What are the most effective ways to visualize data for Banking stakeholders?

1 Know your purpose

Before you create any data visualization, you need to ask yourself: what is the main message or goal of your visualization? Do you want to inform, persuade, or explore? Depending on your purpose, you will need to choose the appropriate type of visualization, such as charts, tables, maps, dashboards, or infographics. For example, if you want to inform your stakeholders about the key financial indicators of your bank, you might use a dashboard that shows the trends, comparisons, and ratios of different metrics. If you want to persuade your stakeholders to invest in a new product or service, you might use an infographic that highlights the benefits, features, and testimonials of your offer. If you want to explore your data and find hidden patterns or anomalies, you might use an interactive tool that allows you to filter, zoom, and drill down into your data.

2 Know your audience

Another important factor to consider when visualizing data for Banking stakeholders is your audience. Who are they, what is their level of data literacy, what are their interests and expectations, and how will they use your visualization? Depending on your audience, you will need to adjust the complexity, design, and interactivity of your visualization. For example, if your audience is senior executives who need a quick overview of the bank's performance, you might use a simple and clear chart that shows the main results and key takeaways. If your audience is analysts who need to dive deeper into the data, you might use a more detailed and interactive visualization that allows them to explore different scenarios and variables.

3 Know your data

Finally, you need to know your data well before you visualize it. What are the characteristics, dimensions, and relationships of your data? How much data do you have, and how accurate and reliable is it? Depending on your data, you will need to choose the best way to represent it visually, such as using colors, shapes, sizes, scales, and labels. For example, if your data is categorical, you might use a bar chart or a pie chart to show the proportions or frequencies of different categories. If your data is numerical, you might use a line chart or a scatter plot to show the trends or correlations of different variables. If your data is geographical, you might use a map or a heat map to show the spatial distribution or intensity of your data.

Data visualization is a powerful skill that can help you communicate data effectively to Banking stakeholders. By following these three tips, you can create data visualizations that are relevant, engaging, and informative for your purpose, audience, and data.

4 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?