By Angelo Z
In the vast sea of financial data that spans years and even decades of transactions, finding clarity can feel like searching for a needle in a haystack. That's where dashboards come into play. These powerful tools have been used for decades, evolving from manual charting to the backbone of understanding transactions, trends, as well as helping us navigate the complexities of financial information with ease.
WHAT EXACTLY IS A DASHBOARD?
In web development, a dashboard serves as a visual interface offering a quick overview of vital data points and metrics. Typically, it's the first page users see when logging into a web application. Dashboards present information—such as charts, graphs, and plots—in a user-friendly manner to make complex information easier to understand and digest. They're designed to be concise and fit within a single screen to provide a comprehensive snapshot of the subject.
Moreover, many dashboards dynamically fetch data from the web application, ensuring they display real-time information. Users often have the flexibility to customise their dashboards, selecting the data they wish to view and specifying how they prefer it presented. Behind the scenes, these dashboards connect to various sources, including spreadsheets and other platforms, using APIs to transform raw data into a readable format.
By showcasing key data points and trends, dashboards empower users to make informed decisions. The features of a web development dashboard can vary significantly, tailored to the specific services offered and the target audience it serves.
WHY DASHBOARDS MATTER IN FINTECH
You can find the data dashboards in the FinTech web app's customer portal. Instead of presenting users with raw data or spreadsheets, the dashboards utilise charts and graphs, for example, to simplify complex financial information, which offers a bird's-eye view of your financial universe, and consolidates vast amounts of data into easily readable formats. Users can track trends, monitor investments, and analyse income through these dashboards.
They provide insights into financial performance and trends with just a single glance. By using filters, users can go deeper into particular data points in addition to receiving a high-level overview. Users can make more informed decisions by using this functionality, which gives them more in-depth insights into their financial performance and trends.
Dashboards are incredibly useful in fintech web applications for several reasons:
1. COMPREHENSIVE VIEW
Dashboards provide a comprehensive view of the company's performance and customer behaviour. These dashboards aggregate and present a wide range of financial data in a unified, easy-to-understand manner. They are scalable, meaning that they can handle large amounts of data and scale to accommodate an increasing volume of data over time.
Dashboards aggregate data from multiple sources to offer a comprehensive view of the performance of the business or user, as well as customer or user behaviour. This could include data from different accounts, transactions, and other financial metrics.
As discussed, the data is presented in a user-friendly manner, often using visual aids. This makes it easier for users to understand the data, even if they don't have a deep knowledge of finance or data analysis. Dashboards make it easier to track key performance indicators (KPIs) and business metrics. This can assist users in keeping an eye on their financial performance and using the data to make data-driven decisions. Some FinTech web apps can be set to have automated notifications when users approach a spending limit.
Besides giving the users of the FinTech web app better insights into their financial well-being, by analysing transaction data, dashboards can provide insights into customer behaviour for the companies that build these custom web apps. This can assist companies in better understanding their clientele and customising their offerings.
The comprehensive view provided by dashboards aids in decision-making. By having all the relevant data in one place, users can make more informed decisions that are backed by data.
2. PERSONALISATION, CUSTOMISATION AND AI
Dashboards on FinTech refer to the ability of these platforms to adapt to the specific needs and preferences of individual users. Personalisation and customisation in fintech dashboards mean that the design and functionality of the dashboard are centred around the user. The dashboard is not a one-size-fits-all solution, but rather it can be tailored to be as unique as the user’s financial situation.
The great thing about FinTech web apps with dashboards is that users can set up alerts for certain transactions or events. For example, a user might want to be notified when a large transaction occurs or when their balance falls below a certain threshold, and then grasp this data from their dashboard. Users can also change the layout of their dashboard, choose which data is displayed, and how it is visualised. This allows users to create a dashboard that is most useful and intuitive for them with some custom-developed FinTech web apps. This includes giving users the ability to choose which data they want to track and monitor. This could include various financial metrics, account balances, transaction histories, and more.
Modern fintech dashboards may leverage AI and big data to deliver personalised FinTech web app experiences. This can help deliver high-quality customer experiences and attract new clients.
3. REAL-TIME UPDATES
Modern dashboards update automatically in real time, or something close to it. This allows users to have the most current view of their financial status. This is a crucial feature for several reasons, like ensuring that the information displayed on the dashboard is always current. This is particularly important in the financial sector, where data can change rapidly and decisions often need to be made quickly. Take crypto web apps, for example, where market changes are rapid!
These real-time updates on dashboards can significantly improve decision-making processes. Users can make informed decisions based on the latest data, rather than relying on outdated information. Some custom-developed FinTech web apps even let users invest in stocks, so having these real-time updates is vital to data-driven decision-making with regards to investments.
These updates can enhance the user experience by providing immediate feedback. For example, if a user makes a transaction, they can see the impact of that transaction on their account balance immediately, and these updates are often associated with automated processes.
4. DRILLING DOWN FOR DEEPER INSIGHTS
One of the key features of modern dashboards is their ability to drill down into specific data points. As a result, users can further analyse the data by focusing on particular time periods, locations, or kinds of transactions to find insights that might otherwise go missing.
BEHIND THE SCENES: HOW DATA COMES ALIVE
So, how does data transform into these dynamic dashboards? At our web development company, we build custom solutions that gather, aggregate, and display data with a lot of customisation. This involves writing code that harnesses APIs—interfaces that allow our systems to communicate with external tools. By integrating with third-party graphing and charting APIs, we leverage sophisticated data rendering capabilities without reinventing the wheel.
A crucial aspect of our web development process is integrating payment gateways using APIs.
Just like with data rendering, we harness the power of APIs to integrate these payment gateways into our systems. By transmitting transaction details and receiving responses regarding the status of the transaction, these APIs enable our platforms to securely interact with payment gateways.
We work with a variety of payment gateway providers, each offering different features and benefits that give end users a safe and easy checkout process by integrating these APIs. This not only includes the processing of payments but also supports features like refunds, recurring payments, and subscription management. The impact of these transactions can be viewed on the dashboard.
Moreover, these APIs are designed with security in mind. They ensure that sensitive information, such as credit card details, is securely handled, maintaining the trust of our users and compliance with data protection regulations.
In addition to making data come alive, our custom solutions also bring secure and efficient online transactions to life, all thanks to the power of APIs.
LET'S FINISH UP HERE
Financial dashboards revolutionise the understanding of complex financial data. This offers clarity and insights crucial for informed decision-making. As essential FinTech tools, they give consumers a thorough understanding of their financial situation, enabling them to keep an eye on trends, keep tabs on investments, and act quickly.
Work with Angelo Z
Read more articles by Angelo Z
“Solving niche challenges founders face”.
Illustrator: Lisa Williams (Instagram: @artist_llw)