Speed is of the essence in making investment decisions, as markets are constantly moving. These days, many of these decisions are reached on the move, so having fast access to a vast amount of data is crucial.
In this blog post, I draw upon the latest white paper in our charting in mobile apps series, Decisions anywhere, anytime, with data visualization for mobile investment banking, which focuses on the importance of data visualization in mobile investment banking, and covers a number of key topics that will broaden your knowledge and ultimately, help you attract, engage and retain users.
Focus on the user
In the past, mobile traders have been forced to base their investment decisions on a static, and therefore limited view of the underlying data, while desktop users have had the advantage of being able to zoom in and drill down into their data. New mobile technology now allows firms to deliver the benefit to mobile users of having more information at their fingertips, more quickly, and in a way that enables decisive actions to be taken.
Differentiation and success in the modern world of investment banking is highly dependent on meeting the demand for intuitive and powerful mobile apps, that not only grant fast access, but hand users the reins so they can swiftly drill down into the detail of the data, and see the information come to life.
Despite the evident need for mobile data visualization, some, capital market and investment banking firms have been relatively slow to take full advantage of the opportunities presented by mobile technology. The sector historically, has relied on the Blackberry platform, which has trailed behind Android and iOS in terms of market share and functionality. Their efforts in providing a consumer experience that is fully optimized to complement the unique features of each device have also been hampered by being too cost-focused and the industry’s ongoing financial, regulatory and technical challenges.
Against this backdrop, it is difficult to adapt as quickly as the customer may like to frequent technological advancements. But it’s the banks that achieve this most successfully that will effectively win at mobile. And now there is ever more competition from nimble fintech organisations who place the mobile customer experience at the heart of their offering.
It’s essential to gain competitive advantage
While many investment banks may baulk at the perceived expense of keeping up with these consumer trends, the reputational risk is far greater than to not invest in mobile solutions. Because smartphone and tablets are handheld and constantly nearby, they can feel very personal to each user. This means that the value of a positive user experience is even greater than through the desktop. It also means a bad user experience is all the more damaging. So, it’s these mobile solutions that will ultimately give your customers the strongest impression of your brand and in turn, give you competitive advantage.
The key to being able to present the volume of data required to make investment banking decisions in a meaningful way on mobile, is charts. A well-designed chart can add both style and substance, instantly representing complex data in a way that allows us to understand and interpret the information at a glance. Visual representation highlights trends and outliers, as well as common patterns, both over a long period of time and in an instant. This flexibility lends itself to informed decision-making.
To find out more about how data visualization can enable decisions anytime, anywhere, download the white paper here.