Worried about the best way to present your latest findings to your higher-ups? DataViz will no doubt assist you with that task, but do you know for sure which graphs and charts speak the language of your industry?
It’s time to stop worrying – our new series is here to lend you a hand with choosing the perfect DataViz for your reports! After examining the Media industry, we would like to carry on with Finance.
As previously pointed out when analysing KPIs specific to Banking, the ongoing and rapidly evolving digitalisation of business is not foreign to the financial sector either. In order to triumph in the contemporary marketplace, banks, insurance companies and similar have no other choice but to actively digitise their marketing campaigns and accurately monitor their performance.
And this is where DataViz comes into play.
It is not a secret that virtually all financial service providers nowadays operate a sophisticated website that allows users to perform a variety of actions on their own, such as checking their bank account, purchasing a product, hiring an insurance policy, etc. It is therefore highly recommendable to supervise the site’s performance and popularity, and keeping track of the tools that are most commonly used is a good place to start. Line charts can greatly assist us with that, since they let us quickly compare various tools over time, which in the long run indicates what areas of our website deserve extra attention and optimisation.
To continue examining the performance of our website, we may want to compare the number of registered users versus unregistered ones. Layered area charts are best for reflecting this, since they offer a very visual presentation of both types of users. Having this information can substantially alter our strategy, since we will be able to adjust our marketing campaigns and prioritise between acquisition and retention. Careful: notice how we say “prioritise”, not choose one or the other, since both acquisition and retention are equally valuable and important digital marketing paths.
In order to further optimise our website, we should investigate which services are purchased most often. Representing them in a stacked bar chart format is the way to go, since we get access to a number of different categories without losing the whole picture of our online performance. In the case of less popular services, we might want to rethink our digital strategy: for instance, add more information, check whether the layout is user-friendly, provide phone numbers for assistance, etc. Likewise, we can further enhance the most attractive sections as well: adopt responsive design, include social media share buttons, and so on.
Mobile is another big trend in the contemporary digital landscape. No businesses nowadays can do without a proper mobile version of their website, and the finance industry is no exception. In order to provide the ultimate user experience we should be aware of the mobile operating systems our customers are using to access our website. With these findings in mind we will be able to offer a smooth and effortless browsing process. We can portray different operating systems with a pie chart that allows us to see usage by device as a portion of all mobile device access.
Many financial institutions, especially banks, operate worldwide, a trend that intensified due to the phenomenon of globalisation. Not only is it crucial to know the overall performance of our multiple international branches, but it is also extremely insightful to compare the volume of each given operation by region. Map charts are our best companion for this task, since their clear and self-explanatory design speaks for itself and requires no unnecessary wording.
Work in Finance? We’d love to hear from YOU! What DataViz do you find the most useful when representing your digital marketing campaigns?
Not Another Dashboard.