Banks have a secret weapon known as synthetic data. Here’s how it works

Americans may not trust banks with their personal data. But banks would rather make their own data anyway, and this is why.

Millions of Americans don’t trust banks and financial institutions. In fact, that was the second-most cited reason that unbanked U.S. households don’t have bank accounts, according to survey data from the FDIC. And if Americans don’t trust banks with their money, they’re likely not going to trust them with their personal data and information, either.

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