Northbrook, IL 60062 -- (SBWIRE) -- 01/09/2024 -- The global Digital Lending Market size to grow from USD 10.7 billion in 2021 to USD 20.5 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 13.8% during the forecast period, according to research report by MarketsandMarkets™.

Proliferation of smartphones and growth in digitalization, need for better customer experience, government actions to safeguard digital lending, greater visibility and options for borrowers and lenders, growing demand for digital lending platforms among SMEs, and surge in digital lending during the pandemic are key factors for the growth of the Digital Lending market.

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The key and emerging market players in the Digital lending market include Fiserv (US), ICE Mortgage Technology (US), FIS (US), Newgen Software (India), Nucleus Software (India), Temenos (Switzerland), Pega (US), Sigma Infosolutions (US), Intellect Design Arena (India), Tavant (US), Docutech (US), CU Direct (US), Abrigo (US), Wizni (US), Built Technologies (US), Turnkey Lenders (US), Finastra (UK), RupeePower (India), Roostify (US), JurisTech (Malaysia), Decimal Technologies (India), HES Fintech (Belarus), ARGO (US), Symitar (US), EdgeVerve (India), TCS (India), Wipro (India), SAP (Germany), Oracle (US), BNY Mellon (US), and Black Knight (US). These players have adopted various strategies to grow in the Digital Lending market.

Fiserv is one of the leading providers of digital lending solutions. The company offers electronic payments, digital channels, card services, biller solutions, output services, investment services, and risk management under its payments segment. The company's various lending solutions include automotive finance, loan servicing, loan origination, and business process outsourcing. In March 2020, Fiserv partnered with Interior Savings Credit Union to enable digital transformation. The credit union implemented Fiserv's DNA platform to optimize operations.

ICE Mortgage Technology is one of the leading cloud-based loan origination platform providers for the mortgage industry, with solutions that enable lenders to originate more loans, lower the origination costs, and reduce the time to close, all the while ensuring the highest levels of compliance, quality, and efficiency. The company offers Encompass, which empowers lenders to originate more loans, reduce the time to close and make smart business decisions. In September 2020, ICE Mortgage Technology acquired Ellie Mae, a leading digital lending platform provider. The acquisition helped ICE to accelerate the automation of mortgage processes.

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Key Dynamic Factors For Digital Lending Market:

Technological Developments: The effectiveness of digital lending platforms is being greatly improved by ongoing technological developments, such as artificial intelligence, machine learning, and big data analytics. These technological advancements facilitate risk assessment, credit rating, and decision-making.

Mobile Penetration and Accessibility: As cellphones become more widely used and more people have access to the internet, the market for digital lending services has grown. The convenience with which customers may access and apply for loans through mobile applications and online platforms is fueling the expansion of the digital lending business.

Data Security and Privacy: As the loan industry depends more and more on digital platforms, data security and privacy have become increasingly important. The success of digital lending services depends on strict adherence to data privacy laws and the deployment of strong security measures.

Alternative Credit Scoring methods: Some people's creditworthiness may not be fully captured by traditional credit scoring methods. More equitable lending practices are made possible by the introduction of alternative credit scoring models that incorporate non-traditional data sources like utility payments and social media activity.

Regulatory Environment: The digital lending market is significantly impacted by regulatory frameworks and compliance requirements. Regulations that are changed to either encourage or restrict digital lending activities can have an impact on the competitive environment and market dynamics.

Consumer Behaviour is Changing: As a result of consumers' tastes moving towards online and digital experiences, digital lending platforms are becoming more widely accepted. When it comes to loan applications and approvals, customers want procedures that are simple, rapid, and transparent.

Competitive and Segmentation Analysis:

The market for digital loans is characterised by fierce rivalry and a complex segmentation that takes into account the various dynamics of this financial technology industry. Key companies are competing to provide cutting-edge and user-friendly digital lending solutions, and they range from well-established financial institutions to agile fintech startups. Understanding the diverse landscape requires an understanding of market segmentation. Geographically, the market displays unique features that are impacted by laws, the state of the economy, and technology infrastructure. Sector-specific segmentation emphasises customised lending options that address the particular requirements of industries including mortgage lending, small business financing, and personal loans.

The market environment is further improved by consumer segmentation based on borrowing preferences, credit profiles, and demographics. The market is changing due to technology improvements, and competitiveness is centred around things like data security, artificial intelligence integration, and user experience improvement. Strategic difference can be achieved through partnerships or cooperation between digital lenders and traditional financial institutions or other fintech companies. Market players must remain aware of changing customer behaviour, legislative changes, and worldwide economic situations in order to remain competitive. Successfully navigating these variables is essential in the digital lending environment, which is driven by creativity, flexibility, and in-depth knowledge of various market niches.

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