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Rising Interest Rates is Driving the Growth of Digital Lending Market | Wipro, Fiserv, Finastra
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Key Trends
The key trends in digital lending technology are speed, convenience, and security. Speed is important because borrowers want to be able to get their money as quickly as possible. Convenience is important because borrowers want to be able to apply for a loan and get an answer without having to go through a lot of hassle. Security is important because borrowers want to know that their personal information is safe and that their loan will be repaid.
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Key Drivers
Some of the key drivers of the digital lending market are:
1. Increasing demand for unsecured loans: There is an increasing demand for unsecured loans, as people are looking for ways to finance their purchases without having to put up collateral. This is especially true in developed countries, where consumer debt levels are already high.
2. Rising interest rates: Interest rates on traditional loans have been rising in recent years, making it more expensive to borrow money. This has led people to look for alternative sources of financing, such as digital lenders.
3. Fintech innovation: The rise of fintech has led to a number of innovative new products and services in the financial sector. Digital lenders have been able to take advantage of this by offering their services online.
4. Changing consumer behavior: Consumer behavior is changing, with people becoming more comfortable conducting transactions online. This has made it easier for digital lenders to reach their target market.
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Market segmentation
The global digital lending platform market is segmented into type, deployment model, industry vertical, and region. Based on type, the digital lending platform market is segregated into decision automation, collections and recovery, loan processing, risk & compliance management, and others. On the basis of deployment model, it is bifurcated into on-premise and cloud-based. As per industry vertical, it is classified into banks, insurance companies, credit unions, and others. By region, the market is segmented into North America, Europe, Asia-Pacific and rest of the world.
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Key Players
The key players operating in the market are Black Knight, Ellie MAE, Finastra, FIS Global, Fiserv, Intellect Design Arena, Nucleus Software, Tavant Technologies, Temenos, and Wipro.
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