About Digital Lending
Digital lending is a platform that allows financial institutions to improve productivity and increase revenue per loan in order to provide faster services. Digital lending makes the best use of technology while keeping sensitive information hidden. Borrowers can apply for any consumer or business loan product through Digital Lending from any internet-connected device in any location. Credit cards, business loans, and mortgages are examples of consumer or business loan products. Fintech firms and banks use digital lending to provide loans to consumers. The entire process is carried out digitally.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The demand for Digital Lending is increasing due to the rise in technology and digital banking with each passing day. Businesses in this sector face global competition from market leaders who control a large share of the market. The Leading Players are engaged in organic and non-organic strategic global expansion to maintain their Market Position. Analyst at AMA Research estimates that Global Players will contribute the maximum growth to Global Digital Lending market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Affirm (United States), Biz2Credit Inc. (United States), Lendingkart Technologies Private Limited (India), Pine Labs (India), Stripe (Ireland), Boston Consulting Group (United States), Cognizant (United States), Globant (Argentina), SoFi (United States) and OnDeck Capital (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are OppFi (United States), Avant (United States) and Braviant Holdings (United States).
Segmentation Overview
AMA Research has segmented the market of Global Digital Lending market by and Region.
On the basis of geography, the market of Digital Lending has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Deployment Mode, the sub-segment i.e. Cloud-Based will boost the Digital Lending market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Services, the sub-segment i.e. Consulting will boost the Digital Lending market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Loan, the sub-segment i.e. Mortgage Loans will boost the Digital Lending market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Business Size, the sub-segment i.e. Large Business will boost the Digital Lending market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increase in Use of AI and MI and Rapid Development of Smart Underwriting
Market Growth Drivers:
Consumers are Becoming Increasingly Digitally Savvy, Rise of Innovative Operating Models and Increased Use and Reliance on Smartphones
Challenges:
Changes in Business Rules Due to Regulation and The rise in the Rate of Impaired Loans
Restraints:
The Rise in Cyber Crime
Opportunities:
Rise of Gen Z Buyers and The upsurge of Digital Banking in Southeast Asia
Market Leaders and their expansionary development strategies
In October 2022, Rapid Finance, a market leader in helping small businesses find sustainable and customized financing solutions through a fast and simple application process,has acquired of digital lending platform provider, Thrive, at American Banker’s Small Business Banking conference.
In August 2021 Globant released a statement announcing the launch of Digital Lending Studio. Digital Lending Studio assists clients in reinventing the consumer lending experience, making optimal data-driven decisions, and significantly lowering their cost of business through digital transformation in the lending process.
Key Target Audience
Venture and Capitalist, New Entrants/Investors, Analysts and Strategic Business Partners, Banks, NBFCs and End-Use Industries
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.