Press release
Digital Lending Platform Market Size, Emerging Trends, Market Opportunities, Key Players And Forecast To 2033
Digital Lending Platform Market
The digital lending platform market size is expected to see exponential growth in the next few years. It will grow to $34.6 billion in 2028 at a compound annual growth rate (CAGR) of 21.9%. The growth in the forecast period can be attributed to open banking initiatives, rise of decentralized finance, focus on customer experience, continued regulatory support, global economic recovery. Major trends in the forecast period include cross-border lending, digitization in financial services, mobile-first approaches, blockchain technology for security, customer-centric approaches, partnerships with fintech startups.
Market Overview -
A digital lending platform refers to a technology-based platform that allows financial institutions to improve business productivity by providing loans through web platforms or mobile apps to generate revenue per loan application. These are used to optimize loan processes, enable fast decision-making, improve regulatory compliance to improve business efficiency, and simplify financial services. The digital lending platform allow borrowers and lenders to lend money in a digital way.
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Smartphone Boom Fuels Soaring Growth In Digital Lending Platforms
The surge in the use of smartphones is expected to propel the growth of the digital lending platform market going forward. The smartphone is a mobile device that has a touchscreen interface, an operating system capable of running downloaded apps, and internet access. Due to the surge in the use of smartphones, users and borrowers are applying for instant loans using digital lending. For instance, according to DataReportal, a Singapore-based online reference library, in 2022, the number of smartphones in use is rising at a 5.1 percent annual rate, with an average of 1 million smartphones coming into use every day. Therefore, the surge in the use of smartphones is driving the growth of the digital lending platform market.
Competitive Landscape -
Major companies operating in the digital lending platform market report are Nucleus Software Exports Limited, Accentur*e plc, Fiserv Inc., Fidelity National Information Services Inc. (FIS), One97 Communications Ltd., HES FinTech POS, Wipro Limited, DocuSign Inc., Finastra Limited, Pegasystems Inc., Black Knight Inc., LendingTree LLC, Temenos AG, Ellie Mae Inc., ICE Mortgage Technology Inc., Tavant Technologies Inc., EdgeVerve Systems Limited, BlendLabs Inc., Teylor AG, Intellect Design Arena Ltd., Mambu GmbH, Newgen Software Technologies Ltd., Sigma Infosolutions Ltd., Auxmoney GmbH, Roostify Inc., DocuTech Corporation, Built Technologies lnc., Decimal Technologies Pvt Ltd., CU Direct Corporation, Swiss Fintech AG, Upstart Network Inc., ZestFinance Inc.
Innovative Technology Advancement In Digital Lending Platform Market With Roostify Document Intelligence
Technological advancements are the key trends gaining popularity in the digital lending platform market. Major market players are concentrating their efforts on creating innovative technologies to enable automation across business processes. For instance, in October 2021, Roostify Inc., a US-based digital home lending platform launched Roostify Document Intelligence (RDI), an AI-powered Application Programming Interface on the home lending platform that provides process automation and easy document management for classification, validation, and extract data from loan-related documents. It can notify users with automatic feedback when they upload incorrect documents.
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Key Segments -
The digital lending platform market covered in this report is segmented -
1) By Type: Loan Origination, Decision Automation, Collections And Recovery, Risk And Compliance Management, Other Types
2) By Component: Software, Service
3) By Deployment Model: On-Premise, Cloud
4) By Industry Vertical: Banks, Insurance Companies, Credit Unions, Savings And Loan Associations, Peer-To-Peer Lending, Other Industry Verticals
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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