Recently, IB’s project “Satellite Remote Sensing Empowering Financial Services” (referred to as the “Satellite Remote Sensing” project) stood out among over 400 global submissions from banks, insurance companies, and financial institutions, securing the second place in the Asia-Pacific region at the “2023 Eye on Innovation Awards for Financial Services” hosted by Gartner, a global leader in IT research and consultancy.
Launched in 2022, this pioneering project by IB integrates “new data” from satellite remote sensing with industry and various other data sources. It effectively identifies crop types, planting areas, and growth conditions, establishing crop cultivation profiles. This advancement refines the assessment of agricultural assets and risk warning mechanisms, providing technological support for precise credit allocation in the agriculture sector. It addresses challenges in agricultural and green credit extension, loan review, and post-loan management, encouraging banks to “lend confidently” and clients to “borrow willingly.” IB has applied this technology in agriculture, forestry carbon sinks, and new energy stations, with remote sensing data sourced from the Land Satellite Remote Sensing Application Center of the Ministry of Natural Resources, ensuring data compliance, security, and reliability.
Gartner, a globally renowned information technology research and consulting firm, annually collects and recognizes innovative cases from leading financial institutions worldwide. Their industry development reports serve as a benchmark, guiding various industries towards digital transformation. Gartner’s annual recognition of industry leaders and innovative products that significantly impact profitability, efficiency, and customer experience highlights the potential of information technology to drive high-quality development in the financial sector.