November, 2024
According to the PEW Research Center, about 84% of people in the U.S. were using smartphones in 2022, and 85% of Canadians used smartphones during that time period. Smartphone and internet penetration worldwide has facilitated the growth of several businesses, such as digital lending platforms and e-commerce apps. The digital lending platform market deals in providing short and medium term loans through online platforms. The various solutions offered by this market include business process management, lending analytics, loan management, loan origination, risk & compliance management, and others. The growing demand for online loans among the people is expected to foster the market growth.
This market is driven by the rising proliferation of smartphones worldwide. The growing trend of cloud-based digital lending platforms will likely boost the growth of the digital lending platform market. In August 2024, Open Network launched a digital lending platform. Through this platform, online authentication allows consumers to avail of loans within 6 minutes.
The integration of blockchain in digital lending platforms along with ongoing trend of mobile lending is expected to create opportunities for the market players in the future. In June 2024, Salesforce India launched a cloud-based digital lending platform designed to process loan applications and approvals faster.
This market comprises several players, such as Ellie Mae, Inc. FIS, Nucleus Software, Fiserv, Inc., Newgen Software, and some others. Fiserv Inc. is one of the leading brands in this industry, generating overall revenue of US$17737 million in 2022 from its four business segments.
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