Leading generative AI company Hazy and open banking data ownership platform Unbanx today announced the launch of the first ethical data cooperative comprising synthetically generated financial transaction data.
Transaction data sets provide analysts, hedge funds and other financial institutions with valuable insights into behaviors and trends that drive customer acquisition strategies and enable them to capitalize on opportunities in new markets. Yet these datasets are often sold and used without consent and unlawfully, violating basic data protection regulations.
Unbanx aims to change this by giving consumers back control of their data by allowing them to earn passive income from their banking transaction data.
Using Hazy’s leading generative models, the companies have created a completely artificial transaction data set that retains all the value of the original data set and is secure, easy and fast to use.
The companies have created the first ethical data cooperative to demonstrate the possibility of artificial data that can be used to create real value within organizations without compromising individual privacy. This initiative is a groundbreaking step forward in ethical data monetization.
The dataset consists of transactions from over 20,000 consumers, spanning real-time credit and debit cards from established and challenger banks, as well as ticker spending.