Terra Tech JSC, a subsidiary of the Russian Space Systems Holding (RKS, part of the State Corporation Roscosmos) and Promsvyazbank PJSC (PSB) have announced the launch of a joint project on integrated space monitoring and geospatial analysis of the bank's property assets. As part of the cooperation, a cloud-based geoinformation service was developed in the interests of the PSB for monitoring the construction of its own and pledged objects and land plots, the press service of the RCS reported.
Remote sensing of the Earth (remote sensing) and services based on it are a new tool for Russian financial market companies. At the same time, the development of geospatial data analysis systems opens up wide opportunities for their application in the field of audit, banking, insurance, investment and consulting.
"The use of space monitoring will allow the bank to solve several tasks at once – to improve the quality of the assessment of borrowers and their projects, to reduce the cost of underwriting and control of the targeted use of credit funds, which as a result ensures effective risk management in the implementation of large infrastructure projects. PSB plans to expand the use of geoinformation technologies in the processes of lending, project financing and property asset management, " said Alexey Tryakin, Deputy Director of the Administrative and Organizational Department of PSB.
Thanks to the solution based on remote sensing data, PSB specialists quickly receive the necessary information and analytics in the areas of construction and land use for making management and credit decisions, monitoring the implementation of the terms of the loan agreement and the targeted use of borrowed funds. The geoservice, which combines ultra-high-resolution satellite images with information from the bank's databases and external sources, is implemented as a web application and works on mobile devices as well.
"The global market for space geoservices for the financial sector is actively developing, showing annual growth. In international practice, space survey materials are increasingly used by banks, financial institutions, insurance and consulting companies for evaluation and forecasting. We believe that this area has great potential in Russia and are very pleased with the results achieved in the framework of the start of cooperation with PSB, " said Milana Elerdova, General Director of Terra Tech JSC.
One of the tasks that was solved in the framework of the project is a space screening of the bank's existing land assets to assess their potential in terms of development. As a result of the work of the geoservice, each site, based on a number of criteria, received its own score according to the degree of its prospects for residential development or the construction of social infrastructure facilities.
Thanks to the service, underwriting specialists, when making decisions on lending to agricultural producers, see in advance the expanded characteristics of the land that the farmer is ready to provide as collateral.