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On May 17, 2021, London, UK-the global digital lending platform market is valued at US$743.3 million in 2020, and is expected to reach US$2.067.18 billion by 2027, representing a compound annual growth rate of 15.6%.
Global digital lending platform market 2020-2027 Scale, Trend, Competitiveness, Historical and Predictive Analysis: The increasing digitization of the banking industry and the penetration rate of smartphones and tablets are the main factors driving the growth of global digital lending platforms.
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A digital lending platform (DLP) is a mortgage point-of-sale (POS) tool that can easily lock in interest rates from potential customers. The digital lending platform is usually used throughout the online platform to manage the lending process. The digital loan method starts with online loan application, user registration, borrower’s identity verification and confirmation, online document submission, loan approval, loan distribution, and loan recovery. Banks are constantly implementing these platforms because they provide continuous supervision and enhance profitability. This also allows borrowers to apply for and provide clear and simple loans effortlessly, which in turn saves a lot of time. The automated design of the online loan platform provides lenders and borrowers with another reliable attitude to provide funding solutions, thereby reducing pressure and increasing the likelihood of successful loan approval. Digital lending platforms have many advantages, including consistency, analytical capabilities, easy capture of applicant information, comfort, and so on.
During the Covid-19 pandemic, the demand for digital lending platforms has increased significantly to industrialize the lending process, as the process includes little or no contact procedures and eliminates the possibility of cross-contamination. Covid-19 has had a positive impact on the growth of the global digital lending platform market. Banks and financial institutions around the world are mainly focused on digitizing their financial assets and loan plans, which helps to ensure a large customer base even in a pandemic.
Global digital lending platforms are segmented according to components, deployment models, types, industry verticals, and regional and national levels. Based on components, digital lending platforms can be divided into software and services. According to the deployment model, the market is divided into local and cloud. According to the type, the market can be divided into loan origination, decision automation, recovery and recovery, risk and compliance management, etc. Based on industry verticality, digital lending platforms are divided into insurance companies, banks, credit cooperatives, savings and loan associations, and peer-to-peer lending.
Major participants in the Global Digital Lending Platform Report:
The global digital lending platform market report covers well-known players such as Nortech Systems, Inc., Tecomet, Inc., Celestica Inc., Heraeus Holding, Flextronics International Ltd., Integer Holdings Corporation, Plexus Corp., West Pharmaceutical Services, Inc. ., Sanmina, etc.
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Global digital lending platform dynamics:
The growth of banking digitization is one of the main factors that are expected to drive the growth of the global digital lending platform market. Digitization has become one of the most widely accepted strategies among financial institutions to enhance core processing capabilities and provide better consumer services and insights. For example; according to the discoverer; by July 18, 2020, about 22% of adults in India, an estimated 205 million people have digital bank accounts, and this number is expected to grow during the forecast period.Digital development of the banking industry in pursuit of faster and easier banking business, and the pursuit of demand for loan solutions and platforms
In addition, the surge in cooperation and partnerships among the major players in the lending platform market is another factor driving the growth of the digital lending platform market. For example; in January 2019, Roostify cooperated with HSBC, and HSBC launched a new mortgage lending platform at HSBC. The mortgage solution proposes simplified application and fulfillment procedures. In addition, in October 2018, Tavant partnered with Experian to digitize the loan origination method and create a simplified experience for consumers and lenders. As a result, the surge in collaboration and partnerships among various major players in lending platforms has helped to promote the growth of the digital lending platform market.
However, data theft issues associated with digital lending platforms may hinder market growth. Nevertheless, continuous development in this field to develop more innovative products may provide more opportunities for further market growth.
News: Bank of Baroda launches digital lending platform
December 28, 2020; Bank of Baroda (BoB) launched a digital lending platform that enables potential retail loan seekers to obtain loans digitally through paperless procedures at the convenience of their place and time of residence. Baroda Bank provides pre-approved micro personal loans to current designated customers so that they can shop through offline/online partner channels and then pay their salaries through easy EMI. Vikramaditya Singh Khichi, Executive Director of Baroda Bank, tried to achieve internal digitization by establishing a high-performance, advanced environment, which enabled the bank to shorten the time to market for its products.
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Regional analysis of global digital lending platforms:
Due to the presence of major market players and the region’s high adoption of advanced technologies, North America is expected to dominate the global digital lending platform market during the forecast period. Digital lending is considered to be one of the alternative methods that lenders can access and use because it provides applications with immediate affordability. Due to the shift from traditional lending to digital lending, the Asia-Pacific region is expected to achieve the fastest growth in the global digital lending platform market. For example, according to BCG’s “Digital Loan Report 2019”, a number of financial technology companies have participated in digital loans, and financial technology has provided more than $220 billion in digital loans. China occupies a dominant position in this field, accounting for more than 75% of global financial technology digital loans. The ease of applying for loans from borrowers and the many other benefits for lenders, including automatic loan management and fast approvals, have turned their attention to digital loans.
The main advantages of the digital lending platform report:
The global digital lending platform report covers in-depth historical and predictive analysis.
The global digital lending platform research report provides detailed information about the market introduction, market summary, global market revenue (income in USD), market drivers, market constraints, market opportunities, competitive analysis, regional and country level.
Global digital lending platform reports help identify market opportunities.
The Global Digital Lending Platform Report covers a wide range of analysis of emerging trends and competitive landscape.
Digital lending platform market by region and country/region:
North America
Europe
- United Kingdom
- France
- Germany
- Italy
Asia-Pacific
- China
- Japan
- India
- Southeast Asia
Latin America
- Brazil
- Mexico
- Middle East and Africa
- Gulf Cooperation Council
Africa
- The rest of the Middle East and Africa
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