of the regulator in the provision of synthetic data, particularly regarding our competition remit, and the appetite of firms to collaborate with regulators and/or other organisations to generate synthetic data.
Who we want to hear from
This will be of interest to:
- RegTechs and FinTechs
- technology firms
- regulators and policy-making bodies
We welcome discussion and feedback.
Please share your views, including responses to our questions, by 22 June 2022. You can do this:
- using the online form
- by emailing [email protected]
- or by writing to the address on page 2 of the call for input
We plan to publish a Feedback Statement setting out our analysis, findings and any next steps.