Drones and the Future of Credit Intermediation and Related Activities
Overview
As technology continues to evolve, drones are finding their place in credit intermediation and related financial activities. According to PwC's 2020 research, the market for commercial uses of drones is predicted to reach up to $127 billion by 2022, and banking and finance make up a substantial portion. This guide will delve into the role of drones in the future of credit intermediation activities, from loan processing and credit scoring to fraud detection and risk management. It will also introduce 3Laws Robotics' solutions, which could offer further enhancement and safety for drone operations in finance.
Drones in Loan Processing and Credit Scoring
The use of drones in loan processing and credit scoring is expected to significantly impact the financial world. According to PwC, drones could lead to a 40% reduction in cost and time involved in loan processing. With the aid of advanced imaging capabilities, drones can provide accurate assessments for loan evaluations, especially in sectors such as agriculture and real estate. Drones serve as efficient tools for capturing real-time data, ensuring that credit scoring reflects the most accurate and current information.
Drones in Fraud Detection and Risk Management
Interestingly, drones offer a unique solution for fraud detection as well. GPS data and high-definition imaging can help uncover fraudulent activities that might otherwise go unnoticed. For instance, drones can detect mismatches in reported and actual property data, helping to uncover mortgage fraud. Moreover, according to a study by the Association of Certified Fraud Examiners, organizations lose 5% of their annual revenues to fraud, highlighting the need for efficient detection tools like drones.
Drones in Banking and Finance Industries
As per a market research report by Statistics MRC, the global commercial drone market in banking and finance was valued at around $1.2 billion in 2017 and is expected to reach $6.8 billion by 2026, growing at a CAGR of 21.0%. Drones can improve regulatory compliance, enhance security, and provide new avenues for customer interaction in the banking sector. Banks can also leverage drone technology to asses credit risk, evaluate loan applications, and manage insurance claims efficiently.
Key Takeaways
• Drones offer an efficient tool for credit scoring and loan processing, potentially reducing cost and time by 40%. • With advanced imaging capabilities, drones can enhance fraud detection and risk management in the financial industry. • The market size for commercial drone use in banking and finance is expected to grow substantially, reaching $6.8 billion by 2026.
3Laws Robotics- Innovating Safety in Robotics
Aligning with the growth trajectory of drone applications in finance, 3Laws Robotics is developing innovative software to enhance safety and reliability for robotics systems. A significant area of focus is certification, which is a notable pain point for robotics companies. For companies utilizing drones in the financial industry, ensuring safety and obtaining certification can be a challenging pursuit.
3Laws’ software, 3Laws Supervisor, aims to solve this problem by offering robust safety features, thereby easing the certification process. Based on Control Barrier FunctionsTech developed at Caltech, the software provides mathematically provable safety. This means drones can operate closer to their peak capabilities while maintaining safety, minimizing downtime caused by e-stops or collisions.
3Laws' technology has shown promising results in diverse industries and applications. These include a 40% efficiency gain in warehouse automation and secure operation of robots in close proximity to humans. Not only is 3Laws Supervisor compatible with popular robotics middleware like ROS and ROS2, but it's also adaptable, catering to a range of platforms including mobile robots, cars, drones, and manipulators.
Ultimately, 3Laws Robotics offers a next-generation proactive approach to safety, unlocking the full potential of robotics with dynamic, predictive safety solution that can be safety certified for ISO 3691-4 and ISO 26262. Today, as drones are increasingly engaged in financial sectors, safety and reliability are paramount. The solutions from 3Laws Robotics may provide the key to safer and more efficient operations.