Digital lending is a process of borrowing money from digital platforms without paperwork. It is a breakthrough in the lending and borrowing procedure without use of paperwork. Digitization is a huge revolution in the lending process, for tech savvy customers modern lending systems are helpful as they provide funds to the customers anywhere and anytime. Traditional lending processes require lot of paperwork and are a lengthy process and it eliminates the need for physical signatures, lengthy application forms and in person meetings. Digitization in lending has many benefits and if it is properly implemented it has huge advantage over the competitors. Digitization in lending has numerous advantages like it minimizes manual interventions and fully automates complex tasks and procedures while lending.
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The financial industry is going through tremendous technological disruption and the financial organizations are replacing existing business models with the new ones in order to give a stiff competition to other market players. The digitization in lending model was curated in order to overcome the challenges faced by the traditional lending process and making the lending process faster and paperless. There is a huge competition in the digital lending business as banks are also entering the market in order to stay in the competition; also there are new fintech entrants that are disrupting the market. Many banks are unable to transform because of many issues like compliance with regulatory framework, interruption to legacy systems amongst others. These banks are collaborating with fintech companies in order to capture the market. Fundbox has collaborated with Synchrony Financial in order to provide lending benefits small businesses. In India ICICI bank has partnered with Paytm in order to provide digital credits to the customers. In order to keep the customers happy, the market players are integrating advanced technologies in order to provide efficient and easy platforms to attract the interests of consumers.
The rising use of smartphone is one of the key factors propelling the growth of digitization in lending market Increasing internet penetration coupled with increasing digitization by monetary establishments will further boost the growth of digitization in lending in the coming years. The adoption of digitization in banks is growing at a rapid rate in order to reduce the costs and streamline all the operations. The financial industry is going through major changes and technological advancements like Artificial Intelligence (AI) and Machine Learning (ML) are changing the face of the competition in the financial industry. Banks are investing more on automating the lending process and AI is serving the banks in various processes. AI helps in handling of huge amount of data and decision making workflow are aiding in automating the lending process. AI have multiple many benefits and can perform various key functions while lending like classification of documents, extraction of documents, validation of documents and lending credit amongst others. These cutting edge technologies are streamlining the lending process and are aiding in serving the customers in easily validating the documents and disbursing the loan.
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The covid-19 pandemic has disrupted the economy as well as the lifestyle of the people however the crisis has created many opportunities for innovation. After the Covid-19 has struck the world there is an increasing adoption of digital platforms for payment. Digital payment have experienced significant boost in almost every sector like retail, automotive amongst others. The lockdown has affected many people and are tackling with financial crisis, as disposable income is affected people are aware of the spending activities and are avoiding large spending. The lending activities will grow as the monthly income is affected due to Covid-19, as the consumers need to cope up with daily financial activities in order to maintain lifestyle micro lending will grow. Solution of buy now and pay later are getting momentum in the market, micro finance lending companies are offering convenient solutions to the customers. The micro finance lenders are offering affordable repayment solutions to the customers this will ease the impact of the crisis on the customers.
Digitization in lending has huge benefits like reduction in costs, better decision and improved customer experience. Adoption of advanced technologies by banks like AI, ML, e-signature, e-mandates and blockchain will boost the growth of digital lending and this will help the banks in revolutionizing the traditional lending process. The demand for personal loans is huge in salaried professionals and students, the finetch companies are offering personal loans to them in just few hours. Banks are disrupting the digital lending market to maintain the dominance in the market, there are many new fintech entrants that are lending with discounts and other features. There are increasing government initiatives towards adoption of digitization this will augment the demand digitization lending market over the forecast years. Digital lending is proving to be a game changer for small and medium enterprises, the number of MSME’s is growing at very high rate but there were many complications faced by these companies during the borrowing process, the digital lending companies have taken advantage of the situation and are lending huge loans to these MSME’s.Some of the players operating in the global digitization in lending market include Rise Credit, FirstCash, Inc., Speedy Cash, LendUp, Elevate, NetCredit, Avant, Inc., Opportunity Financial, LLC., Prosper Marketplace, Inc., The Business Backer LLC., Headway Capital Partners LLP., Blue Vine, Lendio, RapidAdvance, AmigoLoans Ltd, Lendico, Trigg, Lending Stream, 118118 Money, Simplic, Wonga Group, OnDeck, Kabbage, Inc., Fundation Group LLC and other market participants.
The detailed research study provides qualitative and quantitative analysis of the digitization in lending market. The digitization in lending market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America
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Global Digitization in Lending Market
- By Loan Type
- Personal Loans
- Auto Loans, Business Loans
- By Deployment
- On Computer
- On Smart Phone
- By Region:
- North America
- U.S.
- Canada
- Mexico
- Rest of North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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