MarketsandMarkets forecasts the global Digital Lending Market size to grow from USD 10.7 billion in 2021 to USD 20.5 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 13.8% during the forecast period. Proliferation of smartphones and growth in digitalization, need for better customer experience, government actions to safeguard digital lending, greater visibility and options for borrowers and lenders, growing demand for digital lending platforms among SMEs, and surge in digital lending during the pandemic are key factors for the growth of the Digital Lending market.
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By Offering, the Solutions segment to hold the larger market size during the forecast period
The Solutions segment of the Digital Lending Market is projected to hold the larger market size in 2021. The solutions segment of the digital lending market is further classified into digital lending platforms and point solutions. Various solutions are offered in the digital lending platforms, right from loan origination to loan closing. The point solutions help banks and financial institutions to address a single section of the entire loan processing life cycle.
By Point Solutions, the P2P Lending Software segment to grow at the highest CAGR during the forecast period
Under the Point Solutions segment, the Peer-to-peer (P2P) Lending Software sub-segment is expected to grow at the highest CAGR during the forecast period. It is a form of online lending that enables individuals or businesses seeking loans to apply and get loans online directly from other individual investors without the need for any middlemen. It helps This helps lenders to make an informed decision before giving out unsecured loans, while also helps borrowers to compare and evaluate their choices.
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Unique Features in the Digital Lending Market
Advanced artificial intelligence algorithms are used by several digital lending companies to more precisely determine the creditworthiness of borrowers. This enables more streamlined and quick loan approval procedures.
Blockchain technology is used by several digital lending platforms to improve transaction security and transparency. An unchangeable and impenetrable record of loan agreements and payments can be obtained with blockchain technology.
P2P lending services circumvent traditional financial institutions by connecting borrowers and independent lenders directly. Competitive interest rates and improved borrower accessibility are frequent outcomes of this concept.
Digital lending systems put a high priority on mobile accessibility, providing borrowers and lenders with easy-to-use mobile applications for loan applications, status tracking, and easy communication.
Certain digital lending platforms focus on offering prompt loan approval and money disbursement. Data analytics and automated procedures are used to accomplish this speed.
Major Highlights of the Digital Lending Market
Globally, the digital lending market grew significantly as more customers turned to online platforms for a range of credit products.
AI and ML algorithms are being used by digital lenders more and more to improve risk assessment, automate decision-making, and raise credit scores.
In order to reach a larger audience and streamline the loan application process, numerous digital lending platforms implemented a mobile-first approach.
Collaboration between traditional financial institutions and digital lenders increased in frequency, resulting in partnerships and enabling the incorporation of digital lending services into pre-existing banking frameworks.
By giving people and companies who were underserved or excluded by traditional banking systems access to finance, digital lending has been essential in advancing financial inclusion.
Top Key Companies in the Digital Lending Market
The key and emerging market players in the Digital lending market include Fiserv (US), ICE Mortgage Technology (US), FIS (US), Newgen Software (India), Nucleus Software (India), Temenos (Switzerland), Pega (US), Sigma Infosolutions (US), Intellect Design Arena (India), Tavant (US), Docutech (US), CU Direct (US), Abrigo (US), Wizni (US), Built Technologies (US), Turnkey Lenders (US), Finastra (UK), RupeePower (India), Roostify (US), JurisTech (Malaysia), Decimal Technologies (India), HES Fintech (Belarus), ARGO (US), Symitar (US), EdgeVerve (India), TCS (India), Wipro (India), SAP (Germany), Oracle (US), BNY Mellon (US), and Black Knight (US). These players have adopted various strategies to grow in the Digital Lending market.
Fiserv is one of the leading providers of digital lending solutions. The company offers electronic payments, digital channels, card services, biller solutions, output services, investment services, and risk management under its payments segment. The company’s various lending solutions include automotive finance, loan servicing, loan origination, and business process outsourcing. In March 2020, Fiserv partnered with Interior Savings Credit Union to enable digital transformation. The credit union implemented Fiserv’s DNA platform to optimize operations.
ICE Mortgage Technology is one of the leading cloud-based loan origination platform providers for the mortgage industry, with solutions that enable lenders to originate more loans, lower the origination costs, and reduce the time to close, all the while ensuring the highest levels of compliance, quality, and efficiency. The company offers Encompass, which empowers lenders to originate more loans, reduce the time to close and make smart business decisions. In September 2020, ICE Mortgage Technology acquired Ellie Mae, a leading digital lending platform provider. The acquisition helped ICE to accelerate the automation of mortgage processes.
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