Data visualization is the graphical representation of insights generated in real-time. The reports are used by banks to effectively streamline daily activities and make faster decisions.
Data visualization is the process of graphically visualizing large data sets. The visuals make it easier to understand the relationship between various factors and identify the trends. Data visualization gives you insights in real-time and helps in faster decision-making.
According to the latest survey, data visualization is among the top three BI trends, with data quality management and self-service business intelligence. The banking sector deals with large amounts of data every day. Banks have huge volumes of historical and real-time data that need to be processed quickly.
Spreadsheets can no longer help banks keep up with the increasing pace in today’s world. Banking professionals are too busy to sift through endless spreadsheets and arrive at a conclusion without using the latest technology. Moreover, spreadsheets can’t handle large amounts of data.
Power BI is a well-known business intelligence tool that offers data visualization dashboards in real-time. Many banks from different countries have been integrating Power BI to create data visualizations and help employees work efficiently. Considering effective scenarios, a Power BI consulting firm is responsible for assisting banks in implementing data visualizations for day-to-day activities.
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Data visualization is much more than PowerPoint presentations. It creates detailed graphs and charts to help employees understand large datasets in less time. There are several uses of data visualization in the banking industry.
Data visualization is an easy way to understand and learn from data. Since many of us are visual learners, using data visualization helps convey the message/ insight easily compared to blocks of text or spreadsheets.
Moreover, the traditional methods can only provide static data based on historical information. By the time the latest data is collected, cleaned, and processed, it becomes outdated and may not be as effective when used in decision-making. Banking professionals can take one look at the data visualization report of a customer’s journey with the bank and determine the best financial service.
There’s no need to sort and filter countless rows and columns of data. You can generate graphical representations of any dataset. Create bar charts, line charts, pie charts, heat maps, etc., to instantly identify the macro and micro details of the same situation.
For example, you can look at the graph of monthly transactions in a bank branch to identify which month recorded the highest number and why.
PowerPoint is not enough to create reports for big data. But Power BI and data visualization are perfect for big data. Since the financial industry deals with huge volumes of data, using data visualization tools is the best choice to understand datasets.
Financial fraud is one of the biggest concerns in the banking sector. Data visualization reports help detect patterns you might otherwise not notice. The reports give employees the necessary information to minimize the risk of fraudulent transactions and prevent them from occurring. Banks and insurance companies have separate dashboards for fraud detection and risk management.
The visualization reports are not limited to only a few employees in the bank. The reports can be shared between departments, teams, and employees. This simplifies data sharing and collaboration within the bank. Teams from different branches can work together irrespective of their locations.
One of the most commonly used tools for data visualization is Microsoft Power BI. It is a complete suite of applications that allows banks to collect, process, analyze, and present data in real-time. However, implementing Power BI requires expertise. Hiring a consultant makes it easy to use the business intelligence tool in the bank.
Power-BI is a cloud-hosted business intelligence tool by Microsoft. It collects data from multiple sources and processes it to generate visualization reports based on your chosen parameters. Power BI is flexible and deals with a range of data. It is used for data science, data analytics, and data visualizations.
Moreover, Power BI can be accessed through the web, desktop, and mobile phones. It helps in sharing data across the enterprise and empowers teams to collaborate remotely. Power BI is one of the leading tools for data visualization in banking establishments.
There is no escaping data in the financial industry. It makes sense that banking and financial institutions want to adopt data-driven models to streamline their processes and make better decisions. While banks can implement Power BI through an in-house team, many prefer to hire experts. After all, Power BI consulting services simplify the process and minimize the risks of adopting new technology. Banks have experienced several benefits by using Power BI for analytics and data visualization.
Microsoft details how the Metro Bank in the UK has used Power BI to revamp its systems and strategies to gain a competitive edge in the market.
Banks are no longer limited to physical offices. People rely more on the internet and mobile banking for various online transactions. Power BI helps collect and process this data to understand customer behavior.
Power BI helps make customer service better and efficient by analyzing the helpdesk data from tracking complaints to speeding up the resolving time.
When should the banks hire additional staff? How should the manager distribute work? What are the peak times for offline and online transactions? This data allows managers to organize the teams and increase productivity.
Power BI allows banks to work with big data using powerful algorithms. There’s no need to delete old data or aggregate datasets. Moreover, you can access historical and real-time data at any given point in time.
Processing large datasets in seconds/ minutes is possible using Power BI. This makes it easy to identify data trends for the factors you want. You can add or remove parameters to understand how the trends change.
Power BI is hosted on the cloud and can be accessed from any device/ location. This gives employees direct access to the data they require at work.
We can use AI/ML algorithms in PowerBI to perform advanced data analytics. It does the major work in the backend and provides you with the final results. Automation is another advantage of Power BI.
Power BI’s dashboard has intuitive features and delivers actionable insights in real-time. Your dashboard is customizable and you can create multiple versions to focus on various KPIs important for the bank.
Power BI is among the most used data visualization tools in banking. A report is a collection of visualizations related to one another. A dashboard is a collection of views where you can compare data simultaneously.
Let’s look at ways to implement data visualizations using Power BI.
The Power BI dashboard is a compilation of several visualizations on the same interface. These are called tiles and are pinned on the dashboard at different positions. You need to create the dashboard after data is processed and analyzed.
Power BI has built-in visualizations. From bar graphs to pie charts and many more, you can choose the type of visualization by clicking on the icon. Power BI also has complex graphical representations like waterfalls, funnels, and gauges.
You can create the visualizations either using the Report Canvas option or through the drag-and-drop feature to add as many fields and elements as you want. Even when you use the Report Canvas option, you can customize the layout and move the visualization by clicking on it and dragging it from the existing position to another.
Power BI allows you to customize the charts and make various changes to the visualizations. Be it adding your business logo to changing the color scheme of the interface, you can own the tool as a part of your business.
Moreover, you can customize the reports by changing the colors used for the graphs, editing the labels, adding/ removing borders, changing the background, and locking the fields you don’t want others to edit. This ensures that the reports will not be tampered with even when accessed by countless people. The Format tab provides the options to customize the reports.
You can incorporate text boxes and images into the reports to share additional information. Then you can fit the report to suit the screen dimensions or export it to other apps. With just a few clicks, you can duplicate the report and save another copy.
DataToBiz is a leading solution provider in the market. The company has experienced Power BI consultants who work with banks to implement Power BI and customize data visualizations based on their requirements. DataToBiz has gained a reputation as a reliable and trustworthy offshore consultant for data visualization in the banking industry. Talk to our team to know how data visualization using Power BI can give your bank a competitive advantage over others.