Financial Industry
For the financial industry, I am primarily focusing
on the personal banking account visualization in the banking industry, specifically.
There are many ways to display information about how a user’ expense look like.
1.
A bar graph with each bar representing
a category of accumulating expense over a period of time or the whole lifetime of
the banking account, such as education, travel, etc.
2.
A line chart represents the
trend of the user’s total expense over a period time. For example, the amount
of total expense of a week or a month will be a point on the graph and a line
will link all the points.
3.
A monthly statement that
contains all the detail of transcations.
My recommendation for the banking account
users would be use of a pie chart showing percentage of expense for each of the
categories. An example below from the Bank of America dashboard would be a good
example to illustrate this.
In this way, users/ customers can easily
understand how their expenses distribute and it is very important. Most users
have higher priority concern over how they spend their money, rather than emphasizing
when they spend, thus a pie graph is better than a line chart. Moreover, it is
more user-friendly to customers comparing a bar chart or a data-intensive statement.
Insurance Industry
Standing from the customer perspective,
each type of insurance they buy probably just a monthly payment email or letter
in the regular time, in spite of the accident happens. Those bills do not make
too much sense to most customers when they ask the following question, why my
offer is so expensive, even though I never break a law. It seems more frequent
in car insurance companies. Thus, visualization of users performance data is
critical and would be a competitive advantage in this industry.
A bar graph is good for this task. It can
show how each factor such as braking, sharp turn impacts the driver’s
evaluation and the premium he/she pays. Then they will get a good idea of what
a good driver is.
In addition to this, users can also get a
similar bar graph based report to see how they actually perform, such as how
many miles the driver travel, how often the driver travel during the night time,
and how many times of sudden brake happen.
The visualization is good is because they
can both let the drivers exactly know the criterion of being a good driver and
how they actually perform, which can be used to optimize their driving pattern/habit
and make them safer.
Telecommunication Industry
Almost everyone receives his/her phone bill
every month. Since many Americans do not have fixed phone plan, they will
choose pre-paid plan or choose pay by use plan. Under this situation, it will
be better for customers know how much usage they use and how much money they
need to pay over time. It is even better to show the trend as well as the
average bill amount for them. A combination of Bar Chart and Line Chart would
be great for this. Each bar will represent a total bill amount for each month
and different portion of each bar represent different categories of charges
such as phone call, text, and data. The green line represents the average
expense for the total phone bills over time.
In this way, customers can understand how
their monthly phone bill and usage look like and the budget function (the green
line) also will be convenient for them to estimate their monthly budget.
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