Financial institutions' strong initiatives to improve the client experience and strict Government rules for digital lending are projected to drive market expansion throughout the forecast period
JERSEY CITY, N.J., July 14, 2021 /PRNewswire/ -- Verified Market Research recently published a report, "Digital Lending Platform Market" By Solution (Business Process Management, Loan Management, Lending Analytics), By Service (Design and Implementation, Risk Assessment, Consulting), By Deployment Mode (Cloud, On-premises), By Vertical (Banking, Financial Services, Insurance), and By Geography. According to Verified Market Research, the Global Digital Lending Platform Market was valued at USD 7.14 Billion in 2020 and is projected to reach USD 27.07 Billion by 2028, growing at a CAGR of 18.13% from 2021 to 2028.
To adapt to customer needs and a growing preference for online financing services, BFSI businesses are rapidly implementing digital business models. Digitization, in particular, enables BFSI firms to empower customers to choose the channel of their preference. According to Insider Intelligence's Mobile Banking Competitive Edge Study, 89% of survey respondents stated that they use mobile banking. Moreover, a huge 97% of millennials indicated that they use mobile banking. Currently, 1.9 billion customers worldwide are using online banking services Online banking applications, in particular, can help financial service providers adapt to changing business conditions and safeguard their respective existing markets. As a result, the increased usage of online banking channels is projected to drive demand for digital lending platforms shortly.
In November 2018, Fiserv collaborated with DadeSystems, a payment processing solution provider. Both organizations will collaborate to create and provide SaaS-based or standalone banking products to their integrated commercial clientele.
In October 2020, Roostify formed a collaborative agreement with Google Cloud to use Google Cloud artificial intelligence (AI) and machine learning (ML) capabilities to assist lenders in processing mortgage applications more quickly and effectively.
The major players in the market are Fiserv (US), Newgen Software (India), Ellie Mae (US), FIS (US), Mambu (Germany), CU Direct (US), Argo (US), Sigma Infosolutions (US), Tavant Technologies (US), Docutech (US), Roostify (US).
Verified Market Research has segmented the Global Digital Lending Platform Market On the basis of Mode of Solution, Service, Deployment Mode, Vertical, and Geography.
Digital Lending Platform Market by Solution
Business Process Management
Risk & Compliance Management
Digital Lending Platform Market by Service
Design and Implementation
Training and Education
Support and Maintenance
Digital Lending Platform, By Deployment Mode
Digital Lending Platform, By vertical
Digital Lending Platform Market by Geography
Rest of Europe
Rest of Asia Pacific
Middle East & Africa
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