FELTON, Calif., Feb. 8, 2021
FELTON, Calif., Feb. 8, 2021 /PRNewswire/ -- The global digital lending platform market is projected to account for USD 15.3 billion by the end of forecasted year 2026, according to new report by Million Insights, registering CAGR of 20.7% over the forecast period, from 2019 to 2026. Digitalization is the most common strategy adopted by financial institutions to enhance their customer services and to expand their core processing competencies. In financial institutions, digitalization in financing services helps them in the disbursement process, as well as in taking better decisions regarding loan management. The growing emphasis of financial institutions on digitalization to increase business productivity for better outcomes is projected to witness a positive impact on market growth.
Favourable government initiatives to promote the digital lending platform among businesses is anticipated to fuel the market growth during the forecast period. For example, in 2018, the Government of India introduced this platform for small, medium, and micros businesses in India. Digital lending platform allows these businesses to apply up to 10 million loan within 59 minutes. In addition, regulators by various economies including Hong Kong, U.K. Singapore, Australia, and U.S. have formed sandboxes to support innovation in financial services. Such initiatives adopted by regulators across several nations are expected to boost the growth of digital lending platform market over the forecast period.
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Advent of new technologies such as Artificial Intelligence (AI), block chain, robotic process automation, and Machine Learning (ML) is helping the financial institutions to make loan processing transparent without paperwork and helps to secure customer's personal information. The technological advancement in digital lending platform has reshaped the businesses in the financial sector along with streamlining their operations. Further, it has improved the quality of services among end-use industries such as insurance companies, credit unions, and banks. For example, AI-based digital lending platform has capabilities to minimalize loan processing time and operating cost, thereby, expected to drive the market growth in the next seven years.
Further key findings from the report suggest:
Browse 120 page research report with TOC on "Global Digital Lending Platform Market" at: https://www.millioninsights.com/industry-reports/global-digital-lending-platform-market
Million Insights has segmented the global digital lending platform market on the basis of solution, service, deployment, end use, and region:
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