Dublin, March 19, 2024 (GLOBE NEWSWIRE) -- The "Digital Lending Platform Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The digital lending platform market size is expected to see exponential growth in the next few years. It will grow to $34.6 billion in 2028 at a compound annual growth rate (CAGR) of 21.9%. The projected growth in the upcoming period can be ascribed to open banking initiatives, the surge of decentralized finance, a heightened emphasis on customer experience, sustained regulatory support, and a global economic recovery. Noteworthy trends expected in this forecast period encompass cross-border lending, the digitization of financial services, the adoption of mobile-first approaches, the integration of blockchain technology for enhanced security, a customer-centric approach, and the establishment of partnerships with fintech startups.
The global prominence of open banking is anticipated to play a crucial role in driving the expansion of the digital lending platform market in the future. Open banking, a system facilitating secure data sharing among financial institutions and third-party service providers such as fintech apps, empowers lenders to gather comprehensive information about borrowers. This includes details such as credit scores, past loan histories, and current outstanding debts. Leveraging open banking, lenders can expedite decision-making processes and offer personalized lending options in response to their clients' needs. Recognizing these benefits, numerous financial service companies are engaging in collaborations with open banking providers to enhance their lending procedures.
The primary segments within the digital lending platform market include loan origination, decision automation, collections and recovery, risk and compliance management, and other miscellaneous categories. In the loan origination market, entities (such as organizations, sole traders, and partnerships) engage in selling digital lending platforms. These platforms are designed to facilitate easy loan application services for borrowers, automate processes, and provide financial analysis to banks, thereby reducing processing time. Loan origination encompasses the step-by-step process of applying for a loan, with components including solutions and services, and deployment models ranging from on-premises to cloud. The market caters to various industry verticals, including banks, insurance companies, credit unions, savings and loan associations, peer-to-peer lending, and others.
Digital Lending Platform Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market. This report focuses on digital lending platform market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
For more information about this report visit https://www.researchandmarkets.com/r/p2qlhm
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