A New Vision for Data Visualization: Marrying Data Science and User Experience Design
Authored by: Nigel West, Principal Consultant, Synechron Business Consulting and Josh Markowitz , Sr. Director-Experience Strategy & Research
The financial services industry is changing the way it thinks about data. We can see this in new and upcoming regulations, like the Consolidated Audit Trail (CAT) in the US and the General Data Protection Regulation (GDPR) in Europe, where regulatory obligations have become stricter around data requirements. While the data security aspect of this is important, a large part of this shift is the increase in the amount of data. Data, especially in industries like financial services, can be a firms’ most valuable asset – but only if they can understand the data that they have generated and how to use it. Many tools in the industry have surfaced to address this need and enhance data visualization. The main challenge has been how to visualize data in a way that makes it the most meaningful and the most intuitive to the largest amount of people. The key challenge is to keep things simple. This can mean anything from taking into account how different people might take in and interpret these images, to how different use cases make more sense with certain visualization styles. User Experience (UX) design can help firms showcase what’s most important and to create a new vision for data visualization. The following are some best practices for firms to keep the top of mind when designing and implementing data visualization tools for financial services by leveraging UX.