Digital Lending Platform Market Historical growth, Regional and Industry Analysis 2020-2025 | Blend, Built Technologies, CU Direct, Decimal Technologies, Docutech, Ellie Mae, Finantix, Finastra
Automobile dealers are increasingly using digital lending platforms to offer customers flexible repayment methods, collateral-free loans, and affordable loan options. The integration of AI and advanced analytics in digital lending platforms for automotive loans enable consumers in making credit decisions with less costly underwriting, quicker approval and disbursal of loans.
A digital lending platform will essentially reduce operational, business as well as regulatory risks in digital lending organizations with a responsive and configurable approach. Use of digital platforms will cater to the mounting demand among financial organizations for enhanced customer experience while interacting with lenders and borrowers, providing speed and transparency. These platforms also improve loan collection and repayment methods for institutions with efficient real-time loan approval, processing and disbursal, which will augment digital lending platform market share over the forecast period.
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Studies have estimated that 53% of adults worldwide will be using smartphones, PCs, tablets or smartwatches to avail financial services by 2021. Cloud-based digital lending platforms are already being used by banks and NBFCs to reach customers across the globe, informing them about the status of their loan payments as well as basic account information.
Built Technologies, which focuses on taking construction lending into the digital age, had raised close to $21 million in a Series A round in 2017. The company was aimed at using digital transformation to enable lenders to use data for making more informed decisions on their loans while simultaneously providing borrowers a conveniently digital user experience with quicker access to money and propelling projects forward. Rising adoption of digital technology for lending among financial companies for loan repayments is expected to complement digital lending platform market trends over the forecast timeframe.
Increased utilization of internet services coupled with changing end-user requirements are encouraging financial organizations to shift to digital business models for managing consumer needs on their choice of channel. Advent of advanced technologies such as biometric-based authentication, e-signatures, e-mandates, ML, AI, advanced analytics and blockchain for mitigating fraud and NPAs risk is estimated to bolster digital lending platform market expansion.
Declining costs of internet connectivity and fast-paced advancement in smartphone technology will support the rising digitalization across financial institutions, proving to be crucial factors in pushing the digital lending platform market growth.
Company profiled in digital lending platform market report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
o ARGO Data Resource Corporation
o Built Technologies
o CU Direct
o Decimal Technologies Pvt. Ltd.
o Docutech LLC.
o Ellie Mae
o Finantix Pro SRL
o Fidelity National Information Services (FIS)
o Fiserv Inc.
o Intellect Design Arena Ltd.
o Juristech Sdn Bhd
o Mambu GmbH
o Newgen Software Technologies Ltd.
o Nucleus Software Exports Ltd.
o Sageworks (Abrigo)
o Sigma Infosolutions
o Temenos AG
o Turnkey Lender
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Supportive government policies across North America to promote the use of digital banking solutions are acting as major driving force for digital banking market growth. According to the America Bankers Association, digital platforms are already being used by over 50% large banks in the North America along with over 38% smaller banks to deliver their lending services to customers.
In 2018, North America accounted for the highest share in digital lending platform market, due to the high adoption of digital end-to-end banking solutions in the region.
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