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Digitization in Lending Market 2024: Global Trends, Innovations, and Market Growth Analysis
Digitization in Lending Market Trends
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According to The Business Research Company's, 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 growth in the historic period can be attributed to expanded internet accessibility, a shift towards paperless transactions, the introduction of online loan marketplaces, demand for instant loan approvals and disbursements, and the emergence of mobile banking applications.
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%. The growth in the forecast period can be attributed to the continued increased demand for digital lending solutions, expansion of peer-to-peer lending platforms, growth of online marketplaces, and adoption of blockchain technology for secure transactions. Major trends in the forecast period include the development of digital identity verification solutions, integration of voice and chatbot technologies, the evolution of robo-advisors and automated financial planning tools, growth of decentralized finance (defi) platforms, rise of subscription-based lending models, development of decentralized identity solutions.
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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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
Digitization In Lending Market 2024 Key Insights:
• 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%.
• Shift Towards Digital Bankign And Paymets Driving Digitization In The Lending Market
• Strategic Partnerships Driving Innovation In Lending Technology
• North America was the largest region in the digitization in lending market in 2023
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