2021-2026 Global Digital Loan Market Report Featuring Top-Notch Startups

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DUBLIN, June 25, 2021 / PRNewswire / – The “Digital Loan Market – Growth, Trends, Impact of COVID-19 and Forecast (2021 – 2026)” the report was added to ResearchAndMarkets.com offer.

The digital credit market has been assessed at $ 311.06 billion in 2020 and should reach $ 587.27 billion by 2026 and register a CAGR of around 11.9% during the forecast period (2021 – 2026).

The lending landscape has changed dramatically over the years due to the rapid adoption of digitalization in the BFSI industry. The traditional form of loan is still prevalent in many parts of the world. However, the advantages offered by digital solution providers are increasingly paving the way for the adoption of digital lending solutions and services in all businesses.

Another major growth factor of the market studied is the changing expectations and behavior of consumers due to the many advantages offered by the digitization of banking and financial services. The clients can come from diverse backgrounds and may need the loan for a variety of purposes, ranging from personal loans to SME financing and home loans, among others.

In addition, the adoption of several technological advancements, such as the proliferation of adoption of smartphones, has led to an increase in the adoption of digital banking services in several end-user verticals. Additionally, technologies like artificial intelligence, machine learning, and cloud computing benefit banks and fintechs because they can process huge amounts of customer information. This data and information is then compared to obtain results on the appropriate services / solutions desired by the customers, which has essentially contributed to the development of the customer relationship.

Aire, Kabbage, and Kasisto are some of the most prominent financial industry startups that have fully invested in AI. For example, Kabbage uses AI algorithms that assess all the risks of lending money to a certain client, and it allows company executives to issue loans in the shortest possible time. The demand for personalization of their needs among consumers of fintech and banking companies has further boosted the demand for AI.

Additionally, due to the Covid-19 pandemic, SMEs around the world face challenges raising funds during the crisis to keep their businesses operating. Digital lending is expected to find several opportunities, especially among SMEs for growth and adoption. For example, in april 2020, India Lends launched Digital Lending 2.0, a range of contactless and contactless products, comprising loans, insurance and a line of credit. The new offering is expected to provide its consumers with quick and efficient financial solutions during and after the nationwide lockdown, paving the way for a new normal.

Key market trends

Growing number of potential loan buyers with ‘digital behavior’

  • The latest “Expectations & Experiences Consumer Trends” survey from Fiserv, Inc., one of the world’s leading providers of financial services technology solutions, indicates that nearly two-thirds of people who have applied for loans in the past two years on are now done partially or fully online. , which is a significant increase from 2018. Much of this growth is due to the increasing use of smartphones and tablets.
  • Millennials with a few years of work experience and no credit history (or the new credit segment) find that their loans go unapproved or carry high interest rates. In addition, in traditional banks, the time to decision for small businesses and business loans is on average three to five weeks; The average “time to cash” is almost three months. Such challenges are driving the “digital behavior” of customers who turn to mobile devices to access digital lending applications.
  • The increase in digital behavior is also reinforced by government regulations. For example, in September 2020, Thailand the central bank has released new metrics for the growing digital personal loan market. It also recommended that loan providers apply digital technology more to business processes such as loan offering, debt repayment, and information disclosure, such as interest rates, fees and charges. penalties.

Competitive landscape

The competitive landscape of the digital lending market is moderately fragmented due to the presence of multiple solution providers, none of which have a majority share in the market. Market players are making several innovations to improvise their offerings and gain maximum traction in the market.

Emerging market players strategically raise funds to deliver innovative and technologically integrated solutions. Market players also see strategic collaborations as a lucrative path to growth.

Main topics covered:

1. INTRODUCTION

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS
4.1 Market overview
4.2 Industry stakeholder analysis
4.3 Industry Attractiveness – Porter’s Five Forces Analysis
4.4 Important contact points for potential loan buyers
4.5 Market drivers
4.5.1 Growing number of potential loan buyers with digital behavior
4.6 Market challenges
4.6.1 Confidentiality and security concerns
4.7 Impact of COVID-19 on digital lending and related markets

5 MARKET SEGMENTATION
5.1 Type
5.1.1 Business
5.1.2 Consumer
5.2 Geography

6 COMPETITIVE LANDSCAPE
6.1 Company profiles
6.1.1 Spot cap
6.1.2 Asia Kredit Holding
6.1.3 Finastra
6.1.4 Orient
6.1.5 Provident Bank (Provident Financial Services Inc.)
6.1.6 Ferratum Oyj
6.1.7 International Personal Finance PLC (IPF)
6.1.8 Klarna Bank AB
6.1.9 Kaspi Bank SA
6.1.10 CAN Capital inc.
6.1.11 Lendingtree Inc.
6.1.12 Kabbage Inc.
6.1.13 Kiva Microfunds
6.1.14 Upstart Network Inc.
6.1.15 Social finance inc. (SoFi)
6.1.16 Limited funding circle? (Financing Circle Holdings PLC)
6.1.17 Business lenders
6.1.18 Marché Prosper Inc.
6.1.19 On Deck Capital Inc.
6.1.20 LendInvest Limited
6.1.21 LendingClub Corp.
6.1.22 Zopa Limited

7 INVESTMENT ANALYSIS

8 MARKET OPPORTUNITIES AND FUTURE TRENDS

For more information on this report, visit https://www.researchandmarkets.com/r/rj85e2

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