Market Research Report
Digital Lending Platform Market By Component, Deployment Model, Type, and Industry Vertical : Global Opportunity Analysis and Industry Forecast, 2020-2027
|Digital Lending Platform Market By Component, Deployment Model, Type, and Industry Vertical : Global Opportunity Analysis and Industry Forecast, 2020-2027|
Published: November 27, 2020
Allied Market Research
Content info: 249 Pages
Delivery time: 2-3 business days
Digital Lending Platform Market By Component (Software and Service), Deployment Model (On-Premise and Cloud), Type (Decision Automation, Collections & Recovery, Loan Processing, Risk & Compliance Management, and Others), and Industry Vertical (Banks, Insurance Companies, Credit Unions, Savings & Loan Associations, Peer-to-Peer Lending, and Others): Global Opportunity Analysis and Industry Forecast, 2020-2027.
Digital lending refers to the use of online platform adopted by various banks and financial institutions for originating and renewing loans to industry verticals to decrease the loan processing time and to enhance customer services. In addition, various financial institutions are adopting digital lending platform, as this platform improves the productivity of employees; closes more loans; increases revenue per loan with cheaper, faster, and automated services.
Furthermore, it enables lenders to provide loans directly to borrowers through software and reduces the burdens associated with complicated process of applying and receiving funding, which notably contribute toward the growth of the global market. In addition, digital lending platform has been widely adopted among lenders to improve productivity, close a greater number of loans deals, and increase revenue per loan in a rapid & automated manner.
The growth of the global digital lending market is driven by continuous increase in digitalization initiatives among financial organizations and rise in government initiatives for digital lending in the developing countries, such as India and China. However, rise in security & compliance concerns is expected to hinder the growth of the market. On the contrary, technological advancements, such as integration of AI in digital lending platforms and surge in penetration of cloud-based platforms are expected to offer remunerative opportunities for the expansion of the market during the forecast period.
The global digital lending platform market is segmented into component, deployment model, type, industry vertical, and region. Depending on component, the market is bifurcated into solution and service. On the basis of deployment model, it is divided into on-premise and cloud-based.
By type, it is fragmented into decision automation, collections & recovery, loan processing, risk & compliance management, and others. As per industry vertical, it is classified into banks, insurance companies, credit unions, savings & loan associations, peer-to-peer lending, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
By Deployment Model
By Industry Vertical