Organizations of all sizes contribute to data production. There is no denying that even the tiniest of businesses are generating a huge amount of data. For example, a small grocery shop owned and managed by a single person has a huge amount of data about its customers, stocks, and billings. If an organization has a website, or is present on social media, or accepts online payments, the amount of data would increase by leaps and bounds. Almost 2.7 Zettabytes of data is existent in the digital world today, which is equal to 2,700,000,000,000,000,000,000 bytes. This data needs to be managed, and there occurs a need for strategies for capturing, using, analyzing, interpreting, and securing data. This gives the birth of data visualization techniques with the help of which data can be visualized or analyzed effectively.
Data visualization techniques are used regardless of the structure of the company or the amount or type of data generated by them. With data visualization, the data collection, analysis, and interpretation become easy and structured and hence it benefits everyone.
How data visualization contributes to the banking sector?
The banking industry has grown rapidly in terms of operations and services over the past couple of years. Banks generate large amounts of data and own their customer’s private information. With the advent of the Internet and data analytics and data visualization, data-related operations, such as monitoring progress have now become easy. Now banks can easily visualize the volumes of data they possess for real-time analytics with graphics and line charts through data visualization which ultimately helps them to understand the necessity of their customer in a better way.
According to the Retail Banking Voice of the Customer Survey conducted by Capgemini and EFMA, banks have not been able to completely exploit the customer data. According to the survey, only 37% of customers are satisfied with how banks understand their needs and preferences. But with data visualization techniques banks will be able to understand their customer’s requirements which will help them in satisfying their customers in the coming years. One of the biggest problems faced by most of the bank is a fraud. With the help of data visualization, banks can easily detect everything and can also remember the statistics very easily which in turn will help the bank in the prevention of frauds. This will lead to increased levels of security and safety standards of the entire banking sector.
Banks have to cater to the needs of millions of customers every day. With data visualization techniques and tools, banks will be able to fulfill customer needs easily and efficiently. Such visualization tools will also help the bank to comprehend the exact needs of a customer, thereby enabling it to provide enhanced services. For efficient risk management, it becomes very essential to have an early and well-planned fault detection system in every bank. Data visualization tools reduce the number of risks by visualizing the data more clearly and hence the number of risks has become manageable in the banking sector.