According to a recent study titled ‘Digital Lending Platform Market Size By Component (Solution [Loan Origination System (LOS), Loan Management System, Risk & Compliance Management System, Point of Sale (PoS) Systems, Lending Analytics, Collection & Recovery System], Service [Support & Maintenance, Design & Implementation, Training & Education, Risk Assessment, Consulting]), By Deployment Model (On-Premise, Cloud), By Business Model (Customer Driven, Staff Driven), By Product (Personal Loan, Automotive Loan, SME Finance Loan, Mortgage Loan), By Application (Banks & NBFCs, Credit Unions, Fintech Companies, P2P lenders) Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Italy, Spain, Switzerland, China, Japan, India, Australia, South Korea, Singapore, Argentina, Brazil, Colombia, Mexico, South Africa, Saudi Arabia, UAE), Growth Potential, Competitive Market Share & Forecast, 2019 – 2025’, available with Market Study Report, the digital lending platform market is anticipated to exceed USD 17 billion by 2025.
 

Escalating demand for safe and secure payment gateway among NBFCs and banks in order to lower the risk of NPAs and frauds would drive the adoption of digital lending platforms. Integration of cutting-edge technologies like ML, AI, advanced analytics and blockchain with these systems could accelerate the process of loan approval and disbursal.
 

According to the research, cloud-based digital lending platform market could witness substantial growth over the predicted timeline. This growth could be fueled by surging demand from financial organizations that are actively exploring various avenues to fast-track their loan processing speed and to expand documentation storage. Accessibility to pay-per-use business model in cloud-based offerings and software-as-a-service enhances the flexibility of these digital lending platforms and helps financial institutions to lower their upfront cost.
 

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Based on application, fintech firms are estimated to showcase momentous CAGR over the upcoming years. Fintech companies that specialize in numerous lending services like SME finance loans, P2P lending, automobile loans, and personal loans are witnessing considerable investments to offer new loans to potential credit seekers. These firms are receiving strong support from financial institutions and angel investors. Burgeoning venture investments in fintech companies coupled with increasing consumer trust in such firms would support the deployment of digital lending platforms.