In today’s technology-driven landscape, space technologies are making their mark across industries.
According to Euroconsult, the global space market has witnessed an 8% growth, highlighting its consistent expansion.
Recognizing the potential benefits, the banking industry continues to explore and integrate these technologies into its operations.
In this article, we explore how the Banking, Financial Services, and Insurance (BFSI) sector is adopting space technology and satellite imagery in their work.
Space Technology in Banking Sector
Assessing Risks Before Loan Approvals with TCS’s Innovative Tech
Tata Consultancy Services (TCS), an Indian multinational IT services and consulting company, has patented a technology that evaluates farmers’ creditworthiness and farm-related risks.
Using satellite and field data, the method described in patent US20230064592A1 calculates a real-time farm credit risk score.
By leveraging this innovative method, lenders can make informed decisions regarding farm loan approvals while considering the specific risks associated with each farm.
Indian Researchers Achieve Safe & Secure Communication System Using Space Tech
Through a collaborative effort (part of the QUEST Initiative) between the Quantum Information and Computing Lab at Raman Research Institute and the UR Rao Satellite Centre of ISRO, a revolutionary breakthrough has been achieved in using satellites for secure quantum communication.
By successfully distributing entangled photons from a satellite to ground stations, researchers have demonstrated the potential to leverage the principles of quantum mechanics to revolutionize secure communication and cryptography systems.
With the promise of providing secure communication for financial transactions and banking services, this technology holds immense potential for the banking sector and beyond.
Space Technology in Financial Services
Mission Space Redefines Financial Trading with Space Weather Forecasts
Mission Space, a Latvian start-up, revolutionizes space weather monitoring through its deployment of a constellation of nano-satellites equipped with sensors.
This advanced technology enables the understanding and prediction of space weather events, offering valuable insights for traders and investors.
Considering the potential impacts of space weather on critical systems such as electricity distribution networks, communication infrastructure, and global navigation satellite systems (GNSS), market participants can make informed decisions.
Mission Space’s satellite systems collect vast amounts of data, which are then utilized through satellite imagery, remote sensing, and real-time data analytics.
By integrating space weather forecasting into financial trading strategies, traders can gain a competitive edge by adapting their risk management approaches to mitigate potential risks.
Synmax Uses Skyfi’s Satellite Data for Energy Trading
SynMax, a leading Geospatial intelligence and analytics firm, revolutionizes decision-making processes by leveraging innovative techniques with Skyfi’s existing satellite technology.
The company utilizes satellite images to study critical aspects such as oil and natural gas production, inventory levels, commodity availability, and associated industry risks.
By providing valuable insights into these factors, SynMax empowers traders and investors to make strategic decisions in commodity trading and hedge funds.
Space Technology in Insurance Sector
Predicting Accident-related Risks with Swiss Re’s Innovation
Swiss Re, a renowned reinsurance company, has developed an innovative system and method to predict and forecast car accident risks.
Their patented technology, as described in US11554776B2, generates records of accident events and determines location-specific probability values for various accident conditions. By integrating environmental factors, socio-economic influences, and data from measuring devices, this advanced approach automates accident risk prediction.
The system further enhances accuracy by comparing features of different areas or road segments with historical accident data and employing machine learning techniques for analysis.
But are these space technologies all that reliable?
While the utilization of satellites in the banking sector is not a recent development, it continues to offer numerous advantages. However, it has its fair share of challenges, including security concerns like signal breaches and reliability issues due to threats like spoofing, interception, and hacking.
The Banking industry is actively addressing these obstacles and innovating along the same lines.
Detecting Spoofed Satellites With Raytheon’s Latest Technology
Raytheon, a leading defense contractor company, has developed an innovative method for detecting spoofed satellites.
Their patented technology, as described in US10120080B2, focuses on confirming the authenticity of received signals. By determining an authenticated state based on relative signal strengths and a dynamic threshold, the system can verify the legitimacy of the satellite signal.
SecureAuth Corp’s Tech Enabling Enhanced Identity Authentication
SecureAuth Corp, a software company, has developed an advanced method for securely authenticating user entity and user entity device identity. Described in their patent US11552940B1, this technology ensures that when accessing various online services like shopping websites or banking apps, your identity is verified securely.
The approach involves a centralized identity provider that enables access to multiple services using a single login. The provider collects behavioral and device information to establish a user’s normal patterns. This data is then sent to a trusted provider that performs comprehensive checks to ensure everything is safe and secure.
If any suspicious activities or indications of hacking are detected, specific protective measures are taken, such as ending the session or requesting additional verification steps.
Conclusion
The recent advancements in satellite technology, such as enhanced capabilities, increased bandwidth, and improved security measures, have opened up new possibilities within the BFSI sector.
Therefore, the integration of space technology holds immense potential for the future, driving continuous advancements and enhancing the overall landscape of Banking and Finance.
Next Read: Top 10 Startups Innovating the Space Tech Industry
Authored By: Ridhima Mahajan, Marketing in collaboration with Sunandita, and Harmeet, Patent Analytics.
