Spatial finance is a new buzzword in banking and insurance. Mapping rural property boundaries and crops will provide a better picture of risk and productivity.
as a key driver of demand for geospatial data and analytics in banks, which are keen to reduce the risk of greenwashing.CBA says it is already trialling remote sensing and geospatial technologies for agriculture.
“The sophistication of data now able to be utilised by both our customers and the bank is exciting because it means that we can work alongside farmers and tech providers and support them as they look to optimise natural capital in ways we haven’t done before.” As CBA and NAB fight it out in business banking, spatial finance could help bankers in country town branches – who literally kick the tyres on customers’ land and conduct manual valuations driving around in a car – to collect data remotely and standardise analysis across portfolios.After making an initial equity investment in the company in 2019, IAG has deployed DAS systems to make it clear what assets are insured, creating a better experience when claims are made.
Investors in DAS, which was set up five years ago, include the CSIRO, Startmate, AgFood and Telus Ventures, which will support its growth in North America. It is working with more than 140 customers; in addition to the banks and insurers, it counts agriculture companies Nutrien, Cargill and Viterra as clients, along with the Australian Bureau of Statistics, which has already used DAS to replace its five-year agricultural censuses.