Apr 15, 2021 (The Expresswire) -- The global digital lending platform market is likely to gain momentum from the increasing demand for renewing and originating loans to provide efficient and quicker financial decisions. This information is given by Fortune Business Insights™ in an upcoming report, titled, “ Digital Lending Platform Market Analysis, Share and Industry Analysis, By Component (Solution, Services), By Deployment (On-premise, Cloud-based), By End-User (Banks, Insurance Companies, Credit Unions, Savings and Loan Associations, Peer-to-Peer Lending, Others) and Regional Forecast, 2019-2026 .” The report further states that the digital lending platform helps in managing every step of the loan origination process. It not only offers a seamless process but also aids in efficient monetary transactions.
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Drivers and Restraints-
Adoption of Digital Data Analytics for Understanding Customers will Favor Growth
Nowadays, several organizations are shifting rapidly towards digitizing their financial services. Hence, the banks are aiming to lower the timeframe from application to funding by redesigning their credit lending journeys. It is saving around 30.0% of costs. At the same time, to identify business opportunities and understand their customers, credit unions and banks are using digital data analytics. They are also helping to analyze payment networks for detecting non-customers. Therefore, the demand for digital lending platforms is surging at a fast pace.
Moreover, the governments of many countries are deploying favorable initiatives to support the usage of digital lending platforms. Coupled with this, the increasing need to reduce the time of loan management amongst borrowers would augment the digital lending platform market growth in the near future. However, the rising cases of fraud digital transactions and the increasing security concerns regarding online banking may obstruct growth.
Increasing Digitization of Financial Services to Accelerate Growth in Asia Pacific
North America is anticipated to lead throughout the forthcoming years, followed by Europe by acquiring the largest digital lending platform market share. This growth is attributable to the increasing usage of artificial intelligence-based digital lending solutions for improving the digital banking experience for consumers.
In Asia Pacific, the rising efforts by the companies to digitize their financial services for attracting a large consumer base is set to propel the growth of the market. Apart from that, the increasing usage of online banking services and higher adoption of mobile computing devices would drive the demand for digital lending platforms in this region. Lastly, the Middle East and Africa and Latin America would exhibit high growth.