Problem statement

Modern banking and finance relies on data to make informed decisions with speed and security.

The bankruptcy of Lehman Brothers on
September 15, 2008 was the climax of the subprime mortgage crisis. After the financial services firm was notified of a
pending credit downgrade due to its heavy position in subprime mortgages,
the Federal Reserve summoned several banks to
negotiate financing for its reorganization. These discussions failed, and
Lehman filed a Chapter 11 petition that remains the largest bankruptcy filing in U.S.
history, involving more than US$600 billion in assets.

Absence of real information on what was the status of the subprime mortgages coupled with improper checks and balances are one of the key drivers of the subprime mortgage crises.

Collateral management for financial institutions continues to be one of the largest challenges of a bank. Auctions are troublesome and rarely enable recovery of principal + interest for the banking industry.

Real Estate plays a critical role with fiat currency economies as it is considered as a key asset class to back currencies. As economies digitize the concept of “money”, physical real world assets like Real Estate will also need to be digitized. An image of the actual asset is and will always be the real truth.

Solution

The use of drones in banking and finance is becoming more and more popular. There are several advantages to using drones in these industries, including the ability to provide quick and efficient intelligence to power transactions and improve security.

Modern banking and finance is an industry that relies on data to make informed decisions, and drones are the best way to source that data. Drones can fly over vast areas, collecting data much faster than human resources. They can fly over mountainous terrain, through dense forests, or across the ocean—and they can do it with less noise or disturbance than a helicopter.

Drones are a great way to get a birds-eye view of the world and are especially helpful in banking and finance as they can collect important data about how people use their houses and businesses.

Insurance is also a sector which is being transformed with informed decision making with drone data.

One of the main advantages of using drones in banking is that they can speed up intelligence to power transactions. In the past, bank verification would take days or even weeks. However, with drones, transactions can be completed within minutes by a owner simply uploading drone data along with property documents on the Banker’s Portal. This is a massive advantage for both businesses and consumers.

Another advantage of using drones is that they can improve security. Drones can monitor ATMs and other financial institutions for suspicious activity. They can also transport cash and other valuable items, preventing theft.

Drones can aid banks in gaining an advantage over competitors by giving them new insights into what customers are doing at specific locations. This information can be used to make better decisions about where to place ATMs, branches, or other financial services.

Overall, using drones in banking and finance is a very positive development. They can help to speed up the verification and inspection and improve security.

Value delivered

Shortened cycle times

By using drones to transport data, banks can cut down on the time it takes to verify the actual around the world. This means that it will be easier for them to make and enable more informed decisions.

Increased efficiency

Drones allow banks to increase their efficiency to provide better customer service at lower costs without hiring more employees or increasing prices for customers who don’t need as much help as others do.