Qorus Banking Innovation Awards 2023 - Winner

Bradesco E-agro - The Digital Partner of Agribusiness

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03/07/2023 Banking Innovation

About

E-agro is a comprehensive digital platform designed specifically to meet the needs of rural producers and revolutionize the agricultural sector in Brazil. It offers credit, technical assistance, data information, analysis, and an integrated marketplace all in one place.

Innovation presentation

E-agro's main objective is to unify financial and non-financial products and services for the day-to-day activities of rural producers and accompany them throughout their journey, addressing their needs. To achieve this, the platform aims to become the primary digital channel for rural products in Brazil. Initially, this was achieved through a pilot project of a fully digital credit product for the agricultural sector, known as the CPR (Cédula de Produto Rural). The CPR is one of the main agricultural securities representing the promise of delivery of rural products. The E-agro CPR is exempt from IOF (Tax on Financial Operations), offers more attractive rates and terms, and has a revolving limit that can be contracted at any stage of the project. Thus, the E-agro CPR is the only 100% digital product in the market and is exclusively available to individual rural producers who can request and sign contracts through the platform.

The CPR journey on E-agro consists of just eight steps. Customers log in to the platform and simulate the requested amount based on their pre-approved limit within Bradesco. They then choose the payment conditions and validate their registration information by uploading necessary personal and collateral documents. This process updates the bank's systems with all the necessary registration updates. During the contracting process, all ESG (Environmental, Social, and Governance) analyses, price evaluations, signatures, notarizations, and consultations and registrations with B3 (Brazil's stock exchange) are conducted digitally and integrated with partners already connected to the platform, eliminating the need to visit a physical branch.

In addition to a 24-hour virtual assistant powered by artificial intelligence, providing insights based on the data entered for credit applications and property registration, E-agro has introduced a complete marketplace in its second phase. This marketplace is designed to meet all the needs of producers, from inputs to machinery, and already includes major brands in the sector. It is fully integrated with the credit application process. Therefore, E-agro is a disruptive platform that combines the potential and experience of Bradesco's rural credit tools with the innovation of artificial intelligence structures and a comprehensive marketplace, addressing all the daily needs of rural producers in an integrated manner.

Uniqueness of the project

The mission of E-agro is to provide the best solutions in services, products, and partnerships with transparency and intelligent use of data to drive Brazilian agribusiness forward. Always seeking to advance these solutions that make the lives of rural producers easier, the platform brings technology and innovation to the field and is available to farmers 24/7. During the creation of E-agro, we sought to understand the needs of Bradesco's agribusiness clients and customers, as well as what the bank could improve in terms of credit processes, access to inputs, information, and insights. The main challenge identified was the complex process of obtaining credit, and the platform aims to simplify this journey and guide the producer through the entire process, eliminating the need for physical visits to branches, notaries, or representatives for property identification. As a result, E-agro allows producers to complete the entire journey, from credit simulation to funds in their accounts, with just eight simple steps, from anywhere and at any time.

Alongside this frictionless credit journey, E-agro introduced the convenience for farmers to make purchases in the marketplace and use the credit they have obtained previously for payment, ensuring their daily needs are easily met.

Before the creation of E-agro, the service provided to rural producers focused on directing them to call centers, even for simple issues that could be resolved easily, or requiring them to travel to a physical branch. This meant that farmers had to make a considerable effort to receive assistance, as they often live and work in remote areas far from the nearest bank branch, requiring them to spend a considerable amount of time traveling several kilometers to reach the nearest branch.

As Bradesco is the leading private bank in the commercialization of products for rural credit and the largest distributor of resources from the National Bank for Economic and Social Development (BNDES) to the agricultural sector, the objective was to facilitate the entire journey. We also relied on our industry expertise, as we already have 14 agribusiness platforms distributed throughout Brazil, staffed by experts and agronomists who provide assistance to the service network and rural producers. Furthermore, the E-agro ecosystem is not an exclusive solution for Bradesco clients. It was created for all rural producers, allowing anyone involved in agribusiness to benefit from its innovation and convenience.

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