EDINBURGH’S Smart Data Foundry has launched the world’s first self-service agent-based synthetic data generation product.
SDF has released version 2.0 of its Aizle platform, which allows users to independently generate secure, high-quality synthetic data without the need for real data as input, or specialised data science expertise.
Subscribers to the service will be able to log in and gain access to synthetic data which they can customise to their needs for a fraction of the cost of using real data, making it much more affordable for small businesses and start-ups to use.
With the market for synthetic data generation forecast to be worth $2.1bn by 2028*, SDF is already experiencing strong demand for the platform as banks, FinTechs and financial regulators look for new, safer ways to innovate and build better, trusted, and valued products.
David Tracy, Head of Data Products at Smart Data Foundry, said: “This new platform will open up the toolbox to synthetic data – until now, financial services institutions have been spending months tracking down and tidying up training data, clearing it for use with their compliance teams, and then spinning up teams of machine learning specialists to generate data, on for example financial fraud. Instead, they can log in to their Aizle account, set their parameters, and the data will be ready to use within a matter of minutes or hours depending on how detailed their requirements are.
“By democratising data access, Aizle’s self-serve platform empowers users to independently generate and utilise agent-based synthetic data effortlessly, driving innovation and efficiency in their operations.
“While we are initially targeting the UK market, we can develop synthetic data for any market. We’re already building on interest internationally and intend to offer the service to financial institutions and regulators around the world.”
Unlike other synthetic data approaches, Aizle requires no real input data as AI agents simulate the activities of synthetic people and businesses within a customisable framework of behavioural rules and patterns. This generates data about people’s jobs, spending, and financial relationships; about businesses’ bills, cashflow, and obligations.
Not only is Aizle easier to use than traditional data generation services, but it is also much more secure. No real data is used, offering unmatched data security with no compliance, privacy, or risk headaches. Users can confidently generate synthetic data that safeguards sensitive financial information.
The Aizle self-service platform generates richly detailed synthetic data that mirrors real financial scenarios, ensuring reliable analytics and supporting high-quality research and decision-making. The core data sets used will be updated regularly with additional data and functionality throughout the subscription period.
Aizle can be used for innovation in areas previously considered too difficult or expensive to explore, where data doesn’t exist, in Gen AI/Machine Learning training and testing, and in product development and testing.
It can also help address some of the privacy and security concerns associated with using real-world data. New data breaches and scams occur every day with recent victims including AT&T, which saw the personal data of 73 million current and former AT&T customers leaked online, and NHS Dumfries and Galloway, which had a large volume of patient and staff data stolen by cyber criminals and published on the dark web.
David added: “The launch of Aizle’s self-serve platform marks a significant advancement in synthetic data technology. It allows financial institutions, for example, to easily generate – on their own terms – synthetic data they can trust, ensuring privacy and compliance while facilitating robust data-driven insights.”
Created by leading data innovation organisation Smart Data Foundry in 2023, Aizle has grown from a small research initiative employing two data scientists to a 15-strong division with enterprise clients including NatWest Group, Financial Conduct Authority (FCA), TISA and the Department for Business and Trade.
