About the Client
A leading player in the financial services sector in Germany. With business units in Stuttgart, Munich, and Berlin the client offers a wide range of financial services to clients all over Germany.
The Business Challenge
With big data analytics, there’s potential for greater opportunity and savings, but players in the financial services sector are challenged when it comes to finding value in their analytics investment. With analytics becoming increasingly pervasive innumerable data management challenges continue to haunt the banking sector. It includes those arising due to- the increasing data volumes, the introduction of machine learning, and the growing customer demands. Factors such as these have not only increased the complexity but also the importance of adhering to and understanding data visualization best practices in the financial services sector. Facing similar issues a client from the financial services sector approached Quantzig to leverage its expertise and implement data visualization best practices to tackle such issues.
Players in the financial services sector cannot always afford to implement analytics tools and the adequate data management infrastructure, plus hire professionals required for a new database. Get in Touch to know how data visualization best practices can help!
Top Data Visualization Challenges in the Financial Services Sector
Problem Statement 1
The infrastructure in the financial services sector generally consists of multiple data management systems and enterprises bolted together. Such disconnected data management systems and the complex environment brought in several barriers and hampered the client’s ability to innovate and develop, thereby throwing light on the importance of data visualization best practices.
Problem Statement 2
The data visualization techniques employed by the financial services client had created multiple data silos, making unfettered staff access to data even more difficult.
Problem Statement 3
The debilitating disconnect between the client’s data visualization techniques and the key decision makers had severely limited the client’s ability to communicate insights and make the right decisions.
Solutions Offered and Value Delivered
To effectively manage risks and comply with the changing regulatory landscape players in the financial services sector invest a great deal in data management and compliance activities. Though the financial services sector has witnessed massive growth over the past few years many organizations have yet to realize the full potential from embedding analytics deep into their culture, decision-making processes, and business functions. This process can be made faster and more effective by employing data visualization best practices.
The experts at Quantzig developed a comprehensive approach to help the client adopt data visualization best practices to tackle their key challenges. We recommend that other players in the banking sector can follow these data visualization best practices:
Before adopting data visualization best practices its essential to gather and review the raw data sets to extract maximum insights. Given the complexity of the financial services data, using it to offer a meaningful solution requires insights from diverse fields including- statistics, data mining, and information visualization.
The second phase of this data visualization best practices engagement revolved around leveraging data visualization techniques to discern patterns in the extracted datasets.
The final phase of this data visualization best practices engagement involved the creation of data visualization charts to enhance transparency of the risk management process, empowering the client banks to analyze assets and better understand idiosyncratic risk factors.
The use of advanced data visualization techniques has evolved considerably in the financial services sector. By employing data visualization best practices several banks can articulate an analytics strategy and implement them to achieve their revenue or in the broader sense their business goals. Also, as in this case, there is a general disconnect among the use cases defined by business units, the broader goals, and the objective behind the use of data visualization best practices. The use of data visualization best practices enabled the financial services client to leverage a data-driven business culture that enabled all their employees to access BI capabilities and drive the business forward.
Despite the technical and cultural challenges of extracting insights from such disparate data sets, data visualization best practices promise to transform the financial services ecosystem. Request a FREE Proposal!
Why is Quantzig your One-Stop Analytics Solution Provider?
Quantzig’s data visualization best practices experts are skilled in the design and implementation of evidence-based approaches to creating data visualization charts. Our team of data visualizations specialists guide clients and translate data needs into endpoints that result in robust evidence. We also take into account practicalities along with timing and budgetary constraints of players across different financial services sector. Quantzig also specializes at offering a wide range of analytic solutions that address several challenges faced by the players in the financial services sector, including those related to- credit risk management, data management, and the implementation of data visualization best practices.