Press release
What's Driving the Digitization In Lending Market 2025-2034: Shift Towards Digital Banking And Payments Driving Digitization In The Lending Market
Digitization In Lending Market
The size of the digitization in lending market has seen a meteoric rise in the past few years. It is projected to catapult from $15.26 billion in 2024 to $19.1 billion in 2025, boasting a compound annual growth rate (CAGR) of 25.2%. Factors contributing to the growth during the historical phase include increased internet access, a transition towards paperless dealings, the inception of online loan platforms, the need for immediate loan approvals and payouts, and the surfacing of mobile banking apps.
The lending market is anticipated to experience significant growth due to digitalization in the coming years. It is projected to expand to a market size of $46.29 billion by 2029 with a CAGR of 24.8%. The surge during this period can be credited to the rising needs for digital lending solutions, the development of peer-to-peer lending platforms, the growth of online marketplaces, and the usage of blockchain for safe transactions. The projected period will also witness trends such as the creation of digital identity verification options, incorporation of voice and chatbot tools, the emergence of robo-advisors and automated money management aids, the expansion of decentralized finance (defi) platforms, the incline of subscription-based lending modules, and the creation of decentralized identity solutions.
What Is Stimulating Growth in the Digitization In Lending Market?
As the shift towards digital banking and payments continues to grow, it is anticipated to fuel the expansion of the digitization in the lending market. Digital lending concerns banking activities carried out on a digital platform, thus eliminating all paper-based transactions such as demand drafts, pay-in slips, and checks. The convenience offered by digital banking and payment platforms is unmatched, enabling customers to use banking services and conduct transactions anytime, anywhere, through their mobile devices or computers. Digital banking solutions are also offered through digitization in banking, which allows businesses to offer online banking services to their customers. For example, a report published by Finder.com, an independent comparison website based in Australia, in July 2023 stated that approximately 93% of Brits were using online banking in 2022. Furthermore, around 5.3 million Brits (10%) are planning to open a digital-only bank account in 2023. Moreover, it is predicted that by 2028, the number of digital-only bank account holders will reach 22.6 million (43%). As a result, the transition towards digital banking and payments is a significant driver for the growth of the digitization in the lending market.
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Which Businesses Are at the Forefront of Digitization In Lending Market Development?
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
What Are the Latest Innovations in the Digitization In Lending Market?
Leading firms in the digital lending market sphere are actively engaging in strategic alliances to bolster their technological prowess, optimize processes, and introduce cutting-edge lending options. These strategic alliances are official commitments made between two or more entities to work reciprocally on particular business goals while upholding their autonomy. For instance, in March 2024, Epic River, an American web platform advancing fresh banking ideas, joined forces with Finastra's LaserPro loan documentation system to make the loan closing procedures more efficient for community banks and credit unions. The collaboration with Finastra facilitates the seamless migration of borrower's data from Epic River to LaserPro, which decreases manual data input and enhances precision. This synergy also caters to the growing requirement for adaptability and innovation in financial establishments, thus reducing inaccuracies and postponements in loan processing. Finastra is a financial software company rooted in the UK.
How Is the Digitization In Lending Market Segmented?
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
Subsegments:
1) By Online: Peer-To-Peer Lending (P2P), Digital Bank Loans, Online Personal Loans, Online Business Loans, Online Mortgage Lending
2) By Offline: Traditional Bank Lending, Credit Unions And Community Lenders, In-Branch Loan Services, Microfinance Institutions (MFIs)
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Where Is the Digitization In Lending Market Growth Most Prominent?
North America was the largest region in the digitization in lending market in 2023. The regions covered in the digitization in lending market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Digitization In Lending Global Market Report?
- Market Size Analysis: Analyze the Digitization In Lending Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Digitization In Lending Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Digitization In Lending Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Digitization In Lending Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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