Banks will begin to determine the creditworthiness of farmers using satellite images

Lending is a service that is always in demand among farmers, since a farmer does not always have money on hand just when the season requires investments, for example, in the purchase of equipment, fertilizers or seeds. For smaller farmers, lending is the only way to modernize or expand their production, experts note in the article.

To issue a loan to a farmer, the bank needs to assess whether the farmer will be able to repay it. This is done through an assessment of the profitability of the farmer's land, experts explain, for example, by studying documentation that confirms the farm's income. In some cases, this is not enough and a direct visit of a specialist to the field is required in order to exclude the provision of false data. However, this takes a lot of time from bank employees, experts say.

The issue was resolved with the help of digitalization of the industry. The EOS Data Analytics platform will allow you to get information about any territories online. As the developers of the platform explain, it is equipped with artificial intelligence that can analyze both satellite imagery data and historical data - crop rotation, soil moisture, and so on. Based on this data, the platform can analyze the yield of fields, make a forecast for the coming years, and assess the agrarian's ability to repay the loan amount.

Farmers can also use the platform to make yield forecasts for personal needs, the developers noted.