The Australian agricultural industry is being transformed thanks to emerging technologies aiding farmers.
It’s no secret that these new agricultural technologies, which can make farming life easier and more convenient, could be very pricey. Luckily, the National Australia Bank is there to help farmers access new innovations.
According to a report by The Australian, NAB seized on the growing opportunity to finance farmers, helping them get the funds they need for new technology.
NAB lends close to one third of the agricultural debt financing in Australia, and said that the large amounts of production and financial data being collected from farms will change their role as bankers in rural communities.
Sources said that new AgTech tools providing real-time data let banks know a farmer’s financial and risk position easily, therefore giving a good chance to resolve financial issues before they happen.
Our agriculture industry is on the edge of an agtech revolution. Technologies have the potential to dramatically shift the way people and data are connected across agricultural ecosystems, processes and supply chains.
“While the development and uptake of these technologies is increasing across both Western and developing nations, the financial services industry is yet to truly harness the value agtech can create for customers. (Meanwhile) other vertically integrated suppliers are playing in this space, potentially taking share from incumbent credit providers.”
NAB Labs General Manager Jonathan Davey via The Australian
Apart from banks providing financial aid, the National Broadband Network (nbn™) has also made it easy for farmers to be able to use new Agtech platforms through satellite internet connection, which provides sufficient connection to rural areas. With these advantages, farmers will now have an easier time joining the AgTech revolution.
The nbn™’s Sky Muster satellite brings better satellite internet connectivity to regional Australia. To get onboard Sky Muster, call Activ8me today 13 22 88 or visit: http://www.activ8me.net.au/internet/skymuster