DUBLIN – (COMMERCIAL THREAD) – The report “Global Digital Lending Platforms Market, 2021-2028” has been added to ResearchAndMarkets.com offer.
The global digital lending platform market size is projected to reach USD 26.08 billion by 2028, registering a CAGR of 24.0% from 2021 to 2028
Digitization is emerging as the most popular strategy pursued by financial institutions to improve basic processing skills, gain more in-depth business information, and improve services to consumers. The digitization of lending services particularly benefits lenders and borrowers in the form of convenient loan application and disbursement processes.
The digitization of loan services is also enabling financial institutions to make more informed decisions about loan management. The emphasis by financial institutions on digitizing their services to achieve business efficiency and better outcomes is expected to drive the market growth.
The favorable initiatives pursued by various governments to ensure ease of access to credit for businesses are expected to drive the adoption of digital lending platforms during the forecast period. For example, in May 2018, Lending Loop, a financial institution that provides an online peer-to-peer lending platform for small and medium-sized businesses, announced its partnership with the Government of Ontario.
The Ontario government provided $ 3 million in small business loans under the partnership, which increased Lending Loop lending by 10%. On the other hand, regulators of economies such as the United States, Singapore, the United Kingdom, Hong Kong and Australia have created sandboxes to support innovations in the financial sector. All of these actions taken by governments and regulators are expected to bode well for the growth of the market during the forecast period.
The emergence of innovative solutions based on the latest technologies, such as blockchain, machine learning (ML), artificial intelligence (AI) and robotic process automation (RPA), helps financial institutions to secure customer data while adding transparency to all loans. to treat.
As such, innovative digital lending solutions allow banks, credit unions and insurance companies, among others, to streamline their processes and improve the quality of their services. AI-powered digital lending solutions can potentially reduce loan processing time and operational costs.
For example, in October 2020, Roostify, a digital lending platform provider, announced its partnership with Google. Through this partnership, the former company can apply the AI capabilities of Google Cloud to help its lenders process mortgage applications more efficiently and quickly.
The outbreak of the COVID-19 pandemic is expected to have a positive impact on the growth of the market. As several businesses around the world face challenges obtaining credit following the outbreak of the pandemic, digital lending platforms are making it easier and easier for businesses to access credit and grow their businesses.
For example, in April 2020, India Lends announced the launch of Digital Lending 2.0 to provide consumers with effective financial solutions following the outbreak of the COVID-19 pandemic.
Highlights of the Digital Lending Platform Market Report
Loan Analysis segment is expected to register the highest CAGR during the forecast period. The advantages offered by the loan analysis solution, such as reduced operating risk, labor hours, operating costs and others, drive the growth of the segment
The risk assessment segment is expected to register the highest CAGR from 2021 to 2028. The emphasis by financial institutions on ensuring proactive responses to various cyber threats and returning to normal in the event of a cyber attack is expected to lead to the risk growth. evaluation segment
The cloud segment is expected to register the highest CAGR during the forecast period. Cloud deployment helps reduce up-front costs, especially for new entrants considering foray into the lending industry
The peer-to-peer lending segment is expected to become the fastest growing end-use segment during the forecast period. Adoption of digital lending platforms expected to gain traction as the digitally savvy consumer base continues to expand
North America accounted for the largest market share in 2020. The region is home to a large number of technology providers and therefore offers immense opportunities for the adoption of digital lending platforms.
Main topics covered:
Chapter 1 Methodology and Scope
Chapter 2 Executive Summary
2.1 Digital Lending Platforms Market – Industry Overview and Key Buying Criteria, 2016 – 2028
2.2 Global Digital Lending Platforms Market, 2016-2028
Chapter 3 Digital Lending Platforms Market – Industry Outlook
3.1 Market Segmentation and Scope
3.2 Market size and growth outlook
3.3 Digital Lending Platforms Market – Value Chain Analysis
3.4 Digital Lending Platform Market Dynamics
3.4.1 Market Driver Analysis
184.108.40.206 Increase adoption of digital channels to improve customer experience
220.127.116.11 Growing adoption of digital lending platforms and solutions based on machine learning, blockchain and AI
3.4.2 Analysis of market challenges
18.104.22.168 Data privacy and security issues
3.5 Mapping of penetration and growth prospects
3.6 Digital Lending Platforms Market – Porter’s Five Forces Analysis
3.7 Digital Lending Platforms Market – PESTEL Analysis
Chapter 4 Prospects of Digital Lending Platform Solution
4.1 Digital Lending Platform Market Share by Solution, 2020
4.2 Business process management
4.2.1 Digital Business Process Management Platforms Market, 2016-2028
4.3 Loan analysis
4.4 Loan management
4.5 Origin of the loan
4.6 Risk and compliance management
Chapter 5 Outlook of Digital Lending Platform Service
5.1 Digital Lending Platform Market Share by Service, 2020
5.2 Design and implementation
5.2.1 Digital Lending Platform Design and Implementation Market, 2016 – 2028
5.3 Training and education
5.4 Risk assessment
5.6 Assistance and maintenance
Chapter 6 Prospects for Deployment of the Digital Lending Platform
6.1 Digital Lending Platform Market Share by Deployment, 2020
6.2.1 Cloud Digital Lending Platforms Market, 2016 – 2028
6.3 On site
Chapter 7 End Use of Outlook Digital Lending Platform
7.1 Digital Lending Platform Market Share by End Use, 2020
7.2.1 Digital lending platforms market in banks, 2016 – 2028
7.3 Insurance companies
7.4 Credit unions
7.5 Savings and credit associations
7.6 Peer-to-peer loan
Chapter 8 Regional Outlook of Digital Lending Platform
8.1 Digital Lending Platforms Market Share by Region, 2020
Chapter 9 Competitive Analysis
9.1 Recent developments and impact analysis, by major market players
9.2 Analysis of the competitive scorecard
9.3 Analysis of the company’s positioning on the market
9.4 List of top emerging companies / technology disruptors / innovators
9.5 Geographic presence of the company
Chapter 10 Competitive Landscape
Ellie Mae, Inc.
Next Generation Software
Sigma Info Solutions
For more information on this report, visit https://www.researchandmarkets.com/r/ddiv9b