FA Storytelling With Data Visualization v1

Storytelling with Data Visualization Playbook
STORYTELLING
WITH DATA
VISUALIZATION
PLAYBOOK
1
Introduction
About the Storytelling with Data Visualization Playbook
Welcome to the world of data visualization storytelling! If you’re a finance professional looking to
make sense of your complex data and communicate your insights with ease, you’re in the right place.
In this playbook, we’ll guide you through the captivating realm of visual narratives, where you’ll
discover how to turn your financial data into a compelling story that’ll capture your audience’s
attention and leave a lasting impact.
This comprehensive guide dives deep into the art and science of transforming complex data into
engaging narratives. Explore cutting-edge best practices, insightful data preparation strategies,
and more to help transform you into a master storyteller.
2
2 Introduction
Chapter 1:
4
Introduction to storytelling with financial data
Chapter 2:
7
Data Preparation and Cleaning
Chapter 3:
10
Best practices
Chapter 4:
20
How to tell a compelling story with financial data
Chapter 5:
27
Advanced data visualization techniques
Chapter 6:
33
Accessibility and inclusion
Chapter 7:
36
Tools and technologies
Chapter 8:
38
Evaluating and measuring success
Chapter 9:
41
Ethical considerations
45 Conclusion
3
Chapter 1:
Introduction to
storytelling with
financial data
4
What is data visualization? “It’s predicted that around 120 zettabytes (ZB)
Data visualization is all about taking data and presenting it in a way of data will be produced in 2023; in 2010,
that’s easy to understand. Rather than staring at spreadsheets or it was 2ZB! Businesses have more data than
numbers, you can use colorful charts, graphs, and other visuals to ever available to them but there is no point in
help make sense of complex data. producing and storing it if it is not used to gain
insights and drive decisions. That’s where
The goal of data visualization is to make the information more
Data Visualisation comes into play. It is the
accessible, understandable, and interesting. It helps you see patterns
art of bringing together large, sometimes
and trends that might not be immediately apparent when you’re
disparate datasets and presenting them in
looking at rows and columns of numbers. With data visualization,
a digestible form.
you can quickly identify what’s working, what’s not, and where there
might be room for improvement. “If done right, it can be a perfect balance
of quantitative and qualitative analysis,
Effective data visualization requires careful consideration of
i.e. giving key results and KPIs but with a visual
the financial data presented, the target audience, and the
representation of the reasons driving these
desired outcomes.
outcomes. It helps with absorbing information
What is data storytelling? about data quickly. As data volume inevitably
increases, visualization manages influxes of
Data storytelling is the art of transforming raw, numerical data
new information and makes it easy to find
into visually compelling narratives that captivate your audience.
trends, understand requirements, and to see
It combines the power of data analysis with the impact of
correlations between business conditions that
storytelling to present financial information in a way that’s
could otherwise go unnoticed.
clear, engaging, and actionable.
“Among its many benefits, it can give
By using a variety of visualization tools – such as bar charts, scatter plots,
leaders the ability to manage by exception,
timelines, graphs, heat maps, and more – you can paint a vivid picture
dashboards, and visuals can direct them to
of your data, making it easier for non-finance professionals to grasp and
areas that most need their time and resources
act on your insights.
e.g. highlighting risk and possible mitigation.”
Liam Boyle, Data Analyst at

Future Beauty Labs
5
Why should you care about data storytelling?

In the fast-paced world of finance, it’s essential to communicate
complex data effectively and efficiently.
But why should you, as a finance expert, care about telling stories
with data?
Here are five key reasons:
1. Crystal-clear communication
Finance can be a bit, well, dry. But with data storytelling, you can spice things up and make even the
most multifaceted concepts digestible. This way, you ensure your insights don’t get lost in translation
and can be easily shared across the organization.
2. Bridging the gap

Finance professionals and non-finance stakeholders often speak two different languages. Data
storytelling serves as a translator, helping both sides better understand and act on financial insights.
3. Fast, data-driven decisions

In the high-stakes world of finance, time is money. By transforming data into visually appealing
narratives, you can help your team and stakeholders quickly identify trends and potential risks,
empowering them to make informed decisions without getting bogged down in spreadsheets.
4. Increased collaboration
Visual narratives foster cross-functional collaboration by breaking down barriers between finance and
other departments, leading to a more unified approach to problem-solving and decision-making.
5. Stand out in the boardroom

As a finance professional, you’ve got the skills to pay the bills. But by mastering the art of data
visualization storytelling, you can elevate your role and become the go-to expert for data-driven
insights. After all, who doesn’t love a good story?
6
Chapter 2:
Data Preparation
and Cleaning
7
What is Data Cleaning? Remember!

Data cleaning is the process of identifying and correcting errors,
inaccuracies, and inconsistencies in raw data. This is important Data preparation is not a one-time process.
because it involves removing duplicate entries, filling in missing As new data is generated and added to the data
data points, and standardizing data formats to ensure the data is set, you must continue to update and refine the
accurate and consistent. data preparation process to ensure the data
Financial data must be ‘clean’ to be used for analysis and visualization. remains accurate and useful.
By cleaning the data, you can prevent errors and incorrect insights, which
can be a costly and time-consuming mistake further down the line.
What is data preparation?

Data preparation is the process of transforming and organizing
raw data so that it can be used for analysis and visualization.
This involves a range of tasks, such as selecting relevant data,
aggregating data, and creating calculated fields.
Data preparation is a crucial step in financial data storytelling

because raw data is often complex and difficult to understand.
By organizing the data in a way that makes sense and is easy
to interpret, you can generate meaningful insights and create
compelling visualizations.
For example, let’s say you’re working on a financial report that requires
you to analyze data from multiple sources, including spreadsheets,
databases, and text files. Data preparation involves bringing all this
data together, cleaning it, and organizing it in a way that makes sense.
This might involve removing duplicate entries, standardizing data

formats, and creating new columns that calculate key metrics.
By doing so, you can create a cohesive data set that’s ready for
analysis and visualization.
8
Data cleaning techniques

There are a few commonly used data cleaning techniques to help you
ensure data is clean and free from inaccuracies. Here are a few:
1. Remove duplicates 4. Standardize data formats
Duplicated data entries are more common than you might think and Standardizing data formats ensures your data is compatible and easy
tend to occur during data collection. This can lead to inconsistencies to work with. If your data formats are inconsistent, it can lead to errors
and errors in your analysis and visualizations. By removing duplicates, in your analysis and visualizations.
you can ensure that your data is accurate and consistent. Use the “Text to Columns” function in Excel to standardize data formats.
Fix this issue in Excel by using the “Remove Duplicates” function to
5. Remove irrelevant data
identify and remove duplicate entries.
Irrelevant data can clutter your dataset and make it difficult to draw
2. Fill in missing values
meaningful insights. Removing irrelevant data allows you to focus on
Have you ever tried to solve a puzzle with missing pieces? It’s the most important information.
frustrating! The same goes for missing data in your dataset. Missing Fix this problem in Excel with the “Filter” function to remove
data can be a major problem when it comes to analysis and irrelevant data.
visualization. It can skew your results and make it difficult to draw
accurate conclusions. By filling in missing values, you can ensure your
“But remain open to the fact that there is no
analysis and visualizations are based on complete and accurate data.
such thing as a “single version of the truth”,
Use Excel’s “Fill Down” function to fill in missing values.
there will be multiple angles of the same
3. Correct inaccuracies data and people will use filters to see what’s
important to them.
Inaccurate data can lead to incorrect insights and incorrect
decisions. Taking time to correct errors ensures your data is reliable “Just be aware of these differences with your
and trustworthy. business partners and make sure they are
also aware.”
Review your data for errors manually or use “Find and Replace” i
n Excel to correct inaccuracies. Soufyan Hamid, Finance Presentations Coach
at SouFBP
9
Chapter 3:
Best practices
10
9 expert data storytelling tips 2. Set clear objectives
Liam Boyle, Data Analyst at Future Beauty Labs, Just like every project, be clear about the aims and objectives of your
shared his expert tips and advice for creating stakeholders. What are they trying to achieve and what answers do
compelling stories with financial data: they need from the data?
The old adage that a picture paints a thousand 3. Adopt an agile approach to building dashboards
words is very true when it comes to data and reports
visualization, except in this case it could be a thousand megabytes.
Check in often that what you’re building is telling the right story.
It’s all about portraying information in a digestible and actionable form.
Don’t fall into the trap of “cherry picking” data for the purpose of
Some do’s and don’ts when it comes to building visualizations and meeting a milestone or making a visual work. The data needs to tell
being an effective data journalist include: the whole story, not part of the story.
1. Know your audience 4. Name your visuals appropriately

As a data storyteller, you need to produce visualizations that’ll work for Simple descriptive headings can give all the context a user might
all stakeholders and give them what they need. Understand that some need for what a visual is portraying. On the topic of text, I’ve always
users will only want to see the high-level numbers, but others will like found it better to use simple fonts, e.g. Sans, and keep headings to a
the ability to “drill down” into certain aspects and learn more. consistent size.
One simple option for creating hierarchies in the story is to utilize

5. Be wary of showing “too much”
bookmarks and links to further visuals to allow users to jump from one
visual/report to the next. It’s also paramount to be aware of sensitive TMI can lead to TL;DR which defeats the purpose of data visualization.
data and the audience who will have access. If your visuals or legends are being truncated, you’re probably trying
to show too much and should consider a different visual or table.
Tables are still visuals and very powerful when used in the right
scenarios to show small lists of pertinent data.
11
6. Highlight KPIs 3 key principles of financial data

When utilizing tables, make good use of conditional formatting to storytelling
highlight KPIs and draw a user’s attention.
We asked Soufyan Hamid, Finance Presentations Coach at SouFBP,
7. Don’t over-slice the pie to share some of the key principles of data storytelling in finance,
and here’s what he had to say:
Much like at the bakery, a pie with too many slices is probably ugly
and not quite satisfactory. Avoid using these when there are too many The question you have to ask yourself is whether the data visualization
categories. The same goes for donuts! The right chart should make is necessary. Many times, explaining the issue is sufficient.
the data easier to understand but also present it in the right light But most of the time in finance, they’ll be needed and for that, the key
to the user. For example, a simple dial chart can be compelling for principles are:
showing progress toward a goal.
1. Simplicity: If a chart is more complex than a table, it’s not doing
8. Choose colors wisely the job of giving the message and supporting your speech.
When it comes to colors, keep it simple and the palette consistent. For 2. Accuracy: When I say accuracy, I am not saying that it must show
example, if you have used blue to represent gross sales on one visual, all the details but it must not mislead the audience. Many times,
don’t use green on another. Relating back to knowing your audience, we see charts where we play with the axis and give the impression
be cognizant of any stakeholders who may be color blind. There’s also that a bar is far longer than another but it’s not the case.
no need to reinvent the wheel, RAG ratings still work very effectively 3. Tailored: In the age of business intelligence (BI) and dashboard
and are universally known. solutions, efficiency is taking the lead. But the thing is when used
9. Use the space available to tell an effective story in a presentation or a report, you have to tailor the colors, the
labels, and the explanations to support your point. If you give a
Don’t add an extra visual just because you can, rather enlarge the key
standard chart, you don’t do the job of analyzing it for the reader.
visuals which give the user the main results they need. It can also be
important to use different perspectives to draw attention to the most
important visuals, i.e. the bigger the point, the bigger the visual.
12
Bar chart: Ideal for comparing categories or showcasing changes

Choosing the right graph or chart type over time.
Choosing the right type of visual for your financial data is crucial
44.4%
because it can make all the difference in how well your audience
understands the information you’re presenting. Think of it this way
26%
– would you rather look at a bunch of numbers and hope you can
figure out what they mean, or see a clear and visually appealing 14.8%
11.1%
chart that makes the information easy to understand? 3.7%
Different types of visuals work better for different types of data and
selecting the wrong one can cause confusion and misinterpretation. 1 2 3 4 5
For example, using a bar chart when a line chart is more appropriate
can obscure trends and make it more difficult for viewers to Line chart: Great for illustrating trends and time-series data.
see patterns.
Ultimately, selecting the right type of visual is key to ensuring your

data is communicated effectively, and your insights are understood. $40K
By using visuals that are clear, concise, and engaging, you can
make a more significant impact on your audience and drive better $20K
decision-making.
$0
Selecting the right visualization for your data is paramount.
2018 2019 2020 2021 2022
Here’s a quick guide to help you choose:
Pie chart: Perfect for showing proportions or percentages of a whole.
23.07%
30.78%
46.15%
13
Scatter plot: Best for displaying the relationship between Stacked bar chart: Effective for showing the composition of categories
two variables. or the distribution of data across multiple groups.
$200K
$80K $160K $240K
$150K
Company #1
$100K
Company #2
$50K
Company #3
$0
0 10 20 30 40
Heat map: Excellent for visualizing data density or concentrations. Bubble chart: Ideal for representing three or more variables
simultaneously, while showing the relationship and differences
Low Medium High
$80K
between them.
$60K
70
$40K
60
$20K
50
$0
2018 2019 2020 2021 2022 40
Area chart: Useful for highlighting the magnitude of change over time 30
and emphasizing trends.

20
$80K
10
$60K
0
$40K 0 10 20 30 40
$20K
$0
2018 2019 2020 2021 2022
14
Waterfall chart: Excellent for visualizing the cumulative effect of Radar chart: Useful for comparing multiple quantitative variables,
sequentially introduced positive or negative values, typically used for showcasing the performance or profile of different entities across
understanding the incremental contribution of different factors to a various attributes.
30%
final value.
50%
$800K 40%
30%
$600K 24.54% 6.36%
20%
10%
$400K
$200K
$0
Revenue Revenue Costs Costs Total 26.36%
12.74%
#1 #2 #1 #2
Box and whisker plot: Ideal for displaying the distribution of data, “Basically, in finance, I will recommend
highlighting outliers, and showcasing the central tendency and three charts:
dispersion of a dataset.
1. Line charts for evolution over time for a
continuous metric.
Company #1 2. Bar/column charts for separable elements

(like months).
Company #2
3. Waterfall chart when comparing

Company #3
two scenarios.
0 100 200 300 400 500 600 700 800 900 1000 1100 1200
“You could use a combo chart (line + columns)
to compare an evolution of two scenarios for
example (actuals vs budget).”
Soufyan Hamid, Finance Presentations Coach

at SouFBP
15
Using Color Effectively Color selection: Which colors work best?

Color is an incredibly powerful tool in data storytelling, capable of When it comes to color selection, it’s essential to choose colors that
evoking emotions, drawing attention, and communicating complex work well together and don’t clash. Color combinations on opposite
information quickly and effectively. sides of the color wheel complement each other, such as blue and
orange, which tend to work well together and can create an appealing
When used right, color can help viewers differentiate between
visual contrast. Others, like red and green or purple and yellow, can
different data points and highlight key insights. By using different
clash and make it difficult for viewers to distinguish between different
hues, shades, and tones, you can create visual hierarchies that make
data points.
it easier for viewers to understand data at a glance.
Here’s an example of how some colors work well together and others
For example, using bright colors to highlight important data points
tend to clash:
can help draw the viewer’s attention to critical information, while
more muted colors can help balance the composition and make the
visualization easier to read.
Complementary Clash
16
The psychology of color in data

visualizations
Good data visualization isn’t just about choosing colors that
look good together – it’s also about considering the cultural and
emotional associations that different colors can evoke.
For example, red is often associated with danger or excitement, while

blue evokes a sense of trustworthiness and stability. Understanding
these associations can help you reinforce your message and create a
more impactful visualization.
Colors and emotions: Yellow: Universally tied with happiness, optimism, and energy,
yellow is perfect for highlighting important data points.
Red: Often associated with excitement, passion, and danger, red
can be a good choice for highlighting important information or Orange: Usually connected with enthusiasm, creativity, and
drawing attention to key insights. However, overusing red can be warmth, orange is great for increasing energy or excitement. It’s
overwhelming, so it’s best used sparingly. also ideal for highlighting key insights.
Blue: Tends to evoke feelings of trustworthiness, stability, and Purple: Traditionally paired with luxury, creativity, and
calmness, blue is a versatile color that can work well in a variety of sophistication, purple gives the impression of elegance. However,
data visuals. It’s also easy on the eyes, making it a good choice for it’s another color that can be overwhelming if used too much, so
longer presentations or reports. just make sure to use it sparingly.
Green: Commonly linked with growth, prosperity, and balance, Gray: Generally tied to neutrality, formality, and professionalism,
green is a good choice for financial data visualizations. It can also gray can help create a balanced and professional-looking
be calming, making it a good choice for visuals or presentations visualization. It can also help highlight other colors and create
that require a lot of detail. contrast.
17
7 tips for using color in your data

visualizations
1. Highlight key insights 5. Purposeful color choices

Use color to draw attention to important data points or trends that Be purposeful with your color choices. Consider the cultural and
you want your audience to focus on. This will help you make your emotional associations of different colors when selecting them for
message more impactful and memorable. your visualization.
2. Contrast is key 6. Consistent color scheme

Choose contrasting colors to differentiate between different Use a consistent color scheme throughout your visualization to create
categories or segments in your visualization. This will help ensure your a cohesive and professional look.
audience can quickly and easily understand the information you’re
presenting. 7. Create a visual hierarchy
Use color to create visual hierarchies that make it easy for viewers
3. Consider accessibility to understand the data at a glance. For example, you could use a
Keep in mind that not all viewers may be able to see colors the same bright color to highlight a key data point and a more muted color for
way. Consider using color-blind-friendly palettes to ensure that supporting data.
everyone can access the information in your visualization.
4. Keep it simple
Limit the number of colors you use to avoid overwhelming your
audience. Stick to a few key colors that work well together and
complement your data.
18
“You can use generally accepted colors that

lead to a “normal” emotional response like
green for positive or red for negative.
“Another important element that I always

enforce when training teams is to use the
company’s color palette and not the standard
Excel colors.
“It will show your business implication, people

will recognize them and feel more confident
and it will be standardized.
“A last important point regarding colors is to

make sure to cover for color blind people
and replace green by blue and red by
orange/yellow.”
Soufyan Hamid, Finance Presentations

Coach at SouFBP
19
Chapter 4:
How to tell a compelling
story with financial data
20
Why do you need to tell a story with data? 7 steps to craft an engaging narrative
When it comes to financial data, telling a story is key. Not only with data
does it make complex information more digestible for your
Data visualization storytelling is not just about presenting financial
audience, but it also helps you build credibility and influence
data – it’s about crafting a compelling narrative that resonates with
within your organization.
your audience.
Think about it – a compelling story can connect with your audience on
Here are steps to help you craft an engaging story with financial data:
an emotional level and help them truly understand the impact of your
insights. Plus, by presenting your data in a memorable way, you can
position yourself as a thought leader and expert in your field, making it
Step 1 – Identify your audience
easier to gain buy-in for your ideas.
Tailor your story to the needs and preferences of your
But that’s not all. Storytelling with financial data can also help you stakeholders, whether they are senior executives, peers,
uncover hidden patterns and trends that might not be immediately or non-finance professionals. Understand who you’re
apparent when looking at raw data. By weaving your data into a presenting to and what information is important to them.
narrative structure, you can connect the dots between different data This will help you tailor your story to their needs and make
points and uncover new insights and opportunities that might have your data more relevant and engaging.
otherwise gone unnoticed.
In short, telling a story with financial data is a must-have skill for

finance professionals. It helps you communicate complex information,
build credibility, and uncover new insights that can drive better
Step 2 – Define your goal
business decisions. What do you want to achieve with your story? Whether it’s
driving a decision, showcasing a trend, or highlighting a
risk, your goal should guide your narrative.
21
Step 3 – Identify the key message Step 6 – Use real-world examples

Identify the main point of your story and use it to guide Use real-world examples and case studies to show how
your narrative. This should be a clear and concise your financial data has real-world implications and how it
statement that summarizes the key insights from your can be used to drive better business outcomes. Use these
financial data. examples to illustrate key points and to make your story
more relevant and engaging for your audience.
Step 4 – Choose your data wisely

Select the most relevant data to support your story. Avoid Step 7 – Practice and refine
overwhelming your audience with too much information Practice your storytelling skills and refine your narrative
or unrelated data points. This means selecting data that is over time. Solicit feedback from colleagues and other
relevant, accurate, and easy to understand. Use financial stakeholders to help you improve your storytelling and
data visualization techniques such as charts, graphs, make your narrative even more compelling.
and dashboards to help make your data more visually
appealing and easier to interpret.
Step 5 – Craft a compelling storyline

Craft a storyline that engages your audience and leads
them on a journey. Use a narrative structure that includes
a beginning, middle, and end, and use storytelling
techniques such as analogies, metaphors, and examples
to make your story more relatable and engaging.
22
How to structure your data visualization

My biggest technique for a finance story is
the 3 W’s: story for maximum impact
What: Explain the issue in all the important Structuring your data visualization story properly is crucial to
aspects (what’s the problem, the reasons ensure your audience understands your key message and takes
behind it, the drivers, etc.). the desired action. A well-structured story can help you connect
with your audience, convey complex information in a simple and
So what: Speak of the implications and
memorable way, and inspire action.
the consequences (current impact and
future impact). To structure your data story effectively, start with a clear and concise
message summarizing the main point of your story. This should be the
Now what: Prepare the field for the next steps.
guiding principle informing the rest of your story and helping you to
You can either use your business acumen and
stay focused on your key message.
try coming up with a recommendation or
you can simply take the role of the discussion Once you have your key message locked down, it’s time to think about
facilitator. The goal here is to make sure there is the overall structure of your story. This means deciding on the order
a next step, not that you decide on your own.” you’ll present the information and the types of data visualization
techniques you’ll use to illustrate your points.
Soufyan Hamid, Finance Presentations Coach
at SouFBP One effective way to structure your data visualization story is to use a
narrative arc that includes a beginning, middle, and end:
1. The beginning sets the scene and introduces the key players
and context.
2. The middle presents key information and data that supports

your message.
3. The end summarizes the main points and calls to action.
Another effective way to structure your data visualization story is to

use a pyramid structure, where you start with the most important
and impactful information at the top and work your way down to the
supporting details.
23
In summary… How to build a persuasive argument

To structure a powerful data visualization story, follow these five steps: When presenting a data story to an audience, such as the CEO and
1. Setting the stage other stakeholders, it’s essential to be prepared for some backlash.
This is because financial data can be complex and difficult to
2. Presenting the problem
understand, and stakeholders may have various interpretations of
3. Showcasing the data the data or different priorities and goals.
4. Highlighting key insights Resist the urge to jump on the defense. Instead, learn to build a
persuasive argument with your financial data storytelling. This means
5. Offering a conclusion or recommendation
presenting data clearly and concisely and fine-tuning the story so it’s
relevant to the audience’s needs and interests. It also means being
able to anticipate potential objections or questions and having a plan
Bonus tips on using financial data to create a
to address them.
compelling story/narrative
1. Use relatable examples: Connect your data to real-world Building a persuasive argument with data storytelling requires a
situations or familiar concepts to help your audience combination of technical expertise and communication skills.
understand its significance. Telling a story that connects with your audience on an emotional
2. Focus on the human element: Whenever possible, level requires the ability to use storytelling techniques such as
emphasize how your data impacts people – whether it’s analogies, metaphors, and examples to make the data more
customers, employees, or stakeholders. relatable and engaging.
3. Create an emotional connection: Engage your audience’s Ultimately, building a persuasive argument with data storytelling
emotions by highlighting the potential consequences or is about translating complex financial information into a clear and
benefits of the insights derived from your data. compelling story that drives better business outcomes.
By anticipating potential objections and building a strong narrative

that resonates with your audience, you can build trust, credibility,
and influence, even in the face of potential backlash.
24
4 tips to create a persuasive argument with

financial data
1. Use data to support your claims

Present concrete evidence that reinforces your argument and establishes your credibility.
2. Address potential counterarguments

Anticipate objections or alternative interpretations of the data and address them in your visualizations.
3. Keep it simple and focused

Avoid presenting too many data points or arguments at once, as this can dilute your message and
confuse your audience.
4. Make a clear call to action

Guide your audience toward the desired outcome by offering a clear, actionable recommendation based
on data-driven insights.
25
Presentation skills
Even the most compelling financial data story can fall flat without
effective presentation skills.
Here are some tips to help you shine during your presentations:
1. Practice, practice, practice 4. Prepare for questions

Rehearse your presentation to build confidence and ensure a smooth Anticipate the questions your audience may have and be ready to
delivery. address them with confidence and clarity.
2. Engage your audience 5. Use visuals effectively

Involve your audience by asking questions, soliciting feedback, or Ensure that your data visualizations are clear and concise and use
encouraging discussion. This will help keep them engaged and them to support your narrative. Avoid cluttering your slides with too
invested in your story. much text or unnecessary visuals.
3. Use storytelling techniques 6. Be mindful of body language

Embrace storytelling techniques such as pacing, tone, and suspense Maintain eye contact, stand tall, and use gestures to emphasize key
to make your presentation more engaging and memorable. points. Your body language can convey confidence and enthusiasm,
which will help to create a strong connection with your audience.
26
Chapter 5:
Advanced data
visualization
techniques
27
A few advanced techniques to consider

Now we’re going to look at some slightly more advanced techniques
for data visualization. These techniques help reveal hidden patterns,
trends, and relationships in the data, making it easier to make
data-driven decisions. They’re best suited for individuals with a strong
understanding of data analysis and visual design principles.
Below, we explore some of these advanced techniques, along with

their difficulty levels (rated on a scale of 1 to 5, with 5 being the
most difficult).
Heatmaps (Difficulty: 2) Treemaps (Difficulty: 3)
Heatmaps use color to represent data values in a matrix format. Treemaps are a space-filling visualization technique that uses
They’re great for identifying trends and patterns in large datasets, nested rectangles to represent hierarchical data. They’re useful for
such as stock price fluctuations or correlations between various displaying financial data with multiple levels, such as the breakdown
financial indicators. The difficulty in creating heatmaps lies in of a company’s revenue by product category and subcategory. The
choosing the right color scheme and scaling. difficulty in creating treemaps involves selecting appropriate nesting
and color-coding schemes to ensure clarity.
Low Medium High
$80K
$60K
4.5%
$40K
$20K
44.1% 25.2% 4.5%
$0
2018 2019 2020 2021 2022
28
Sankey diagrams (Difficulty: 3) Choropleth maps (Difficulty: 3)

Sankey diagrams are flow diagrams that show the flow of data or Choropleth maps use color gradients to represent data values across
resources between nodes, using the thickness of the connecting geographical regions, such as countries or states. They’re ideal for
lines to represent the flow’s magnitude. They’re useful for visualizing visualizing regional financial data like GDP growth, poverty rates, or
financial flows, such as the movement of funds between accounts market penetration. The difficulty in creating choropleth maps lies in
or the distribution of investments in a portfolio. The challenge in selecting the right color scheme and ensuring the data is accurately
creating Sankey diagrams comes from managing the layout and line represented geographically.
thicknesses to accurately represent the data.
Node 1
Europe
Node 1
North America
Node 1
21.6%
Node 2 44.1%
4.5% 25.2% Asia
Node 2 (drop off)

1%
3.6% Middle East
Node 3
Node 2 South & Central Africa

America
Node 3
29
Network graphs (Difficulty: 4) Parallel coordinates (Difficulty: 4)

Network graphs display relationships between entities through nodes Parallel coordinates plot multivariate data on parallel axes, which
and edges. They’re ideal for visualizing connections in large datasets, allows for the comparison of multiple dimensions simultaneously.
such as relationships between companies, investors, or assets. The This technique is useful for visualizing relationships between different
difficulty in creating network graphs comes from dealing with large financial variables or analyzing the performance of multiple assets.
amounts of data and ensuring the visualization remains readable. The challenge lies in managing axis spacing, scaling, and labeling,
while maintaining readability.
1 2 3
30
Animations in data visualizations 1. Is it worth the effort?

Using animations in data visualizations can be an effective way to Animations are particularly valuable when you need to
add a dynamic element to your presentations, making them more demonstrate changes in data over time, transition between
engaging and helping to communicate changes in data over time. different states, or provide an interactive experience. However,
Animations can also be useful for illustrating complex concepts it’s important to use animations judiciously; if overused or
and revealing hidden patterns that may be difficult to spot in applied inappropriately, they can distract from the main
static visualizations. message or make the visualization harder to understand.
Here are some points to consider when incorporating animations in

your data visualizations:
2. Techniques
There are various ways to incorporate animations in data
visualizations, such as:
• Transitioning between different views of the data to highlight

specific insights.
• Using animated charts to show changes in data over

time (e.g., a line chart or bar chart that updates as time
progresses).
• Incorporating interactive elements, allowing users to explore

the data and see how the visualization responds to their input.
3. Tools
Several data visualization tools and libraries support
animations, including Tableau, D3.js, and Plotly. These tools
offer built-in animation features, making it easier to create and
customize dynamic visualizations.
31
5 tips when using animation in data

storytelling
To ensure that your animated data visualizations are effective and
engaging, keep these best practices in mind:
1. Keep it simple
Use animations to enhance the understanding of your data, not to confuse or distract the audience. Avoid using
overly complex or flashy animations and focus on those that help convey the message clearly and succinctly.
2. Prioritize clarity
Make sure the animated elements of your visualization are easy to follow and understand. It’s essential to
strike a balance between visual appeal and clarity so that your audience can quickly grasp the insights
you’re trying to convey.
3. Optimize for performance

Animations can be resource-intensive, especially when dealing with large datasets. Ensure that your
visualizations are optimized for performance to prevent slow loading times or choppy animations, which can
negatively impact the user experience.
4. Test on different devices and platforms

Since your audience may access your visualizations on various devices and platforms, it’s essential to test
your animations to ensure they work as intended and maintain their impact across different environments.
5. Provide context
Use annotations, legends, or labels to provide context for your animated visualizations. This will help your
audience understand what they are seeing and make it easier for them to interpret the data.
32
Chapter 6:
Accessibility and
inclusion
33
Accessibility and inclusion should be at the forefront

when creating financial data stories using visualizations.
Ensuring your work is accessible to a diverse audience, including
individuals with disabilities or varying levels of expertise, is crucial.
Here are a few things to consider so your visualizations can be

enjoyed and understood by everyone:
Colors and contrast Clear language

Use colors and contrast levels that are easily distinguishable Use simple, concise language that’s easy to understand for
for individuals with color vision deficiencies or low vision. people with varying levels of expertise or for whom English may
not be their first language. Avoid jargon or technical terms that
Avoid color combinations that may cause difficulties, such as
could be confusing.
red-green or blue-yellow. Consider using tools like ColorBrewer
or WebAIM’s Color Contrast Checker to test and optimize your Keyboard navigation
color choices.
Ensure that your visualizations and interactive elements are
Text and font size accessible via keyboard navigation. This helps users who may not
be able to use a mouse or touchscreen due to physical limitations
Use clear, easy-to-read fonts and maintain an appropriate font size
or visual impairments.
for readability. Try to stay away from using small text, decorative
fonts, or overly stylized typography that may be difficult to read for Responsive design
some users.
Implement responsive design principles to make sure your
Alternative text and descriptions visualizations display correctly on various devices and screen sizes,
including mobile devices and tablets. This ensures a consistent user
Provide alternative text (alt-text) and descriptions for visual
experience for everyone, regardless of their preferred device.
elements, such as charts, graphs, or images. This ensures that
screen readers can interpret your visualizations for users with
visual impairments.
34
Audio and video accessibility Provide multiple formats

If your data storytelling includes audio or video content, provide Offer different formats of your visualizations, such as static images,
captions or transcripts to ensure accessibility for users who are deaf interactive charts, or text-based summaries, to accommodate users
or hard of hearing. Consider adding audio descriptions for users with with varying preferences and accessibility needs.
visual impairments as well.
Continuous improvement
Test with accessibility tools
Regularly review and update your visualizations to ensure they remain
Use accessibility tools, such as screen readers or browser plugins accessible and inclusive. Keep up to date with best practices and
like WAVE or axe, to test your visualizations and identify any potential guidelines, such as the Web Content Accessibility Guidelines (WCAG),
accessibility issues. This will help you identify and address problems to maintain a high standard of accessibility.
before they affect your users.
35
Chapter 7:
Tools and
technologies
36
Choosing the right tools and technologies for data Datasets can be set to automatically refresh on a schedule that
visualization is important for crafting compelling makes sense for the data, be it daily, weekly, monthly, etc. Once
visuals that effectively communicate your data fully matured, reports and dashboards can be very low-touch
insights. There’s a wide range of options available, maintenance-wise with alerts in place if refreshes don’t occur
each with its unique features and capabilities. as planned.
Liam Boyle, Data Analyst at Future Beauty Labs, was kind enough There are lots of free training options out there to get started
to share his best recommendations for financial data storytelling with PowerBI and Microsoft has forums and guides to help you on
tools below: your way; LinkedIn and other platforms offer some really effective
introductory courses and YouTube is a wealth of tutorials for all
Every business still uses spreadsheets and well they should, they are
aspects including making mobile-friendly dashboards.
powerful beasts. Excel and its contemporaries still allow users an easy
way to analyze their data and still offer good visualizations tool.
Tools like Power BI and Tableau have taken visualization capabilities to

a new level while also democratizing the ability for users throughout
a business to create insightful visualizations and tell the story of their
department’s data.
PowerBI is my personal preference and I believe it’s a natural evolution

for Excel users. It offers the user an intuitive suite of tools to bring
together different data sources, integrate and tell the story of the
full business.
Harking back to knowing your audience and stakeholders, often these

people are very busy and, on the move. PowerBI allows you to create
mobile-friendly dashboards and “apps” so you can get key data in
their hands anytime, anywhere.
Like Excel, it uses Power Query to transform and manipulate data and
while it still uses that common language, it is worth spending some
time learning some DAX. Data Analysis Expressions (DAX) is Power BI’s
library of expressions that can be used to build powerful formulas,
calculations, and queries of data in related tables.
37
Chapter 8:
Evaluating and
measuring success
It’s important to evaluate and measure the success of your
financial data visualizations to ensure they’re effectively
communicating your insights and meeting your objectives.
38
Tips to assess the effectiveness of your

finance visualizations
1. Define success criteria 4. User experience

Start by establishing clear goals and success criteria for your data A positive user experience is essential for the success of your data
visualization project. These may include conveying specific insights, visualizations. Collect feedback on the overall usability, design, and
increasing user engagement, or facilitating decision-making. intuitiveness of your visualizations using surveys or user testing
Your success criteria should align with your overall objectives. sessions. Look for patterns in the feedback to identify areas for
improvement.
2. User engagement
Analyzing user engagement can help you understand how well your 5. Conversion rates
visualizations capture and maintain the audience’s attention. Metrics If your data visualization is designed to drive specific actions or
to track may include page views, time spent on the visualization, and decisions, track conversion rates to measure success. For example, if
interaction rates (e.g., clicks, hovers, or other user interactions). your visualization is part of a sales presentation, monitor changes in
sales figures or the number of new leads generated.
3. Comprehension and retention
Assessing how well your audience understands and retains the 6. Social sharing and reach
information presented in your visualizations is key. You can use For visualizations intended to raise awareness or drive engagement
surveys, quizzes, or interviews to gather feedback on comprehension on social media, monitor the number of shares, likes, comments,
and retention. Ask users specific questions about the insights and other social interactions. High levels of social engagement can
or trends they’ve identified in your visualizations to evaluate indicate that your visualization is resonating with your audience and
their understanding. effectively conveying your message.
39
7. Benchmarking
Compare the performance of your visualizations to previous projects
or industry benchmarks to gauge their relative success. This can
help you identify trends and determine if your current visualization
strategies are effective.
8. Iterative improvement
Continuously measure and evaluate the success of your visualizations
to identify areas for improvement. Use the insights gained from your
evaluations to refine your visualizations and improve them over time.
By regularly evaluating and measuring the success of your data

visualizations, you can ensure that they are effectively conveying
your insights, meeting your objectives, and providing value to
your audience.
Remember to be flexible and adaptable, using the feedback and

metrics you gather to refine your visualizations and enhance their
overall impact.
40
Chapter 9:
Ethical
considerations
41
Why does misrepresentation in financial Ambiguity in data

data happen? Financial data can be complex and subject to multiple interpretations.
Misleading or misrepresenting data in financial data storytelling Ambiguity in data can lead to different conclusions, depending on the
can be common due to various reasons, ranging from unintentional analyst’s perspective or assumptions. This can inadvertently result in
mistakes to deliberate manipulation. Some factors that contribute to misleading or misrepresenting data when presenting it to others.
this issue include: Cognitive biases
Confirmation bias
Humans are susceptible to various cognitive biases, such as
People often tend to seek out and interpret data in ways that confirm anchoring or availability bias, which can influence the way we
their pre-existing beliefs or expectations. This can lead to the selective interpret and present data. These biases may lead to over or under-
presentation of data or emphasizing certain aspects while ignoring emphasizing specific data points or trends, skewing the overall
others, resulting in misleading visualizations. message of the visualization.
Pressure to deliver results Ineffective communication
In the financial sector, there may be pressure to demonstrate positive In some cases, misleading data can be a result of poor
results or support a specific narrative, which can lead to manipulating communication or design choices. For example, using confusing or
data to fit the desired outcome. This can involve cherry-picking data, unclear visuals, cluttered layouts, or inappropriate chart types can
using inappropriate statistical techniques, or misrepresenting the make it difficult for the audience to accurately interpret the data.
context of the data. Sensationalism
Lack of expertise
To capture attention or create a more engaging narrative, some data
Misleading visualizations can also result from a lack of expertise storytellers might resort to sensationalism or exaggeration. This can
in data analysis or visualization techniques. This may lead to involve focusing on outliers or extreme cases, presenting data out of
unintentional errors, such as misinterpreting data, using inappropriate context, or using misleading visuals to create a more dramatic effect.
scales, or misrepresenting relationships between variables. Lack of transparency
In some instances, data may be misrepresented due to a lack of

transparency regarding data sources, methodology, or assumptions.
Without this information, it’s difficult for the audience to evaluate the
credibility and accuracy of the presented data.
42
Why are ethical considerations so important? Transparency
Adhering to ethical principles helps ensure the integrity, Ethical data storytelling requires being transparent about the
trustworthiness, and transparency of your work, which is particularly sources of your data, the methodology used to analyze it, and any
important in the financial sector. Here are some key reasons why assumptions or limitations in your findings. This transparency allows
ethical considerations are essential: your audience to assess the reliability of your work and promotes
informed decision-making.
Trust and credibility
Avoiding conflicts of interest
Financial decisions often have significant implications for individuals
and organizations. Maintaining ethical standards in data storytelling Ethical financial data storytelling involves identifying and mitigating
helps to build trust and credibility, assuring your audience that the any potential conflicts of interest that could compromise the
information presented is accurate, reliable, and unbiased. objectivity of your work. This may include disclosing any relationships
or affiliations that could influence your analysis or presentation of
Compliance and regulations
the data.
The financial industry is subject to numerous laws and regulations
Social responsibility
designed to protect consumers, investors, and the stability of the
financial system. Ethical considerations in data storytelling ensure that Ethical data storytelling acknowledges the potential social and
your work complies with these regulations, avoiding potential legal economic consequences of your work. It’s important to consider the
and financial consequences. broader impact of your visualizations and ensure that they don’t
perpetuate harmful stereotypes, biases, or misinformation.
Fair representation
Continuous improvement
Ethical financial data storytelling requires the fair and accurate
representation of data. This includes avoiding cherry-picking or Ethical financial data storytelling involves a commitment to
manipulating data to support a specific narrative or agenda. continuously improving your skills and knowledge, staying up-to-
Presenting a comprehensive and unbiased view of the data helps date with industry best practices, and refining your work based on
your audience make well-informed decisions. feedback and new insights.
Privacy and confidentiality How to avoid misleading or misrepresenting financial

data in visualizations
Financial data often contain sensitive information about individuals
or organizations. Ethical considerations in data storytelling involve To avoid misleading or misrepresenting data in visualizations,
protecting the privacy and confidentiality of this information, and it’s crucial to adhere to best practices and maintain a strong sense
ensuring that personal data is anonymized and aggregated as of integrity.
needed to prevent the identification of specific individuals or entities.
43
Tips to help create accurate and trustworthy Be transparent about data sources and methodology
visualizations Clearly state the sources of your data, the methodology used to
analyze it, and any assumptions or limitations in your findings. This
Start with a clear objective
transparency allows your audience to assess the reliability of your
Define your goals and what you want to communicate through your work and promotes informed decision-making.
visualization. Having a clear objective will help you stay focused on
Avoid cherry-picking and confirmation bias
presenting data that is relevant and accurate.
Present a comprehensive and unbiased view of the data, including
Use appropriate visualization techniques
both positive and negative trends. Be aware of your own biases and
Choose the right chart types and visual elements that accurately avoid selectively presenting data that supports your pre-existing
represent the data and relationships between variables. Ensure that beliefs or desired outcomes.
the chosen visualization method does not distort the data or imply
Test your visualizations with others
relationships that don’t exist.
Be mindful of scales and axes Share your visualizations with colleagues or peers and gather
feedback on their interpretation of the data. This can help you identify
Use appropriate scales and axes that provide an accurate any potential issues or areas for improvement before presenting your
representation of the data. Avoid using truncated axes or inconsistent visualizations to a wider audience.
scales, which can exaggerate differences or minimize important
trends. Continuously improve your skills
Present data in context Stay up-to-date with best practices in data visualization and
invest in developing your skills. As you gain more experience and
Provide relevant context for the data you’re presenting, such as
knowledge, you’ll be better equipped to create accurate and
historical trends, comparisons with similar data sets, or explanations
compelling visualizations.
for unusual data points. This will help your audience understand the
data more accurately and avoid drawing incorrect conclusions. By following these tips and maintaining a strong commitment to
accuracy and ethical data storytelling, you can create visualizations
Double-check your data and calculations
that effectively communicate your insights and foster trust with
Carefully review your data sources and calculations to ensure that your audience.
they are accurate and reliable. Mistakes or inconsistencies can lead
to misleading visualizations, so it’s essential to verify your data before
presenting it to others. 44
Conclusion
As you continue to apply the principles, techniques, and best practices outlined in this
playbook, remember the process of mastering financial data storytelling is an ongoing
adventure. Embrace the challenges, celebrate the successes, and never stop refining
your craft.
The world of finance is ever-evolving, and so too are the ways in which we communicate
our insights and findings. Stay curious, stay passionate, and stay driven!
Don’t forget to join our free Slack community for finance professionals like you.
45
A special thank you to our

guest writers...
Soufyan Hamid
Finance Presentations Coach at SouFBP
Liam Boyle
Data Analyst at Future Beauty Labs
46
Contributors
Richard King
CEO and Founder of Finance Alliance
Rich is the Founder of Finance Alliance and is at the helm of our voyage to
elevate finance roles worldwide. He’s responsible for what happens next
with the community. So, if you’d like to have your say, don’t hesitate to get in
touch – Rich is always open to invaluable feedback and ideas.
Sabrinthia Donnelly
Senior Copywriter at Finance Alliance
Sabrinthia is our Senior Copywriter here at Finance Alliance and host of the
Two Cents: Finance Talk podcast.
Jon Sayer
Graphic Designer
Jon is our graphic designer and looks at all our design requirements.
He’s responsible for the layout and visual elements in this report and is
always happy to hear your thoughts!
47
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Storytelling with Data Visualization Playbook

Liam Boyle, Data Analyst at

Why should you care about data storytelling?

Here are five key reasons:

2. Bridging the gap

3. Fast, data-driven decisions

5. Stand out in the boardroom

What is Data Cleaning? Remember!

What is data preparation?

Data preparation is a crucial step in financial data storytelling

This might involve removing duplicate entries, standardizing data

Data cleaning techniques

1. Remove duplicates 4. Standardize data formats

9 expert data storytelling tips 2. Set clear objectives

1. Know your audience 4. Name your visuals appropriately

One simple option for creating hierarchies in the story is to utilize

6. Highlight KPIs 3 key principles of financial data

Bar chart: Ideal for comparing categories or showcasing changes

Ultimately, selecting the right type of visual is key to ensuring your

Pie chart: Perfect for showing proportions or percentages of a whole.

and emphasizing trends.

Company #1 2. Bar/column charts for separable elements

3. Waterfall chart when comparing

Soufyan Hamid, Finance Presentations Coach

Using Color Effectively Color selection: Which colors work best?

The psychology of color in data

For example, red is often associated with danger or excitement, while

7 tips for using color in your data

1. Highlight key insights 5. Purposeful color choices

2. Contrast is key 6. Consistent color scheme

“You can use generally accepted colors that

“Another important element that I always

“It will show your business implication, people

“A last important point regarding colors is to

Soufyan Hamid, Finance Presentations

In short, telling a story with financial data is a must-have skill for

Step 3 – Identify the key message Step 6 – Use real-world examples

Step 4 – Choose your data wisely

Step 5 – Craft a compelling storyline

How to structure your data visualization

2. The middle presents key information and data that supports

3. The end summarizes the main points and calls to action.

Another effective way to structure your data visualization story is to

In summary… How to build a persuasive argument

By anticipating potential objections and building a strong narrative

4 tips to create a persuasive argument with

1. Use data to support your claims

2. Address potential counterarguments

3. Keep it simple and focused

4. Make a clear call to action

1. Practice, practice, practice 4. Prepare for questions

delivery. address them with confidence and clarity.

2. Engage your audience 5. Use visuals effectively

invested in your story. much text or unnecessary visuals.

3. Use storytelling techniques 6. Be mindful of body language

A few advanced techniques to consider

Below, we explore some of these advanced techniques, along with

Heatmaps (Difficulty: 2) Treemaps (Difficulty: 3)

Low Medium High