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Shift Towards Digital Banking And Payments Driving Digitization In The Lending Market Driver: Leading Transformation in the Digitization In Lending Market in 2025
Digitization In Lending Market Growth
The shift towards digital banking and payments is expected to drive the growth of the digital lending market. Digital lending allows banking transactions through digital platforms, eliminating traditional paper-based transactions. Digital banking solutions provide unparalleled convenience, allowing customers to conduct transactions anytime, anywhere via mobile devices. For example, a report from Finder.com in July 2023 showed that 93% of people in the UK were using online banking in 2022, with projections indicating that 43% of UK residents will have digital-only bank accounts by 2028. As a result, the shift to digital banking is accelerating the growth of the digital lending market.
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What is the projected compound annual growth rate (CAGR) of the digitization in lending market from 2025 to 2034, and what factors influence it?
The digitization in lending market has grown exponentially in recent years. It will increase from $15.26 billion in 2024 to $19.1 billion in 2025, at a CAGR of 25.2%. This growth is attributed to expanded internet access, a shift towards paperless transactions, the development of online loan marketplaces, the demand for instant loan approvals, and the rise of mobile banking applications.
The digitization in lending market is projected to grow to $46.29 billion by 2029 with a CAGR of 24.8%. This growth is driven by the demand for digital lending, peer-to-peer platforms, blockchain adoption, and the rise of online marketplaces. Trends include digital identity verification, AI/voice tech, robo-advisors, decentralized finance, and subscription-based lending models.
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How are the latest trends influencing the growth of the digitization in lending market?
Companies in the digitization of the lending market are forming strategic partnerships to improve their technological capabilities and streamline operations. For example, in March 2024, Epic River, a US-based web platform, partnered with Finastra's LaserPro loan documentation system. This collaboration allows the automatic transfer of borrower data, reducing manual entry and ensuring accuracy in loan closing processes for community banks and credit unions.
What are the major segments of the digitization in lending market and their role in driving growth?
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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Which regions are key players in the growth of the digitization in lending market?
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.
Who are the key firms paving the way for growth in the digitization in lending market?
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
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What Is Covered In The Digitization In Lending Global Market Report?
•Market Size Forecast: Examine the digitization in lending market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the digitization in lending market for a structured understanding.
•Key Players Overview: Analyze major players in the digitization in lending market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the digitization in lending market.
•Segment Contributions: Evaluate how different segments drive overall growth in the digitization in lending market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the digitization in lending market.
•Industry Challenges: Identify potential risks and obstacles affecting the digitization in lending market.
•Competitive Landscape: Review strategic developments in the digitization in lending market, including expansions, agreements, and new product launches.
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