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Synthetic Data Applications in Finance
Dec 29, 2023
Synthetic data has made tremendous strides in various commercial settings including finance, healthcare, and virtual reality. We present a broad overview of prototypical applications of synthetic data in the financial sector and in particular provide richer details for a few select ones. These cover a wide variety of data modalities including tabular, time-series, event-series, and unstructured arising from both markets and retail financial applications. Since finance is a highly regulated industry, synthetic data is a potential approach for dealing with issues related to privacy, fairness, and explainability. Various metrics are utilized in evaluating the quality and effectiveness of our approaches in these applications. We conclude with open directions in synthetic data in the context of the financial domain.
A supervised generative optimization approach for tabular data
Sep 10, 2023
Synthetic data generation has emerged as a crucial topic for financial institutions, driven by multiple factors, such as privacy protection and data augmentation. Many algorithms have been proposed for synthetic data generation but reaching the consensus on which method we should use for the specific data sets and use cases remains challenging. Moreover, the majority of existing approaches are ``unsupervised'' in the sense that they do not take into account the downstream task. To address these issues, this work presents a novel synthetic data generation framework. The framework integrates a supervised component tailored to the specific downstream task and employs a meta-learning approach to learn the optimal mixture distribution of existing synthetic distributions.