Digital Lending Platform Market Definition
Digital lending is the use of online technology to originate and renew loans so as to deliver faster and more effective decisions. Digital lending platforms are becoming popular among youths who are in urgent need of money and prefer a paper-less process for sharing documents. Moreover, Digital lending provides financial institutions a lot of opportunity to improve productivity, close more loans and increase revenue per loan with cheaper, faster and automated services. However, strict government regulations for digital lending will affect the market demand
The market study is broken down, by Application (Banking, Financial Services, Insurance, Credit Unions, Retail Banking and P2P lenders) and major geographies with country level splits. According to AMA, the Global Digital Lending Platform market is expected to see growth rate of 18.13%
On 5 Sep, 2018, Tavant, a leading digital products and solutions company, today announced that it is showcasing FinLeads, an intelligent customer engagement and acquisition platform Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Digital Lending Platform market throughout the predicted period.
Tavant Technologies (United States), Ellie Mae (United States), Fiserv (United States), RupeePower (India), Newgen Software (India), Finastra (Unitd Kingdom), Nucleus Software Exports (Nucleus Software) (India), Finantix S.p.A (Finantix) (Italy), Symitar Systems Inc (Symitar) (United States) and Temenos Group (Temenos) (Switzerland) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Built Technologies (United States), TurnKey Lender (Singapore), FIS Global (FIS) (United States), Pegasystems (United States) and Sageworks (United States).
AdvanceMarketAnalytics has segmented the market of Global Digital Lending Platform market by Type, Application and Region.
On the basis of application, P2P lenders segment is dominating the market in the year 2018 where as Financial Services segment stood as second largest market.
On the basis of geography, the market of Digital Lending Platform has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2018. Asia Pacific on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement. If we see Market by Services, the sub-segment i.e. Design and Implementation will boost the Digital Lending Platform market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Solutions, the sub-segment i.e. Loan Origination will boost the Digital Lending Platform market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Deployment, the sub-segment i.e. Cloud will boost the Digital Lending Platform market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Leaders and their expansionary development strategies
On 6 Dec, 2018, Tavant, a leading digital products, and solutions company for the consumer lending industry, today announced that it has expanded its VΞLOX platform for the lending industry’s home equity line of business
The U.S. regulatory framework for key financial services requires meaningful modifications to improve the delivery of both digital and non-digital financial services to consumers and businesses. Such changes are aimed at improving the U.S. regulatory approach in areas such as lending, payments, and financial planning
- High explosion of smartphones and growth in digitalization
- Rising adoption of advanced technologies such as AI, cloud, and blockchain-based digital lending platforms
- Need for better consumer experience
- Increasing demand of advanced digital lending solutions for Retail Banking
- Higher dependence on traditional lending methods
- Concerns about Cybersecurity among organizations
- Lack of digital literacy in developing countries
Key Target AudienceDigital lending provider, Suppliers of digital lending parts, Retail Banking, Banking sector, Financial services, Insurance Companies and Governmental bodies
About ApproachThe research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
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