Anyone who has worked in, around, or even on the periphery of financial services and financial technology has no doubt heard the word “silos” an almost-puke-inducing amount of times:
Banks can’t offer truly customized experiences because data is in silos that don’t “talk” to each other.
Why do I have to keep submitting the same information over and over again when going through the home loan process? Silos!
We hear so much about data silos that we can sometimes forget about their namesake: the vertical, cylindrical storehouses farmers use for grains, wheat, and other things.
Is there fintech for the people who use actual silos?
According to a recent Forbes piece, farmers are indeed increasingly using tech to manage their businesses, such as gaining a comprehensive view of their operations and understanding their profits or losses.
You may not immediately think of technology when you think of farming, but like many other industries, farmers rely heavily upon it.
So should we create a new buzzword, “farmtech?” Let’s stay away for now, please.