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Digitization In Lending Global Market 2024 - Driving Factors, Industry Challenges, Business segmentation, Leading countries And Forecast To 2033
Digitization In Lending Global Market
As per the report, the digitization in lending market size has grown exponentially in recent years. It will grow from $12.24 billion in 2023 to $15.26 billion in 2024 at a compound annual growth rate (CAGR) of 24.8%. The digitization in lending market size is expected to see exponential growth in the next few years. It will grow to $37.13 billion in 2028 at a compound annual growth rate (CAGR) of 24.9%.
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Shift Towards Digital Bankign And Paymets Driving Digitization In The Lending Market
The increase in the shift towards digital banking and payments is expected to propel the growth of digitization in lending market going forward. Digital lending refers to banking done using a digital platform, eliminating all paper-based transactions, including demand drafts, pay-in slips, and checks. Digital banking and payment platforms offer unparalleled convenience, allowing customers to access banking services and transact anywhere, anytime, using their mobile devices or computers. Digitization in banking offers digital banking solutions, which enable companies to provide their customers with online banking services. For instance, in July 2023, according to a report shared by Finder.com, an Australia-based independent comparison website, an estimated 93% of Brits were using online banking in 2022. Around another 5.3 million Brits (10%) intend to get a digital-only bank account in 2023. Moreover, by 2028, the number of digital-only bank account holders is predicted to be 22.6 million (43%). Therefore, the shift towards digital banking and payments is driving the growth of digitization in lending market.
Strategic Partnerships Driving Innovation In Lending Technology
Major companies operating in the digitization of the lending market are focused on forming strategic partnerships to enhance their technological capabilities, streamline operations, and offer innovative lending solutions. Strategic partnerships are formal agreements between two or more organizations to collaborate on specific business objectives while maintaining their independence. For instance, in March 2024, Epic River, a US-based web platform that provides new banking concepts, integrated with Finastra's LaserPro loan documentation system to streamline loan closing processes for community banks and credit unions. The partnership with Finastra enables the automatic transfer of borrower data from Epic River to LaserPro, minimizing manual entry and ensuring accuracy. This collaboration also addresses the need for agility and innovation in financial institutions, reducing errors and delays in loan processing Finastra is a UK-based financial software company.
The digitization in lending market covered in this report is segmented -
1) By Type: Online, Offline
2) By Loan Amount: Small Loans, Medium Loans, Large Loans
3) By Deployment: Smartphone, Computer
4) By Application: Business Loan, Personal Loan, Mortgage Loan, Auto Loan
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Major companies operating in the digitization in lending market are Goldman Sachs Bank, SoFi Technologies Inc. , Affirm Holdings Inc., LendingClub, LoanDepot, Upstart Holdings, Lendio, Zopa Bank Ltd., Prosper Marketplace Inc., Avant LLC, Kabbage, Funding Circle, Credible Labs Inc., OnDeck Capital, Marlette Funding LLC , Rapid Finance, BlueVine, CommonBond, Payoff Inc., LightStream, StreetShares Inc. , Circleback Lending Inc., Peerform
Contents of the report:
1. Executive Summary
2. Digitization In Lending Market Report Structure
3. Digitization In Lending Market Trends And Strategies
4. Digitization In Lending Market - Macro Economic Scenario
5. Digitization In Lending Market Size And Growth
…..
27. Digitization In Lending Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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