Rising Internet penetration across countries is influencing the financial institutions to focus on offering digital lending services to their customers. The integration of blockchain technology across the banking sector applications is propelling the growth of Europe lending as a service market. The advent of artificial intelligence has brought significant changes in the customer lending services and is anticipated to further transform the processes over the future years. Furthermore, increasing adoption of advanced technologies across the banking sector is further fueling the development of lending as a service market. For instance, in April 2020, ezbob, a UK- based company providing lending as a service solutions for the banks and other such financial institutions, launched their Coronavirus Business Interruption Loan Scheme (CBILS) Smart Onboarding engine, which is a fully automated solution offering eligibility and credit assessment engine for Small and Medium Enterprises (SMEs). This solution is developed in order to help financial institutions cover affordability and credit decision making in response to anti-money laundering (AML)/Know Your Customer (KYC) and fraud assessment. Many market players are partnering with banks and other such financial institutions in order to offer integrated digital lending services to the customers and enable improved customer experience. For instance, auxmoney GmbH, a lending service company with N26, a Germany-based mobile bank, announced to offer their loans to customers which include students, self-employed individuals or freelancers. The process of lending from application to offer, verification and approval is fully digitalized and provides the customer with improved experience. Additionally, this lending platform also enables the customer with a digital credit check along with the loan offer. The aim of this partnership was to achieve combined advantages of the platform along with an improved user experience. The financial institutions providing lending services are increasingly focusing on obtaining quality accreditations from organizations to enhance their credibility and provide the customers with standardized and appropriate financing and lending services. For instance, Geldvoorelkaar.nl, in 2019, received a (Small and Medium Enterprise) SME Financier quality mark approved from Stichting MKB Financiering, which helps the financial institutions to achieve important requirements and quality assurance for providing lending services.
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Government authorities across the European countries are supporting Fintech companies to digitize the lending as a service process across the banking industry. For instance, in 2016, the Autorité des Marchés Financiers (AMF) and Autorité de Contrôle Prudentiel et de Résolution (ACPR), jointly launched the Fintech Forum, a consultation body comprising of 34 Fintech professionals, to help the companies with their lending solutions and services. Market players are entering into collaborations with financial technology companies in order to offer commercial lending services to the small and medium sized businesses across various countries to enable them with capital and liquidity to accomplish their business goals. For instance, Kabbage Inc., a technology and data platform powering automated lending services company, partnered with ING Group, a banking and financial services company, to offer instant capital to small businesses throughout Spain. Moreover, ING leveraged Kabbage Platform, providing small businesses to access their capital needs on real time basis.
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Companies operating in the lending as a service market are expanding their regional presence to increase their service reach across various nations. Additionally, market players are also striving to expand their service offerings to the global market. For instance, in 2017, CREDITGATE24, launched their operations in Germany and are also planning to expand internationally. The company offers their peer to peer lending platform for the financing of private and business loans services. Moreover, multinational companies are heavily investing in the research and development for newer innovations in lending service solutions. For instance, in 2018, Fiserv, Inc., invested US$ 465 million, in research and development for developing innovative lending platform solutions along with enhancing the existing lending service offerings. Similar investments favoring development and technological advancement in the market to retain customers as well as gather new customer base by catering the untapped sectors is anticipated to boost the growth of Europe lending as a service market over the forecast period.
The detailed research study provides qualitative and quantitative analysis of Europe lending as a service market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across all the major countries. The supply side analysis covers the major market players and their regional presence and strategies. The geographical analysis done emphasizes on each of the major countries across Europe.
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Europe Lending as a Service Market:
- By Business Model
- Traditional Model
- Alternate Marketplace Model
- By Loan Type
- Secured
- Unsecured
- By End User Industry
- Individuals
- Home Loans
- Vehicle Loan
- Student Loan
- Business
- Others
- By Country
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
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