Geospatial Technology: The Rising Sun on Banking and Economic Horizon

Geospatial Technology (GT) has come to be deeply rooted in a civilized society. Right from helping the common commuter to bypass traffic in rush hours [13] to weather forecasts, spotting hidden natural wealth, and to measure the level of economic activity, it has broadened the horizon of possibilities and provided interpretation to obscure secrets of nature. Over the last decade and a half, economists have sizably grown in number as a class of the users of geospatial data to innovate, evolve and design new ways of measuring and managing growth. Their growing understanding and application of geospatial technology has revolutionized banking and the economic world. Sensory images from satellites are easily available in public domain and there has emerged a class of sophisticated remote sensing users in the field of economics. The development is welcome as it goes deeper and enables a renewed look at the growth dynamics with an eye on discovering some fresh, though dormant,latentwith the potential to reenergize the global economy particularly when the traditional growth drivers seem exhausted and fading out. However, the data explosion brought in by the surge in geospatial technology will remain largely untapped in the absence of a parallel growth in the art of knowledge management particularly in converting the raw data to useful information and applicable knowledge. Thecapability of customizing and decodinggeospatial input and output, prescribing solutions and making calculated predictions for the future is yet to bloom to its potential.