Key Companies Covered in the Digital Lending Platform market: Nortech Systems, Inc., Tecomet, Inc., Celestica Inc., Heraeus Holding, Flextronics International Ltd., Integer Holdings Corporation, Plexus Corp., West Pharmaceutical Services, Inc., Sanmina Corporation
London , United Kingdom, May 17, 2021 (GLOBE NEWSWIRE) -- Digital Lending Platform Market is valued at USD 7493.3 Million in 2020 and Projected to reach USD 20671.8 Million by 2027 with the CAGR of 15.6% over the forecast period.
Digital Lending Platform Market Global Size, Trends, Competitive, Historical & Forecast Analysis, 2020-2027: Increasing digitalization in banking industry and growing penetration of smartphones & tablets are the major factors driving the growth of Global Digital Lending Platform.
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Digital Lending Platform (DLP) is a mortgage point-of-sale (POS) tool that goes from lead to rate lock easily. Digital lending platforms are generally used all through an online platform to manage the borrowing procedure. The digital lending method begins with an online loan application along with user registration, authentication and confirmation of borrowers, submission of online documents, approval of loans, and distribution of loans and recovery of loans. These platforms are massively being implemented by banks as they deliver continuous supervising and enhanced profitability advantages. It also renders it effortless for borrowers to apply and delivers them with clarity and simplicity, which in turn precedes considerable time savings. The automated design of online lending platforms offer lenders and borrowers an additional reliable attitude to offering funding solutions, thus decreasing stress, and improving the possibilities of successful lending approval. Digital lending platform offers a variety of benefits including consistency, power of analytics, easy capture of applicant information, comfortable and many more.
During the Covid-19 pandemic, the demand for digital lending platforms is increased significantly to industrialize the loan procedure as it includes low or no contact procedures and eliminates the possibility of cross-contamination. Covid-19 has positively impacted the growth of the global digital lending platform market. Banks and financial institutions throughout the globe are majorly centering on digitizing their financial holdings as well as lending schemes, which is helping them to secure a huge customer base even in the pandemic.
The Global digital lending platform is segmented on the basis on component, deployment model, type, industry vertical, and region & country level. Based on component, the digital lending platform is classified as software and service. Based on deployment model, the market is categorized as on-premises and cloud. Based on type, the market is classified as loan origination, decision automation, collections and recovery, risk and compliance management, and others. Based on industry vertical, the digital lending platform is classified as insurance companies, banks, credit unions, savings & loan associations, peer-to-peer lending, and others.
Key Players for Global Digital Lending Platform Report:
Global digital lending platform market report covers the prominent players like Nortech Systems, Inc., Tecomet, Inc., Celestica Inc., Heraeus Holding, Flextronics International Ltd., Integer Holdings Corporation, Plexus Corp., West Pharmaceutical Services, Inc., Sanmina Corporation, and others.
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Global Digital Lending Platform Dynamics:
Increasing digitalization in banking industry is one of the major factors projected to boost the growth of global digital lending platform market. Digitization has been one of the most extensively accepted strategies in financial facilities to enhance core handling capabilities and offer better consumer services and insights. For instance; according to the Finder; on July 18th, 2020, there are around 22% of Indian adults, an estimated 205 million have digital bank account and number is expected to grow within the forecast period. Rising digitalization in banking industry for speedier and hassle-free banking pursuits pursue need for lending solutions and platforms
In addition, surge in collaborations and partnership among various key players in the lending platform market is another factor driving the growth of digital lending platform market. For example; in January 2019, Roostify came into partnership with HSBC Bank, in which HSBC had launched a new mortgage platform. This mortgage solution proposals the streamlined applications and fulfillment procedure. Also, in October 2018, Tavant had collaborated with Experian to digitalize the loan origination method and generating a streamlined experience for consumers and lenders. Thus, surge in collaborations and partnership of various key players regarding lending platform is responsible for foster growth of digital lending platform market.
However, data theft issues associated with digital lending platforms may hamper the market growth. In spite of that, increasing advancements in this field to develop more innovative offerings may present more opportunities for the further growth of the market.
News: Bank of Baroda launched Digital Lending Platform
December 28th, 2020; Bank of Baroda (BoB) launched the digital lending platform to allow potential retail loan seekers to obtain loans digitally throughout a paperless procedure at the expediency of the residence and time of choice. Bank of Baroda offers pre-approved Micro Personal Loan to current designated customers to shop whatever through offline/online partner channels and wage later in easy EMIs. Vikramaditya Singh Khichi, an Executive Director of Bank of Baroda Bank attempted to digitize itself within by edifice a high-performing, advanced environment, that had allowed banks to decrease time-to-market for their products.
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Global Digital Lending Platform Regional Analysis:
North America is expected to dominate the global digital lending platform market within the forecast period owing to the presence of major market players and high adoption of advanced technology in this region. Digital lending is contemplated as one of the accessible and used alternatives for lenders, as it delivers immediate affordability for applications. Asia Pacific is expected to witness a fastest growth in the global digital lending platform market due to the shift from traditional lending to digital lending. For instance, according to BCG Digital Lending Report 2019, various fintech companies are taking part in digital lending from which over $220 billion of the digital loans were extended by the fintech. China dominates this space with over 75% shares of fintech digital loans in the world. The ease of applying loans for borrowers and many other advantages for lenders, including automated loan management, and speedy approval are shifting their attention toward digital lending.
Key Benefits for Digital Lending Platform Report:
Global Digital Lending Platform report covers in depth historical and forecast analysis.
Global Digital Lending Platform research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market opportunities, Competitive Analysis, Regional and Country Level.
Global Digital Lending Platform report helps to identify opportunities in marketplace.
Global Digital Lending Platform report covers extensive analysis of emerging trends and competitive landscape.
Digital Lending Platform Market By Regional & Country Level:
Middle East and Africa
Rest of Middle East and Africa
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