What do you mean by data visualization?

Net banking is a concept that is not too old in the banking sector. However, it has been successful in replacing various other traditional means of banking among regular bank customers. The golden days of net banking have been replaced by mobile app-based banking. Today, almost every bank is making investments in the development of mobile applications that would assist bank customers in accessing their accounts and process transactions quickly and seamlessly. 

It would not be an exaggeration to say that the confidence of the banks to serve their customers over mobile applications is powered by open banking technology. It takes the help of a central directory of bank information of every customer and facilitates data access and transfer without any hindrance. It is why you can check and make changes to your account and savings using your mobile application, without even bothering about the fact that you had started your account in a city and a branch that is far from your current location.

Although mobile banking is gaining popularity among bank customers day by day, certain areas are still under improvement. There are a few banks that have been successful in incorporating these areas in their mobile applications but certain banks, especially the small ones are working on them with great enthusiasm. These two areas are data validation and data visualization. In this article, we shall explain these terminologies.

 

Suppose, you want to make a payment to a friend. So, you would like to transfer the money saved in your account to the account of that friend. If you try to do so in your mobile application, you would have to provide the details of your friend’s account. Now, you may make a small mistake while providing the account number of your friend. The mistake might be as simple as missing out on a repeated digit. In that case, the mobile application will send your request for processing, and after a while, when the system would fail to match your friend’s account details, it would render the money transfer void. 

 

This would not cause you any financial loss but will waste your time. So, the banks are trying to incorporate a system of data validation while you enter the account number in the app. The objective of the system is to inform you that the account number you are providing is incorrect so that you rectify it immediately.

 

On the other hand, you might sometimes feel the need to check out the trends and patterns of your bank account usage. This is possible by converting the data of your bank activities into graphs and charts. This process is known as data visualization. Just like data validation, it is also something that will become available in every mobile banking application.