Ocean View, DE -- (SBWIRE) -- 04/09/2020 -- Growing adoption of mobile banking services driven by rapid digitization trends has fueled digital lending platform market over the past few years. Consumer inclination towards using digital lenders for automotive loans is growing steadily owing to minimal documentation required, transparent and quick loan processing, as well as lower interest rates compared to conventional lending. Increasing implementation of software solutions among financial institutions to reduce operating costs and deliver services via digital channels is anticipated to bolster product demand worldwide.

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A digital lending platform will essentially reduce operational, business as well as regulatory risks in digital lending organizations with a responsive and configurable approach. Use of digital platforms will cater to the mounting demand among financial organizations for enhanced customer experience while interacting with lenders and borrowers, providing speed and transparency. These platforms also improve loan collection and repayment methods for institutions with efficient real-time loan approval, processing and disbursal, which will augment digital lending platform market share over the forecast period.

Company profiled in market report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
Blend, CU Direct, Ellie Mae, Finastra, FIS, Fiserv, Intellect Design Arena Ltd, Mambu, Pegasystems, Sageworks, Tavant, Sigma Infosolutions Ltd., Symitar, Temenos, Finantix

A large number of banks are leveraging the opportunity to offer digital lending services for expanding their customer base, impacting product demand. Moreover, expansion of IoT coupled with the cloud computing revolution in digital banking will help meet customer expectations by redefining loan processes, strengthening digital lending platform market outlook.

Considering the two deployment models including on-premise and cloud, the on-premise digital lending platform held a substantial revenue share of 74% in 2018, owing the lower total cost of ownership (TCO) as compared to the cloud-based platform. The on-premise platform incurs a very low monthly or annual subscription fees, which has led to high product adoption among the financial institutions.

Moreover, the increasing number of cyber attacks and data breaches on cloud-based platforms has been contributing to the market demand. Hence the on-premise deployment model segment will contribute toward the revenue share of digital lending platform market.

In 2018, the banks and NBFCs segment held over 55% of the industry share owing to the rise in digitalization which improved the front-end customer experience. In addition, the target marketing through the internet and social media also helped gaining large number of the customers.

Furthermore, the strategic partnerships between the financial institutions and fintech companies have eased the digital lending process. The seamless flow of customer information and documentation from the fintech companies have resulted in quick loan approvals, further augmenting the digital lending platform market share.

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Asia Pacific digital lending platform market is anticipated to register significant gains with a CAGR of more than 25% over the forecast period. The growth can be attributed to the proliferation of fintech companies in the region. The governmental initiatives to regulate the SMEs in order to support the economic growth and create additional job opportunities has been fostering the market growth as well.

Similarly, the improving regional infrastructure complemented by the flexible payment methods in the wake of digitalization has been boosting the number of credit seekers in the region, thereby bolstering the digital lending platform market.

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