Why use of data visualization in banking and financial institutions are increasing?
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The use of data visualization in banking and financial institutions is increasing due to several reasons. Firstly, data visualization, such as charts and graphs, allows for effective interpretation and understanding of data, helping to identify patterns, trends, and anomalies . Additionally, the extensive use of digital technologies in these institutions leads to a significant amount of data being generated, and visualization helps in the rapid analysis and interpretation of this data . Furthermore, in the field of finance, data visualization plays a crucial role in the analysis process, as it externalizes complex and large data groups in the form of charts, enabling the discovery of valuable insights . Moreover, the continuous development of data science and financial technology has made financial data visualization methods essential in the field of financial data analysis . Finally, the ability to aggregate and visualize data provides a strategic advantage to banking and financial institutions, allowing them to make informed decisions and gain a competitive edge .
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