What is Data Visualization?

Data Visualization refers to the use of visual elements like charts, graphs, maps, etc. to present data and information more comprehensively and easily. By converting large or complicated datasets into graphical representations, data visualization allows for the identification of patterns, trends, and outliers that might be hard to recognize in raw data.

Why is Data Visualization Important?

Data Visualization plays a crucial role in today's banking industry as it helps in reducing operating costs and improving market analysis. Traditional methods of data collection can be expensive and interpreting raw data can be challenging. Hence, visualizing data related to customer transactions is essential in identifying market trends for banks. Additionally, cloud technology can facilitate market expansion and customer identification for banks, making it a more efficient process.

What are the advantages of utilizing Data Visualization?

• Exploration: With increased accessibility to data, there are more opportunities to explore, collaborate, and make informed decisions.

• Strategic decision-making: Data visualization enables easy interpretation of data and saves time by providing faster data analysis, thus allowing for a better understanding of the bigger picture. By identifying patterns, recognizing trends, and gaining insights, organizations can make informed decisions to stay ahead of their competitors.

• Enhance customer satisfaction: Data visualization helps to capture customer needs and preferences through graphical representation, enabling organizations to identify gaps in customer service, improve their products or services strategically, and reduce operational inefficiencies.

• Simplify communication among team members: Data visualization techniques are effective in conveying the results of data analysis to larger teams. Visualization can help the entire team work together to establish common objectives and strategies. By using visual analytics to track goals and progress, teams can improve motivation and performance. For example, a sales team may collaborate to increase the height of their sales bar chart in a particular quarter.

Cloud Technology to Aid in Data Visualization for Market Trend Forecasting

To make it easier to create data visualization, cloud technology is needed in it, such as:

• Cloud Storage: An internet-based data storage solution where users can store, organize, and access their data from any location with an internet connection.

• Cloud Database: A type of database that is hosted and accessed over the internet from a cloud service provider. The cloud database stores and manages data on remote servers in the provider's data center. Users can access data and perform database operations such as adding, modifying, and deleting data from any location with an internet connection.

• Virtual Private Cloud: Cloud services offer tailor-made infrastructure for specific organizations or companies, ensuring that the infrastructure is entirely isolated and usable by a single tenant.

• Load Balancer: A service that can dynamically and automatically manage traffic to prevent a situation where one server gets overloaded while others are underutilized.

• Multi-Cluster Compute: A service that can increase the size and speed of data processing.

Utilizing Cloud Technology for Data Visualization to Forecast Market Trends

To implement data visualization, the first step is to collect data from the super app, such as bank income, customer income based on age, quantity-correlation percentage of discounts, percentage of income per region, and income per category per gender. This data will then be stored in storage and processed by data analysts to create a dashboard that displays a collection of data from various sources.

Implementation of Cloud Technology in Helping Making Data Visualization To Predict Market Trends

The availability of cloud technology for data visualization is expected to broaden the market coverage or target market for products or services offered. Additionally, it will improve data leak prevention efficiency for each branch.

Furthermore, the integration of cloud technology will enhance the effectiveness of the surrounding system, resulting in greater benefits for the company. The system's integration with the cloud will lead to improved identification of potential customer leads with high interest or needs for the products or services offered. This process will be facilitated through the use of a dashboard that processes data and enables easier mapping.