Global Digitization in Lending Market estimated to Reach US$ 33,547.3 Mn by 2022, Due to Increasing Digitalization in Banking Industry

Absolute Markets Insights offers its latest published report “Digitization in Lending Market - Global Insights, Growth, Size, Comparative Analysis, Trends and Forecast, 2018-2026”. The author of the report analyzed that the Global Digitization in Lending Market accounted for US$ 2693460 Mn in 2017. The growing adoption of digitalization is the main factor that is driving the market. Through digitization, the lending system has changed completely. The benefits of the market are the lending process takes less time, increased data security and reduction of paperwork.

Report Overview:

Digitization is the reason of large-scale transformations across multiple aspects of business. Digitization in banking industry is the major factor driving the growth of the market. Digitization also provides opportunities for value creation. It allows banks to more effectively target their customers with relevant, thoughtful, and more appropriately timed offers. Banks gain the ability to provide a better customer experience, increase loan originations in various asset classes, provide more loans with no additional risk or staff and reduce their cost per loan.

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The lack of interoperability and standards may affect the growth of digitization in lending market. The financial services sector handles sensitive information about individuals and enterprises. With the emergence of fintech, more data is now available in digital formats, which makes it easier to analyze and generate insights but also makes the data more susceptible to security breaches, which may affect the growth of market. However, companies are looking forward in introducing good digital lending platform through the use of SSL layers for encryption, which may help companies to face these challenges effectively

Digital channels seek opportunity in improving customer experience. Non-digital lending processes for customers to interpret turnaround time, low predictability and low transparency. According to Federal Reserve survey in 2016, about 42% respondents felt that non-digitalized process was difficult, and about 45% complained of long wait for credit decision. Whereas, in contrast with online lenders, only 26% respondent’s complaint about difficult process, Hence, the digital or online lenders offer a smoother application process and faster credit decision, and this is expected to generate immense opportunity for digitization in lending market

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Top Key Player Covered In This Report:
Rise Credit, FirstCash, Inc., Speedy Cash, LendUp, Elevate, NetCredit, Avant, Inc., Opportunity Financial, LLC., Prosper Marketplace, Inc., The Business Backer LLC., Headway Capital Partners LLP, Blue Vine, Lendio, RapidAdvance, AmigoLoans Ltd, Lendico, Trigg, Lending Stream, 118118Money, Simplic, Wonga Group, OnDeck, Kabbage, Inc., Fundation Group LLC, among others. For instance, on 18 March 2016, AmigoLoans, UK’s leading guarantor loan provider, had significantly increased its new lending capacity through the completion of a new syndicated bank facility.

The on-Computer Segment Holds Major Dominance in the Aforementioned Market in 2017
The on-computer deployment segment accounted for the highest share in the global digitization in lending market in the year 2017. The large use of computers in various industries for digital lending is the key factor contributing towards the growth of the segment. With digital lending, the documents can be retrieved from the borrower's internet banking account or simply uploaded via computer. The borrower’s credit report is fetched online and helps a digital lending platform to provide collateral free personal loans. So, without actually seeing the borrower, the loan is approved and disbursed. Therefore, on-computer segment is the dominant segment and is projected to show substantial growth in forecast period.

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The Digitization in Lending Market Report mainly covers following Content.
Chapter 1 Cyber Insurance Market Overview
Chapter 2 Global Economic Impact
Chapter 3 Competition by Manufacturer
Chapter 4 Production, Revenue (Value) by Region
Chapter 5 Supply (Production), Consumption, Export, Import by Regions
Chapter 6 Production, Revenue (Value), Price Trend by Type
Chapter 7 Analysis by Application
Chapter 8 Manufacturing Cost Analysis
Chapter 9 Industrial Chain, Sourcing Strategy and Downstream Buyers
Chapter 10 Marketing Strategy Analysis, Distributors/Traders
Chapter 11 Market Effect Factors Analysis
Chapter 12 Market Forecast
Continued…

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