At DroneDeploy, we’ve talked a lot about how drone technology can benefit those in industries such as construction, precision agriculture, utilities, facilities & property management, and more. At DroneDeploy Conference 2020, we even introduced a whole new way to capture interior and exterior data, integrating the two into one point of view and providing a complete digital representation of any property – anywhere in the world.
This new era of reality on demand has now evolved into other industries. The latest use case: helping companies struggling with how they assess financial and default risk, determine creditworthiness, improve credit analysis, and promote fair lending.
With DroneDeploy’s sophisticated technology, we can standardize your lending operations with repeatable, error-free drone analysis to assess property value. Insights gleaned from DroneDeploy enable proper financing and reduce total credit risk, streamlining your bottom line and providing a whole new way to address risk management.
Let’s take a look at three ways DroneDeploy tackles lending risk for the banking industry and others involved with lending operations.
Quickly & Accurately Verify Property Value
Any financial institution, lender, bank, or credit union knows what it takes to assess risk accurately: and it all starts with accurately verifying property value. The best way to do this is with high-resolution photography, videos, and easy-to-understand 3D models. DroneDeploy is the only way to get a comprehensive view of any property, inside and out. 360 Walkthrough allows you to overlay interior and exterior data, giving all stakeholders a complete picture of what they’re assessing. This kind of data will enable lenders to accurately verify property values without having to look at grainy photos and relying on the word of third-party assessors.
What’s more, using drones for data capture is exponentially faster (not to mention less expensive) than hiring a plane or helicopter to verify property value. Even using satellite imagery doesn’t provide the same quality or speed a drone data does. With DroneDeploy, you’ll be able to assess more properties faster while simultaneously determining the true value of both commercial and residential properties using our tailored aerial inspections.
Eliminate Third-Party Inspectors
By eliminating third-party inspectors, you not only cut down on costs but reduce the number of workers you have to put on site. While this new method of working became popular during the pandemic, many companies continue to seek ways to reduce the number of employees or third-party workers on their numerous job sites.
With any financial institution, the number of loans and loan requests can be astronomical. That means the number of sites to be assessed or inspected can be in the thousands. Before, lenders then had to hire a large number of third-party inspectors to help them determine property value and close out loan requests in a timely manner. DroneDeploy’s proprietary software allows companies to send just one worker on-site and share all the appropriate information with any and all stakeholders. Since the data is objective, accurate, and detailed, companies can quickly assess risk and affirm financing.
At the start of the pandemic, what had once been viewed as a headache has become something of a necessity. By eliminating third-party inspectors, lenders will simultaneously save time and money without compromising on the speed at which they affirm loans.
Centralize Documentation & Data-Sharing
As mentioned above, getting an objective, accurate view of assets is paramount for financial institutions. This keeps stakeholders informed and ensures everyone – no matter their location or timezone – is working from the same information set.
DroneDeploy automates the lending process with easy data-sharing tools designed for collaboration. You can send inspection reports, asset images, risk assessments, and reports to all verified stakeholders in just a few clicks. Our centralized platform securely houses and organizes information clearly and concisely. Not only is it easy to navigate, but it’s also easy to reference should any issues arise in the future, litigation-related or otherwise.
Reduce Overall Lending Risk
DroneDeploy provides users with defensible, precise data that clearly displays damage and other maintenance problems with photographic evidence. While other companies may rely on estimates, third-party assessments, and fuzzy images to address lending inquiries, drone data is currently the only foolproof way to eliminate lending risk and ensure proper financing.