The Worldwide Digital Lending Industry is Expected to Reach $20.5 Billion by 2026
DUBLIN, Oct. 19, 2021 /PRNewswire/ -- The "Digital Lending Market by Offering (Solutions (Digital Lending Platforms and Point Solutions) and Services), Deployment Mode (Cloud and On-Premises), End User (Banks, Credit Unions, and NBFCs), and Region - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global Digital Lending Market size to grow from USD 10.7 billion in 2021 to USD 20.5 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 13.8% during the forecast period.
The growing demand for digital lending platforms among SMEs to drive the Digital Lending market. Digital lending enables SMEs to research various lenders and the terms they are offering and choose the best option. It also reduces the time for loan disbursement from 2-3 months in case of offline lending to just 2-3 days. This is crucial for SMEs as it helps them meet the working capital needs to facilitate smooth operations.
By Services, the Support and Maintenance segment to grow at the higher CAGR during the forecast period.
By Services, the Support and Maintenance segment is expected to grow at a higher growth rate during the forecast period. Support and maintenance services include assistance related to the implementation and the use of digital lending solutions. Support and maintenance services help in the resolution of the lender's queries pertaining to digital lending solutions. Support and maintenance teams help organizations reap the maximum benefits from the investments made to implement digital lending solutions.
By Solutions, the Point Solutions segment to hold the larger market size during the forecast period.
The Point Solutions segment is expected to hold a larger market size. Point Solutions refer to the solutions offered to address a single section of the entire loan processing life cycle. Point solution providers specialize in overcoming specific use cases or challenges that the users face during the loan application process, providing more flexibility to meet their needs.
By End User, NBFCs segment to grow at the highest CAGR during the forecast period.
The Non-banking Financial Companies (NBFCs) segment is projected to grow at the highest CAGR during the forecast period. Since NBFCs usually don't have a large distribution network, they are going digital to have a chance to reach out to a larger customer base, even in tier 2 and tier 3 cities. This adaptation of digital lending has improved the quality of decision-making for NBFCs.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in the Digital Lending Market
4.2 Market, by Offering
4.3 Market, by Solutions
4.4 Market, by Services
4.5 Market, by End-user
4.6 Digital Lending Market, by Deployment Mode
4.7 Market, by Region
4.8 Market, by Country
5 Market Overview and Industry Trends
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Proliferation of Smartphones and Growth in Digitalization
5.2.1.2 Need for Better Customer Experience
5.2.1.3 Government Actions to Safeguard Digital Lending
5.2.1.4 Greater Visibility and Options for Borrowers and Lenders
5.2.1.5 Growing Demand for Digital Lending Platforms Among SMEs
5.2.1.6 Surge in Digital Lending During the Pandemic
5.2.2 Restraints
5.2.2.1 Higher Dependency on Traditional Lending Methods
5.2.3 Opportunities
5.2.3.1 Rise in Adoption of Ai, Machine Learning, and Blockchain-Based Digital Lending Platforms and Solutions
5.2.3.2 Increase in Demand for Advanced Digital Lending Solutions for Retail Banking
5.2.4 Challenges
5.2.4.1 Lack of Digital Literacy in Underdeveloped Countries
5.2.4.2 Network Connectivity and Infrastructural Issues
5.2.4.3 Data Security and Privacy Concerns due to Increasing Cyber-Attacks
5.3 Industry Trends
5.3.1 Regulatory Implications
5.3.1.1 General Data Protection Regulation (Gdpr)
5.3.1.2 Payment Card Industry Data Security Standard (PCI Dss)
5.3.1.3 Payment Services Directive 2 (Psd2)
5.3.1.4 Know Your Customer (KYC)
5.3.1.5 Anti-Money Laundering (Aml)
5.3.1.6 Electronic Identification, Authentication, and Trust Services (Eidas)
5.3.1.7 Health Insurance Portability and Accountability Act (HIPAA)
5.3.1.8 Federal Information Security Management Act (Fisma)
5.3.1.9 Gramm-Leach-Bliley Act (Glba)
5.3.1.10 Sarbanes-Oxley Act (Sox)
5.3.2 Digital Lending Models
5.3.3 Use Cases
5.3.3.1 Case Study 1: Finastra Helped Beacon Credit Union to Create Accurate, Compliant Loan Documentation in a Fast, Straightforward, and Highly Automated Way
5.3.3.2 Case Study 2: with the Help of Fiserv, Toyota Financial Services Integrated Paperless Contracting into Its Business Practices
5.3.3.3 Case Study 3: Nordic Fintech Pioneer Folkefinans Migrates Products to Mambu and Launches Revolving Credit Loan
5.3.3.4 Case Study 4: Idea Bank Reduced the Generation Time for Each New Loan or Leasing Application with the Help of Hes Fintech
5.3.3.5 Case Study 5: Moneyman Automated the Entire Microfinance Lending Process with Hes Fintech
6 Digital Lending Market, by Offering
6.1 Introduction
6.1.1 Offering: Market Drivers
6.1.2 Offering: Impact of COVID-19 on the Market
6.2 Solutions
6.2.1 Digital Lending Platforms
6.2.2 Point Solutions
6.2.2.1 Loan Origination
6.2.2.2 Loan Servicing
6.2.2.3 Loan/Debt Collection
6.2.2.4 Limit and Collateral Management
6.2.2.5 P2P Lending Software
6.2.2.6 Others
6.3 Services
6.3.1 Consulting
6.3.2 Implementation
6.3.3 Support and Maintenance
7 Digital Lending Market, by Deployment Mode
7.1 Introduction
7.1.1 Deployment Mode: Market Drivers
7.1.2 Deployment Mode: Impact of COVID-19 on Market
7.2 Cloud
7.3 On-Premises
8 Digital Lending Market, by End-user
8.1 Introduction
8.1.1 End-user: Market Drivers
8.1.2 End-user: Impact of COVID-19 on the Market
8.2 Banks
8.3 Credit Unions
8.4 Non-Banking Financial Companies (Nbfcs)
9 Digital Lending Platform Market, by Region
10 Competitive Landscape
10.1 Overview
10.2 Top Vendors in the Digital Lending Market
10.3 Competitive Scenario
10.3.1 Product Launches
10.3.2 Deals
10.3.3 Others
11 Company Profiles
11.1 Key Players
11.1.1 Fiserv
11.1.2 Ice Mortgage Technology
11.1.3 Fis
11.1.4 Newgen Software
11.1.5 Nucleus Software
11.1.6 Temenos
11.1.7 Pega
11.1.8 Intellect Design Arena
11.1.9 Tavant
11.1.10 Sigma Infosolutions
11.2 Other Players
11.2.1 Docutech
11.2.2 Cu Direct
11.2.3 Abrigo
11.2.4 Wizni
11.2.5 Built Technologies
11.2.6 Turnkey Lenders
11.2.7 Finastra
11.2.8 Rupeepower
11.2.9 Roostify
11.2.10 Juristech
11.2.11 Decimal Technologies
11.2.12 Hes Fintech
11.2.13 Argo
11.2.14 Symitar
11.2.15 Edgeverve
11.2.16 Tcs
11.2.17 Wipro
11.2.18 Sap
11.2.19 Oracle
11.2.20 Bny Mellon
11.2.21 Black Knight
12 Appendix
For more information about this report visit https://www.researchandmarkets.com/r/och93i
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