DUBLIN--(BUSINESS WIRE)--The "Digital Lending Platform Market by Solution, Service, Deployment Mode, Vertical, and Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering
Growing adoption of digital technologies with an increasing use of smartphones for banking applications to drive the digital lending platform market
The global digital lending platform market size is expected to grow from USD 5.1 billion in 2018 to USD 12.1 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 18.7% during the forecast period.
Major growth factors for the market include proliferation of smartphones and mobile devices and organizations' continued focus on digitalization of financial services to enhance customer experience. However, lack of digital literacy among the under developed countries and increasing concerns over data security and privacy in the wake of sophisticated cyber-attacks may restrain the market growth.
The decision automation segment is expected to grow at the highest CAGR in the digital lending platform market during the forecast period. Decision automation is a vital solution for digital lending users, such as banks, credit unions, and P2P lenders, as it helps in automating the decision process of approving or rejecting a loan application. The growing digital banking sector and an increasing need for enhancing customer experience in the digital lending process could spur the demand for decision management solutions on a large scale.
The business process management segment is expected to hold the largest market size during the forecast period. Business process management solutions are important for digital lending organizations, as the solutions enhance the efficiency of business processes by optimizing them through the use of software and services.
Lending organizations and financial institutions are moving toward solutions that can manage the growing complexities arising from the complex business processes. The demand for business process management solutions in the financial industry has surged, due to the complexity involved in integrating operations and these solutions could help solve complex operations.
Market Dynamics
Drivers
- High Proliferation of Smartphones and Growth in Digitalization
- Need for Better Customer Experience
- Stringent Government Rules and Regulations for Digital Lending
Restraints
- Higher Dependency on Traditional Lending Methods
Opportunities
- Rise in the Adoption of AI, Machine Learning, and Blockchain- Based Digital Lending Platforms and Solutions
- Increase in the Demand of Advanced Digital Lending Solutions for Retail Banking
Challenges
- Data Security and Privacy Concerns Due to Increasing Cyber-Attacks
- Lack of Digital Literacy in Underdeveloped Countries
Regulatory Implications
- General Data Protection Regulation (GDPR)
- Payment Card Industry Data Security Standard (PCI DSS)
- Payment Services Directive 2 (PSD2)
- Know Your Customer (KYC)
- Anti-Money Laundering (AML)
- Electronic Identification, Authentication, and Trust Services (EIDAS)
- Health Insurance Portability and Accountability Act (HIPAA)
- Federal Information Security Management Act (FISMA)
- Gramm-Leach-Bliley Act (GLBA)
- Sarbanes-Oxley Act (SOX)
Use Cases
- Adoption of Digital Lending Solutions in the Banking Industry to Unify Loan Processes
- Implementation of Digital Lending Solutions in Insurance Companies
- Dependence of Financial Services Companies on Digital Lending Solutions
- Adoption of Loan Origination Solution Among Retail Banks
- Large-Scale Adoption of Digital Lending Solutions for Commercial Banking
Innovation Spotlight
- Fidor Solutions
Companies Mentioned
- Argo
- Built Technologies
- CU Direct
- Decimal Technologies
- Docutech
- Ellie MAE
- Finantix
- Finastra
- FIS Global
- Fiserv
- HiEnd Systems
- Intellect Design Arena
- Juristech
- Mambu
- Newgen Software
- Nucleus Software
- Pegasystems
- Roostify
- Rupeepower
- Sageworks
- Sigma Infosolutions
- Symitar
- Tavant Technologies
- Temenos
- TurnKey Lender
For more information about this report visit https://www.researchandmarkets.com/research/w8gjtb/digital_lending?w=4
