Digital Lending Market since 2021 Leading Growth Drivers, Emerging Audience, Segments, Profits & Analysis | Fiserv, FIS, Newgen Software, Nucleus Software

Online lending platforms continue to be in demand as banking, and financial institutions and organizations increasingly ride the wave of digitalization. The interest in the development of sophisticated digital lending platforms has grown over the past few years. Growing adoption of the digital lending process as a faster and more efficient solution to reducing the overall time that it requires for loan approval is expected to fuel the growth of the digital lending market.

While digital lending platforms allow lenders to assess a borrower's credit risk more accurately, it also helps to get loans customized according to the borrower's specific needs. The number of end-users shifting to digital lending has been on the rise as it aids in an effective reduction in the cost of financing, and improved efficiency of financial services.

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Market to Benefit as Traction for Digital Loaning Processes Shows Visible Growth

Although the involvement in traditional banking products, and services continues to dominate, digital loans have been garnering excellent traction, pushing the applicability of digital lending. It is further complemented by the unprecedentedly increasing number of smartphones, consistently advancing Internet connectivity, and shifting the focus of financial institutions to digitalization.

The millennial generation remains a prime consumer clustre for digital lending market players as these consumers prefer faster, and easier online loan processing that would eliminate the piles of paperwork that banks would otherwise involve. The advent of technology and the entry of some next-gen technologies like Blockchain will influence digital lending platforms to a large extent.

Digital Lending Market Players

1. Fiserv
2. FIS
3. Newgen Software
4. Nucleus Software
5. ICE Mortgage Technology
6. Pega
7. Intellect Design Arena
8. Temenos
9. Tavant
10. Sigma Infosolutions

The Asia Pacific Emerges Lucrative in Digital Lending Market

The market in Asia Pacific is likely to reap the significant benefit of surging investments of financial institutions in digitalization. With more organizations eyeing the delivery of a seamless customer experience and nurturing long-term customer relationships, digital lending is expected to remain in demand across the region. As more customers seek convenience beyond traditional banking products, especially across the developing economies in the Asia Pacific, the market potential of digital lending is likely to see an uptrend. China, India, and Indonesia will continue to be at the forefront of adoption as a measurable consumer population across these nations is inclined toward using digital lending products. An increasing number of individuals prefer money borrowing, purchasing cars, and homes, paying for education, starting businesses, and covering medical expenses on credit will drive the digital lending market.

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Developing economies that lack the traditional banking infrastructure are likely to reflect the greater potential for penetration of digital lending platforms. Key market players are increasingly using digital lending to promote financial inclusion by providing financing to individuals, as well as small businesses that lack access to conventional loans. This will also work to the advantage of the market in the future.

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