Digital Lending Platform Market Share, Latest Industry Trends, Statistics, Competition Strategies and Latest Industry Share by 2026

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Jan 08, 2021 (The Expresswire) — Fortune Business Insights offers a detailed overview of the global market in a report, titledDigital Lending Platform Market refers to the use of online technology to originate and renew loans to deliver faster and more efficient financial decisions. The digital lending platform handles every step of the loan origination process that starts with applying for the loan, online user registration, online documentation submission, customer authentication and verification, loan approval, loan disbursement, and loan recovery. It helps in more efficient monetary transactions as well as provides a seamless money lending process. It also helps banking organizations to improve their productivity by automating the complete work.

Key Market Driver Growing inclination of organizations towards digitalizing their financial services

Key Market Restraint Rising security concerns related to the online banking

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The growing inclination of organizations towards digitalizing their financial services is fuelling the growth of the digital lending platform market. The banking organizations are redesigning their credit lending journeys to reduce the timeframe from application to funding, which saves approximately 30.0% of costs associated with the process. Similarly, digital data analytics enables banks and credit unions to understand consumers better as well as to identify business opportunities. Banks also analyzes payment networks to find non-customers affiliated with their current customers to capture a large customer base through digital marketing. Thus, the demand for digital lending platform solutions is increasing rapidly in the market. Furthermore, the rising adoption of smart devices and the growing demand for proximity marketing is fuelling the growth of the digital lending platform market. Additionally, favorable government initiatives to support digital lending and the increasing need for reduced loan management time among borrowers will create lucrative opportunities for the growth of the digital lending platform market.

Market Segmentation:

Based on the component, the market is segmented into solution, and services. By solution, the market is further divided into loan origination, decision automation, collections and recovery, risk and compliance management and others. By deployment, the market is bifurcated into on-premises and cloud-based. Based on end-user, the digital lending platform market is segmented into banks, insurance companies, credit unions, savings and loan associations, peer-to-peer lending and others.

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From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

Key Players Covered:

The major companies in the global digital lending platform market report include Black Knight, Inc., Ellie Mae, Inc., Finastra, FIS, Fiserv, Inc., Intellect Design Arena Ltd., Nucleus Software Exports Ltd., Tavant, Temenos Headquarters SA and Wipro Ltd.

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Regional Analysis:

The global digital lending platform market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

North America followed by Europe, dominated the global digital lending platform market in 2018, owing to the rising adoption of AI-based digital lending solutions to enhance the digital banking experience for the customers. Furthermore, the growing organization’s efforts to digitized their financial services to target large customer base is anticipated to fuel the demand for digital lending platform solutions in Asia Pacific. Additionally, the rising penetration of mobile computing devices and the growing popularity of online banking are driving the digital lending platform market growth in Asia Pacific. Latin America and the Middle East and Africa are projected to register a comparatively higher CAGR by the end of the forecast period.

Global Digital Lending Platform Market Segmentation

By Component

  • Solution
  • Loan Origination
  • Decision Automation
  • Collections and Recovery
  • Risk and Compliance Management
  • Others
  • Services

By Deployment

  • On-premise
  • Cloud-based

By End-User

  • Banks
  • Insurance Companies
  • Credit Unions
  • Savings and Loan Associations
  • Peer-to-Peer Lending
  • Others

By Geography Digital lending platform market

  • North America (the U.S., and Canada)
  • Europe (the U.K., Germany, France, Italy, and Rest of Europe)
  • Asia Pacific (Japan, China, India, South East Asia, and Rest of Asia Pacific)
  • Middle East and Africa (South Africa, GCC, and Rest of the Middle East and Africa)
  • Latin America (Brazil, Mexico, and Rest of Latin America)

TOC Continued…!

Digital Lending Platform Industry Developments

  • In June 2018, Xiaomi Corporation partnered with KreditBee, one of the leading digital lending platform, to launch Mi Credit service, personal loan service for Android phones, that offers instant personal loans to its users on their smartphones.
  • In February 2018, Newgen Software, Inc., one of the leading banking platform providers, introduced new Commercial Loan Origination Solution (CLOS), specially designed for large and mid-sized banks, to automate complex processes across banking departments to enhance customer satisfaction. This solution ensures capture of information as per bank-specific business operations, regulatory frameworks and Business Intelligence (BI)

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Highlights of the Report:

  • Market Penetration: Comprehensive information on the product portfolios of the top players in the Digital lending platform market.
  • Product Development/Innovation: Detailed insights on the upcoming technologies, RandD activities, and product launches in the Digital lending platform market
  • Competitive Assessment: In-depth assessment of the market strategies, geographic and business segments of the leading players in the Digital lending platform market
  • Market Development: Comprehensive information about emerging markets. This report analyzes the market for various segments across geographies
  • Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the Digital lending platform market

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Press Release Distributed by The Express Wire

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