Banks, insurance companies and other financial institutions provide capital fuel that helps businesses of all sizes to sustain their operations and flourish. Successful return on investment (ROI) of these capital infusions is key to both the banks and the clients.
Drones (air, sea & land) capture vast amounts of unstructured information that can be analysed both in real-time for on-site operations, and for planning purposes across all environments and industries; agriculture & forestry, construction & engineering, energy & utilities, transportation, public services...
The challenge to deploying drones across industries is not always down to the technology itself (which is relatively easy to navigate). Culture, risk aversion, privacy concerns, capital costs all play a part in businesses scaling the use of drones across their respective industries.
Banks and other financial institutions can augment their client lending and assurance services, and simultaneously improve the chances of ROI by offering drone-data-as-a-service to their clients. Bank's clients cover the full spectrum of global trade. Capturing, retaining, analysing and offering industrial drone-data will give banks business model pivot-points to spring from. Banks will provide early insight into the loan application process and mitigate their own risks. They will be offer whole new architectures of service components to existing and new clients...in effect creating new markets.
One can also visualise banks creating exciting new advisory job roles as loan experts acquire deep industry knowledge based on the industrial drone-data insights they have, making the discussion between client and bank far more fruitful.
Banks that make this "adventurous leap" will be able to monetise industrial environmental data in yet unforeseen ways, yielding new landscapes of profit. Services (drone pilots) and hardware (drones) could be sourced-in minimising capital outlay, but banks should develop and retain sophisticated analytical capabilities in-house to be able to leverage that across industries. As automation, A.I. and integration with rapidly emerging technologies such as augmented & virtual reality (AR/VR) continues apace, banks costs of service will be reduced as the forces of democratisation take hold.
Bundling drone-data analytical capabilities together with smart contracting techniques (Blockchain etc.) could also give banks leverage points over entire logistical supply chains.
Banks that take the plunge early enough in the "deceptive growth" phase of the drone-data business model S-curve will generate massive profits and acquire a lot of new clients as it moves into the "disruptive growth" phase.
If you are an executive in a bank, insurance company or other financial institution running business development and you are not yet focused on how to profit from industrial drone-data...it's a sure bet that your competitor is.
How might banks create new lines of business based on the market insights that they can bring to bear thanks to the vast troves of industrial drone-data they can leverage in cloudy places?
WiP...
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