About Compeer Financial
Compeer Financial is a member-owned, Farm Credit cooperative serving and supporting agriculture and rural communities. We provide loans, leases, risk management and other financial services throughout 144 counties in Illinois, Minnesota and Wisconsin. Based in the upper Midwest, Compeer Financial exists to champion the hopes and dreams of rural America. With 1,200 dedicated team members serving more than 43,000 clients, we offer specialized expertise and personalized service regardless of the size of the farm, the type of crop grown or the livestock raised. Our services are provided with convenience in mind, through visits to fields, barns and homes, or by maximizing technology to make the most of every hour in every day.
Compeer Financial regularly collaborates with others who are also dedicated to agriculture and rural America. Our in-house specialists participate in conversations that extend beyond our service area, providing formal and informal insight on topics pertinent to all industries, including dairy, swine, grain and renewable energy. With $18 billion in loan and lease assets, Compeer Financial is one of the largest cooperatives in the Farm Credit System. This nationwide network of lending institutions supports agriculture and rural communities with reliable, consistent credit and financial services.
Mission: Enriching agriculture and rural America.
Vision: Trusted financial services partner advancing agriculture and rural America.
Open Innovation Challenge:
Compeer Financial seeks a partnership to help address meaningful solution for financial benchmarking. Financial benchmarking is done today with clients to varying degrees.
Financial benchmarking is served up in the form of paper charts and graphs. The financial benchmarking reports are typically delivered to the client by the financial officers and credit team members. The financial officers and credit team members spend time explaining to the clients what all of the numbers and charts really mean to the clients and their farming operations. Clients love seeing this data in how they “rank” among their peers but the real magic happens when/if a client takes action on those numbers.
Compeer Financial is curious if those numbers, graphs, and chart could come to life, would that help clients make different/better decisions for their farming operation. We are looking to explore if virtual reality could add value to our benchmarking efforts for our clients.
Some of the specific areas of financial benchmarking that we could see this working well on are the following: (But not limited to)
- Machinery and Equipment Expenses
- Land Expense (rent and owned)
- Input Costs
- Crop/Livestock Marketing
Reason for Seeking External Innovation Partnership:
Virtual reality is not new, but adding VR to financial benchmarking is something a little different than you see today. While Compeer Financial, has the expertise around the financials, we do not have the expertise around the VR part of this idea.
Scope of Solution Space:
- A large part of our portfolio consist of grain producers, cattle producers, dairy producers, and swine producers. All of those industries are within scope, but definitely interested in the grain producers specifically for this solution.
- Would love to see this in action using VR as the solution
- The solutions should add value for our clients in helping them make better decisions for their operations
- Use your creativity and have fun!
Innovation Solutions Not of Interest:
- Not interested in more/different paper graphs and charts to show financial benchmarking
Proposal Response Date Deadline:
April 30, 2019