Page 31 - Banking Finance July 2023

ARTICLE

the data, visual aids such as charts, graphs, diagrams,
pictures, or videos can be incredibly helpful in making it
clear and memorable.

We can utilize data storytelling as an internal tool to convey
the importance of enhancing our products according to user
data. Our products can be presented convincingly,
encouraging potential customers to purchase them. It is
crucial to consider the intended audience and their
comprehension level when crafting a story to ensure
effective communication. Selecting appropriate visuals is
vital for successful storytelling. Audiences prefer concise and
Data Visualization to enhance Data
clear messages over complex stories with heavy jargon and
complex language. In addition, the purpose of storytelling Storytelling
is to present information in a way that is easily The use of data visualization is crucial in facilitating the
comprehensible for the audience. Properly organizing the audience's ability to comprehend complex information. It
flow of the data story is crucial. simplifies vast amounts of data into easily digestible forms,
aided by compelling visuals that support our narrative. Given
Preparation of Narrative the decreasing attention span of humans, data visualization

While preparing the narrative, it is essential to take note of is especially useful in conveying essential information. The
the following points: human brain is better equipped to extract information from
Setting: The details provided contain all the necessary images than textual representations of the same data. As
information to understand the situation, including the such, AI/Data practitioners should be able to communicate
decision, problem, questions, and data. The document their findings in multiple formats. Utilizing data visualizations
includes the organization's goals, mission, targets, can be beneficial in aiding comprehension and analysis:
values, and analytical framework related to the inquiry Discover unbiased insights by identifying patterns,
& data. trends, and key findings.
Provide context, analyse the outcome, and express the
Characters: The individuals involved in the data can
insights.
range from customers to stakeholders and other vital
players affiliated with the organization. Present information clearly and concisely, making it easy
for the audience to comprehend. Improve audience
Context: Context refers to the specific point we are
trying to convey. It often arises from a question, such engagement.
as why customers are churning,
which is the foundation for our
hypothesis and the data we
gather to answer the question.
Conflict: The presented data
may impact the characters or
setting through issues or their
effects. It is important to note
that conflicts are only
sometimes necessary in data
stories.
Resolution: Proposing a
solution to a visible problem or
aiding in decision-making is
helpful.

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