What is Digital Mortgage Platform Market?
Digital mortgage platform helps combines a borrower experience with automated lender workflow which helps to cut loan costs, increases the transparency and reduces the time to close a loan. It connects the customers and lenders to reduce the time and risk. In addition, it optimizes the lending experience. This platform is adopted by banks as it offers benefits such as monitoring and increased profitability. It also offers more precise approach and delivers solutions and increases chances of loan approval. These factors are propelling the market growth.
The market study is being classified by Type (Commercial mortgages, Government loans and Residential Mortgages) and major geographies with country level break-up.
HSBC (United Kingdom), Fiserv Inc (United States), Docutech LLC (United States), Decisions (United States), Integrated accounting solutions (United States), Qualia labs (United States), Calyx software (United States), Ellie Mae (United States), Softpro (United States) and Byte Software (United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Interactive Ideas (United States), HES fintech (Lithuania), Mortgage Cadence (United States) and Finantix (Luxembourg).
Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Digital Mortgage Platform market throughout the predicted period.
Segment Analysis
Analyst at AMA have segmented the market study of Global Digital Mortgage Platform market by Type, Application and Region.
On the basis of geography, the market of Digital Mortgage Platform has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, 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). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Growth in Digitalization Coupled with High Proliferation of Smartphones
- Increasing Government Initiatives for Online Lending is Fueling the Market
Market Trend
- Adoption of Cloud Based Digital Mortgage Technology
- Increasing Awareness among the Users
Restraints
- Risk of Data Breach May Hamper the Market
Opportunities
- Increasing Need for a Better Customer Experience is Boosting the Market
- Growing Requirement of Reduced Loan Management time for Borrowers
Challenges
- Lack of Digital Literacy in Developing and Under Developed Economies
Market Leaders and some development strategies
On 29th July 2019, Fiserv has completed the acquisition of First data corporation. This acquisition will strengthen its position in payment and financial technology provider with the ability to deliver a unique value to financial institutions, corporates and merchant clients.
On 1st October 2019, Loan monkey has launched digital mortgage platform. It has announced that the potential and current homeowners will be able to purchase and refinance their home with Loan monkey’s online platform. and On 18th June 2019, HSBC has launched digital mortgage platform and partnered with Roostify. This solution is faster, easier and provides less stressful loan transaction experience
Key Target Audience
Digital mortgage solution providers, Government associations, Research organizations, Enterprise software vendors and Others