Business Intelligence

Weifang Zhu

2020-09-23

How to Create Informative Data Dashboards for Fintech

how-to-create-informative-data-dashboards-for-fintech

In today’s era of big data, especially when it pertains to advertising and finance, it’s critically important to be able to utilize the data your organization has for rapid insights and meaningful intelligence. At Even, data is the lifeblood of our marketplace operations and we dive deep into the data that we collect to articulate insights and findings, all of which help our teammates make rapidly well informed decisions. This is only possible via well curated analytical dashboards that are thoughtfully designed by our analytical teams, to help provide the maximum amount of insight possible to our operational teams.

 

To produce a great dashboard, we need to follow a discovery, design, and execution process where stakeholders are engaged regularly to identify key points of interest. The following need to be considered for a great dashboard:

 

Discovery

 

  • What business questions are we trying to answer? To keep the dashboard tidy and easy to understand, make sure the business questions are clearly defined and that the dashboard is designed specifically to answer those questions.
  • Who is the intended audience? Everyone has a unique communication style, and some people will want more information than others on the dashboard. Consider the audience’s role and responsibilities, and what additional ancillary information they need before designing the dash. 
  • Is this expected for an ongoing, one time, or periodic use case? Dashboards will require different levels of information and visualizations depending on how often they are used. A longer term monitoring dashboard will likely require easy to understand data visualizations, whereas dashboards optimized to one time or periodic use cases may require less visuals and more raw data.

 

Design

 

  • Selecting the right visualizations for the data: Identify the right visualizations for the information you are trying to show. If you’re monitoring things over time, best to use a line chart or bar chart.. If you’re just looking to provide aggregate data, a pie chart could be beneficial!
  • Keeping the layout of the dashboard crisp and logical: Focus people to specific visualizations on the dash by highlighting certain charts over others, and clearly delineating “key” metrics from “supporting” metrics. This could involve enlarging certain charts relative to others, and establishing a logical flow for the dash that walks the viewer through a data story. For example, you could create a summary section at the top of the dashboard, and then proceed to  more granular levels of analysis below the summary.
  • Detailed labeling and formatting: The devil is in the details with numbers—make sure units are correctly formatted and articulated on the dash, and that the dashboards have clearly labeled series and titles. This is especially important to ensure that viewers of the dashboard are consistently understanding the metrics throughout the dash.
  • Ensure a clean backend and easy to understand underlying queries: Make sure that the data sources from which you are pulling your data easily support the analytics you are trying to generate. This may involve working with your Data Engineering team or Analytics teams to perform ETL to ensure that you have everything you need in an easily accessible format.

 

Execution

 

  • Scope the dashboard out and break up the work into digestible chunks: While it may seem like a good idea to experiment with visualizations and produce things on the go, sometimes for a larger dashboard it’s more time efficient to produce a design spec and then break down the work into smaller chunks. This allows for rapid iteration of the design while still moving the dashboard forward towards completion.
  • Touch base regularly with stakeholders: Make sure to stay in touch with your stakeholders and partners throughout the process. Dashboards should be built to answer business needs—and it's rare that business needs stay unchanging over a long period of time.
  • Bake in time for final revisions: Before considering a dashboard is complete, make sure to add in a week or two for final revisions. This time will allow you to refine the metrics, visualizations, and layout of the dashboard to produce more meaningful insights.
  • Test the pipeline and make sure the dashboard runs in a performant manner: Be sure to perform test runs of the dashboard and perform regular QA on it for the first several weeks after launch. Not only does your dashboard need to produce the right insights to support decision making, but your audience needs to be able to get it in a quick way. Load times of 10+ mins are highly discouraged, and at Even we work to keep most dashboard load times below one minute!

 

At Even, we do all this and more for internal data dashboards, when we work with our enterprise partners to produce custom reporting dashboards, and during the process of developing the Even Benchmark Report. We strive to consistently enable our partners to make agile and proactive decisions by providing them extensive insights and transparency at scale. The above methodology makes that possible—and we hope you’re able to gather learnings from it to utilize in your own data dashboards! 

Disclamer: The material provided on this site is not intended to provide legal, investment, or financial advice or to indicate the suitability of any Even Financial product or service to your unique circumstances. For specific advice about your unique circumstances, you may wish to consult a qualified professional. Any information or statistical data sourced by Even Financial through hyperlinks, from third-party websites, are provided for informational purposes only. Although we promote products and services form our partners, our opinions are our own.

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Press

Read all about it

Goldman Sachs-backed Even Financial, a digital matchmaker between banks and customers, just bought an insurance startup as life insurers are seeing policy applications boom

Even Financial has acquired LeapLife, a leading insurtech platform. The addition of LeapLife allows Even to immediately commence its insurance capabilities, aimed at simplifying and enhancing the way consumers search, compare, and get matched with insurance policies (LeapLife’s existing platform will continue to operate from leaplife.com). Business Insider wrote an article about it, interviewing our CEO and Founder Phill Rosen.

Even Financial Launches Insurance Offerings With Strategic Acquisition of LeapLife, a Leading Insurtech Platform

Pioneering B2B Fintech Expands its Industry-Leading Financial Services Monetization Platform to Help Insurance Carriers Find and Connect with Consumers New York, New York – April 22, 2020 – Even Financial (Even), the leading API for financial services search, acquisition, and monetization, announced today that it will be launching services for the insurance industry through the acquisition of LeapLife, an insurtech platform and digital life insurance agency.  The addition of LeapLife allows Even to immediately commence its insurance capabilities, aimed at simplifying and enhancing the way consumers search, compare, and get matched with insurance policies (LeapLife’s existing platform will continue to operate from leaplife.com). Even and LeapLife now offer the only full end-to-end, multi-carrier digital life insurance marketplace experience. Over the coming weeks, Even will further integrate LeapLife’s technology and insurance offering into its industry-leading API, making turnkey insurance marketplaces programmatically available to a vast network of channel partners — when and where their consumers are most in need — while also enabling the company to expand to other insurance sectors, including homeowners, renters and auto insurance. This adds to Even’s peerless breadth of real-time, personalized financial product offers — an expansive suite that already includes loans, savings, credit cards, and more.  “Even’s goal to evolve how financial institutions find and connect with consumers is not limited to loans or credit cards, but applicable to all financial products and services, including insurance,” said Phill Rosen, Even Founder and CEO. “Despite its importance, purchasing life insurance is often an overwhelming and inconvenient experience. With more than $600 billion in premiums paid each year, and only 6% of policies sold completely online, we see tremendous opportunities to help modernize the life insurance industry and offer solutions that solve challenges for consumers and carriers alike.”  LeapLife is an established insurtech platform and digital life insurance agency that utilizes data science, deep underwriting knowledge, and proprietary technology, enabling consumers to apply for instant-decision life insurance policies with real-time quotes. LeapLife works with many best-in-class insurance carriers to offer consumers a seamless experience from beginning to end. This approach made Even and Leaplife a perfect match. As a digital insurance broker, LeapLife offers personalized life insurance recommendations based on a consumer’s unique needs. Paired with the Even API, which enables customer acquisition for insurance to be native and programmatic, consumers benefit from a more streamlined, transparent, and highly personalized experience when shopping for life insurance.  Just as Even’s 2018 acquisition of Birch (the award-winning credit card rewards app) allowed the company to accelerate its expansion into credit cards, the addition of LeapLife will similarly put Even at the forefront of consumer insurance offerings.  Charles Svirk of MassMutual Ventures, an investor in Even, said “The Even and LeapLife teams share a vision that the future of insurance acquisition will rely on the power of data-driven, programmatic distribution. We are thrilled to support them as their industry experience, impressive technology, and trusted relationships will help scale Even’s insurance offering and build partnerships to provide these critical innovations in insurance acquisition.” The Even API and platform solve significant, long-standing pain points in financial services acquisition by seamlessly connecting supply and demand. Even has continued its rapid growth trajectory in 2020, surpassing over $1.5 billion in credit issued through its API and expanding its platform to over 400 partners. Even has secured over $55 million in funding from major financial institutions, venture capital firms, and fintechs to back its goal to evolve the financial services acquisition ecosystem.   About Even Financial Founded in 2015, Even Financial is a B2B fintech company that is transforming the way financial institutions find and connect with consumers. By seamlessly bridging financial institutions (including American Express, Goldman Sachs, and SoFi) and channel partners (such as TransUnion and The Penny Hoarder) via its industry-leading API, Even turns any consumer touchpoint into an ROI-driven, fully customizable, programmatic acquisition source for financial product offers with full compliance, security, and scale across loans, savings, credit cards, insurance, and more. Even is backed by leading financial services firms and VCs including American Express Ventures, Canaan Partners, Citi Ventures, F-Prime Capital (Fidelity), Greatpoint Ventures, Goldman Sachs, LendingClub, and MassMutual Ventures. Even is the leading search, comparison, and recommendation engine for financial services. Media Contact: media@evenfinancial.com

Even CEO/Founder Phill Rosen quoted in Protocol Braintrust Newsletter

Our CEO and Founder Phillip Rosen was included in the most recent Protocol Braintrust newsletter along with answers from some thought leaders from Plaid, Slack, and DuckDuckGo!