Pune, India -- (SBWire) -- 07/24/2018 --Digital lending is a borrowing process, which is carried out on the online or digital platform without making use of paperwork. This platform makes use of automated processes such as document and electronic data capture, e-signatures, and automated underwriting. Through digital lending automation complex processes becomes easy to operate and helps in decreasing manual interferences, owing to which the demand of digital lending is increasing. Thus, in coming years there will be an increasing adoption of digital lending. The Global Digitization in Lending Market was valued at US$ 2693460 Mn in 2017 and is expected to reach US$ 22514830 Mn by 2022.
Digital lending is operated through electronic manner only. For instance, banks sell home loans, auto loans, personal loans or credit cards through digital channels such as email, Facebook, Google, etc. Digital lending is a time saving process and has increased data security, thereby more people are incorporating the usage of digital lending.
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Top Key Player Covered In This Study are:
Rise Credit, FirstCash, Speedy Cash, LendUp, Elevate, NetCredit, Avant, Inc, Opportunity Financial, LLC, Prosper Marketplace, The Business Backer LLC, Headway Capital Partners LLP, Blue Vine, Lendio, RapidAdvance, AmigoLoans Ltd, Lendico, Trigg, Lending Stream, 118118Money, Simplic, Wonga Group, OnDeck, Kabbage, Fundation Group LLC, among others
Digitization is the reason for the massive transformation of many aspects of your business. The digitization of the banking industry is a key driver of market growth. Digitization also provides opportunities for value creation. This allows banks to better target customers who are relevant, thoughtful, and timely. Banks gain the ability to provide a better customer experience, increase lending on various asset classes, provide more loans without additional risk or staff, and reduce costs per loan.
The absence of interoperability and standards can affect digitization growth in the loan market. The financial services sector handles sensitive information about individuals and businesses. With the advent of fintech, more data is now available in digital format, making it easier to analyze and generate insights, but data can become more vulnerable to security breaches and affect market growth. However, the company expects to use the SSL layer for encryption to introduce a digital loan platform. This can help companies solve these problems effectively
Digital channels seek opportunity in improving customer experience. Non-digital lending processes for customers to interpret turnaround time, low predictability and low transparency. According to Federal Reserve survey in 2016, about 42% respondents felt that non-digitalized process was difficult, and about 45% complained of long wait for credit decision. Whereas, in contrast with online lenders, only 26% respondent's complaint about difficult process, Hence, the digital or online lenders offer a smoother application process and faster credit decision, and this is expected to generate immense opportunity for digitization in lending market
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The on-machine distribution segment accounted for the largest portion of the global digitization in the loan market in 2017. The use of computers in a variety of industries for digital loans is a key component of segment growth. Digital loans allow documents to be retrieved from the borrower's Internet banking account or simply uploaded via a computer. The borrower's credit report is brought online and the digital loan platform helps to provide secured personal loans. Thus, without actually seeing the borrower, the loan is approved and paid out. Therefore, the segment on the computer is the dominant segment and is expected to grow significantly in the forecast period.
China is expected to record the highest average annual growth rate between 2018 and 2026. The adoption of online banking in China is on the rise and the strong base of the banking industry is expected to drive market growth over the next few years. In addition, the number of SMEs and venture companies is expected to contribute greatly to the growth of the market. There is also a reason to activate the market due to technology developments in this region and the adoption of new security platforms such as SSL.
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