With the aid of technology, the ability to capture data from various sources and the ability to visualize data in a natural way has enabled large banks to reimagine the capture, normalize, store and visualization of data. The intent of visualization should be, to present the data which is meaningful, can be interpreted and enables to take decisions. Using data prism, the data which is visualized into various methods like data dashboard, Graph’s relating to data, and insights using data points, will aid in decision making.
Availability of latest technologies like Artificial intelligence, machine learning has enabled data capture, data normalization and storage. The latest tools are also giving a playing ground for visualizing the data. The technology and tools should enable the businesses to visualize data in a way that forces the business to notice the unseen and act on it.
There are challenges for achieving good quality data for regulatory reporting and management reporting. One of them is: data being sourced from modern and legacy systems, adding to this is the infrastructure which can be fragmented. This causes data quality issues. The other factor is the stage at which visualization is implemented, adhering to regulatory changes is another key aspect which can degrade the quality of data if not implemented on time. For this discussion we will focus on getting data points and their visualizations which can assist the business to take decisions.