The DigiLeaders 100 Award is a prominent recognition that celebrates the exceptional contributions of individuals and organisations in the digital space. Specifically, the AI Data Initiative category recognises firms who harness the power of AI to unlock the full potential of data, driving positive change and innovation across diverse sectors.
Revolutionising financial services with synthetic data
Hazy was awarded category leader off the back of its collaboration with Nationwide Building Society who are now able to test up to 100 new vendors each year thanks to synthetic data.
The partnership between Hazy and Nationwide Building Society signifies a major inflection point in how businesses can actually use their data. Nationwide needed to test potential external vendors using core data assets, but due to their sensitive nature, the process of sharing datasets was lengthy and complex.
Hazy and Nationwide solved this challenge using synthetic data - a new paradigm for using data safely and responsibly. Hazy uses cutting-edge AI and machine learning techniques to create a synthetic ‘copy’ of the original dataset. This copy retains the statistical value within the data but contains none of the original information, meaning it cannot be traced back to the source. Through combining our generative models with differential privacy metrics, Hazy synthetic data falls outside the scope of GDPR and CCPA regulations, meaning it can be repeatedly generated and safely shared.
Where previously data and data insights were trapped under layers of regulation, using synthetic data unlocks these assets enabling unsurpassable agility. For Nationwide it has meant that the time taken to provision data has been reduced from six months to three days. The firm is now able to execute on its transformation programme much faster whilst reducing risk of a data breach from using real customer data.
Synthetic data mitigates against data breaches, advances the speed and volume of projects that can be completed each year, and also ensures complete regulatory compliance throughout.
By championing innovation without compromising privacy, Hazy has proven that responsible data management and AI can go hand in hand. As more organisations embrace this approach, we can look forward to a future where AI works harmoniously with humanity, driving progress, and transforming lives for the better.
Read more about the partnership here.