Digitization in lending is an advanced type of lending and borrowing process used by financial institutions to reduce the risk of fraud & nonperforming assets and fasten the loan lifecycle. It uses digital platforms to carry out all the lending-related processes without the need for any paperwork. It helps to automated lending processes such as document and electronic data to provide the customers with faster lending services. More than two-thirds of mid-and large-sized fintech companies have adopted digitization in lending various loans. Currently, over 3.5 billion people are regular Internet users. By 2022, 56% of the total world population will have two or more connected devices and there will be ~5 billion internet users globally. Considering the increasing internet penetration the demand for digitization in lending is expected to grow rapidly in the forecast period.This growth is primarily driven by Growing Adoption Of Digital Channels By Fintech Companies To Improve Customer Experience, Rising Penetration Of Smartphones & Tablets and Adoption Of Digital Lending In Banking Industry.
Globally, a noticeable market trend is evident Integration Of Blockchain & Artificial Intelligence. Major Players, such as CashNetUSA (United States), Prosper Marketplace, Inc.(United States), FirstCash, Inc. (United States), Elevate Credit, Inc. (United States), Opportunity Financial, LLC(United States), Speedy Cash (Canada), Rapid Finance (formerly RapidAdvance) (United States), Avant, Inc. (United States), LendUp (United States), Wonga Group (United Kingdom), Amigo Loans Ltd. (United Kingdom) and Kabbage, Inc. (United States) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
In December 2020, Bank of Baroda launched the digital lending platform with aim to have paperless process for retail customers. This platform enables prospective retail loan seekers to get loans digitally as per their convenience.
- Growing Adoption Of Digital Channels By Fintech Companies To Improve Customer Experience
- Rising Penetration Of Smartphones & Tablets
- Adoption Of Digital Lending In Banking Industry
- Integration Of Blockchain & Artificial Intelligence
- Lack Of Interoperability And Privacy Issues
Demand Of Advanced Digital Lending Solutions For Retail Banking and Favorable Government Initiatives & Regulations
Data Safety & Security Issues and Higher Dependency on Traditional Lending Methods
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