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What’s driving the digital lending platform market growth? | by key players Agro, Rupeepower, TurnKey Lender, Docutech, Finastra, Decimal Technologies, Built Technologies
Digital Lending Platform Market
Various applications included in the digital lending platform market include credit unions, BFSI, insurance companies, P2P lenders, and retail banking. The P2P lenders application is projected to grow at the fastest rate as they offer a purely digital platform that matches a borrower with an individual or institutional lender, facilitating digital transactions. This platform plays a continuous central role in managing the relationship between the participating parties, supporting repayment & collection processes and easing the lending process.
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Digital Lending Platform Market is predicted to witness exponential CAGR to 2024 due to the proliferation of smartphones and rapid digitalization. The digital lending platform implies a complete digital experience of loan initiation. The introduction of digital platforms for portfolio management and loan origination assists in meeting the needs of financial institutions and the demands of their client base. Furthermore, stringent government regulations for digital lending will affect the market demand.
Various solutions covered under the component segment include loan origination, decision automation, loan servicing, portfolio management, loan management, risk and compliance management, and business process management. The decision automation segment is anticipated to grow at the fastest rate as it is essential for digital lending providers such as credit unions, supply chain lenders, and banks to automate their processes for lending or rejecting loan requests. This will assist officials in saving their time over redundant tasks thereby improving business productivity. The business process management solution accounts for the highest revenue in the digital lending platform market as it optimizes the business efficiency by appropriately managing the lending function with the aid of software and services.
North America rules the global digital lending platform market due to new innovations and the adoption of advanced technologies. Various banks operating in this region are adopting the advanced digital lending platform to improve their customer service experience. For instance, in October 2018, HSBC Bank U.S. partnered with Avant, Inc. to launch a digital lending platform. This platform will enable the company’s U.S. clients an easier and quicker solution to apply for personal online loans.
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Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
• Fiserv
• Nucleus Software
• Newgen Software
• Sigma Infosolutions
• CU Direct
• FIS Global
• Roostify
• HiEnd Systems
• Finastra
• Decimal Technologies
• Built Technologies
• Agro
• Rupeepower
• TurnKey Lender
• Docutech
• Tavant Technologies
• Temenos
Browse Full Report: https://www.gminsights.com/industry-analysis/digital-lending-platform-market
Some of the major players operating in the digital lending platform market are Fiserv, Nucleus Software, Newgen Software, Sigma Infosolutions, CU Direct, FIS Global, Roostify, HiEnd Systems, Finastra, Decimal Technologies, Built Technologies, Agro, Rupeepower, TurnKey Lender, Docutech, Tavant Technologies, Temenos, and Pegasystems. These players are constantly entering into strategic partnerships and acquisitions with various financial institutions and banks for expanding their market presence and gaining a competitive edge.
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https://www.gminsights.com/industry-analysis/gpu-as-a-service-market
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