RiskTech Forum

‘Level-relevant’ dashboards for delivering effective intelligence

Posted: 8 January 2013  |  Author: Sriram Anandan  |  Source: iCreate Software


A dashboard is a device which displays the general performance indicators, key performance indicators, and any other relevant information to a business user. In a bank, dashboards are built for users, across strategic and operational functions.


Dashboards in banks depend on when the data gets updated in the relevant source systems and when the data has been scheduled to move to the required data models. Banking-specific dashboards are highly interactive and include data visualizations like charts, grids, maps, etc. for macro level snapshots, with mechanisms for drilling down to micro level insights into specific areas.

For example, the bank’s national sales head’s dashboard provides a macro level snapshot of how the regions have performed vis-à-vis target v/s actual sales. He can also drill deeper to examine a particular region, the branches under the region, their performances, the relationship managers in each branch and their individual performances across categories. Dashboards for a bank’s analytical users should also have the ability for making comparisons, reviewing historical data, and evaluating performance. These dashboards help analyze and predict what is likely to happen.

Dashboards also need to be developed based on the level of content, which depends on the users’ role / level in the bank’s organizational hierarchy. While dashboards for C-level users need to be rich in statistics and analyses, an operational / tactical level dashboard (where the speed of getting the required information is key), the emphasis is on how quickly the information can be displayed. For e.g. the number of new account or new loan approvals / rejects across locations.

 

In most cases, the as-is information (or the basic level of information) forms the benchmark for comparison against new processes, in dashboards for strategic levels. Here real-time data is not necessary. What ‘is’ going on right now is not as important as what ‘has been’ going on, information on best practices elsewhere in the industry, etc.

Apart from quickly providing insights, well-engineered dashboards can also help save time as all relevant information is in one single place. Relevance/richness of information, ease of navigation/interaction and visual appeal help users spend time acting on the intelligence, rather than sifting through the information. Users can also share intelligence faster at the click of a button. Visually rich dashboards with relevant data and engaging colors, also aid better retention of attention and faster understanding of the information.

So that they provide effective, timely and relevant intelligence, it is important to develop the right set of dashboards for right set of roles and levels.