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Product Features Overview
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Next images depict each of the block in this flow chart.
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One-time Setup: Farmers need to enter one-time info about their crops, land and its location and any finance statements.
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One-time Setup: Our app automatically gets data about their land like valuation, fertility, best suitable crop, risk etc...
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One-time Setup: With the above data, our app create a complete automatic profile in farming and finance for farmer.
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Crop Recommendor: Advisor recommend farmers with the max yield crops, considering historical data and govt marketplace data.
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Finance Advisor: With data received by farmer during one-time setup and financial data from regional location, we recommend finance sheme
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Live Tracking & Satellite Imaging
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e-Marketplace with Payment Mandate for Farmers to buy/sell their produce on easy credit.
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Once one-time setup is done, we recommend farmers to create/link their bank account to our app
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Once their financial banks are linked, we will prepare their dashboard which they all need to carry their farming business
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Dashboard showing A. Crop to Yield Prediction, B. Live Farm Tracking, C. Yield to Loan/Insurance Availability, D. Banking Scheme
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Live tracks the growth and health of crops using satellite imaging and suggests cropping tips and insurance schemes to reduce risks.
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Helps farmers to sow the best crop as per historical farming data to profit ratio.
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Auto-Recommends Private and Govt. Insurance Schemes for farmers
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Farmers can personalise and sync their data by logging in.
Inspiration
As farmers consitute the majority of the next billion users of Internet as they are equipped with the affordable smartphones. There is a need for an intuitive platform or app for these farmers to go digital and smart at least now as so far they have faced problems like losses due to wrong crop to sale value prediction or spending huge time with the paper works to get loan or taking higher risks due to lack insurance and finance literacy.
As this is the right time for platform like this, it inspired me to come up with an platform/app idea.
Important Stats
- Only 1.67% of the farmers in India know about crop insurance products.
- $4.1B is the market potential for financial service management in farming domain and $3.4B for precision and farm management.
What it does
An intuitive mobile app for farmers which once setup with farmer’s data will start auto recommending the following:
- auto-recommends financial benefits like personalised loans, insurance and govt. and private beneficial schemes, based on his past transaction data, land assets, crop to profit trajectory and season etc...
- auto-recommends best crop to cultivate based on historical crop data and predicted value for crop in the market.
- auto-monitors farmer’s land and crop using satellite imaging to assess the health, growth and risks of crop and auto-recommend insurances based on it.
- provide e-marketplace for farmers with payment mandate to help them do business on credit.
How I built it
- User/Market Research: I started with conducting user research to find the feasibility of my idea where I interviewed 14 farmers in my network.
- Prototyping: Used Figma for mocking and prototyping.
- Tech Feasilibity Analysis: Analysed Finastra APIs and documentation to check the feasibility of the feature implementation.
- Business: Developed the slide and demo video.
FINASTRA APIS USED:
- Current and Saving Account Onboarding, to open and onboard the users and link them to user's profile in our app
for automated advisory.
- Account Information(B2C) & Consumer Profile, to retrieve user's bank account info.
- Product Information, to retrive the bank's product information to auto-suggest to the users.
- Credits and Loans, Loan Status, to suggest, view and apply for loans in the user's name as per his one-time setup records.
- Collateral Assignment, Collateral Information, and Collateral Management for loans and collateral management.
- Payment Mandates, for transactions in Farmers e-Marketplace.
Challenges I ran into
Before I started, I wanted to know how feasible is my idea as it included features like regular satellite imaging and analysis of historical harvest data etc...
After days of research I was able to find third-party services which provide ready satellite imaging APIs like Sentinel Hub and govt. provides almost all harvest and land records data, which makes my idea completely feasible and could be developed in very short time.
Accomplishments that I'm proud of
I was able to identify the major problems faced by the farmers and draft an easy and effective solution which could be automated to generate business with exponential growth capability.
What I learned
I learnt that farmers are the most financially exploited ones in our society due to their lack of education and guidance.
I recently came across on news channel that a farmer in India commited suicide as he couldn't repay $200 to the private money lenders and had to face insult from them. This wouldn't have happened if green.finco app was there.
What's next for green.finco, making farmers pro at finance & business
I want to team-up with like minded people and contribute my skills towards the development of this dream idea that could change the lives of millions of farmers across the world for the better society.
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