Global Digital Lending Market Share Worth USD 44.84 Billion in 2032 | Tavant, FIS, Fiserv, Inc., Newgen Software Technologies Limited

The global digital lending market size was USD 12.35 Billion in 2022 and is expected to register a steady revenue CAGR of 13.8% during the forecast period, according to latest analysis by Emergen Research. Rising Internet and smartphone usage and government protection policies and actions and increasing better customer experiences and use of ML, AI, and blockchain technologies for digital lending are key factors driving market revenue growth.

Digital lending offers advantages such as easy information collection of customers, improved load disbursement process, efficiency enhancement, guaranteed faster decision making, and greater consistency of lending process. The recent development of Unified Payment Interface (UPI) is increasing use of digital lending due to cashless transaction procedures through peer-to-peer, interbank, and merchant channels, instant payments and money transfer, protection of personal information of customers, cashback and rewards facility, and monetary transactions through multiple accounts at any point of time.

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Pre-approved credit limits via UPI are expected to connect the traditional banking industry and create new digital lending choices for banks and non-bank financial institutions. As a result, the governments are taking various initiatives to include UPI in various economic processes and expanding the facilities provided by UPI in other unreached areas of action. For instance, on 6 April 2023, the government of India announced pre-approved credit lines to banks via UPI. The project stimulates innovation and increases the impact of UPI by providing borrowers with access to digital credit lines from banks via UPI. Furthermore, this immediately reduces the number of cards, time, and effort required by clients, making UPI transactions simple, which is expected to drive revenue growth of the market.

Complex and staggered loan origination processes and lack of personalization and market regulations are major factors, which could restrain market revenue growth. In addition, concerns regarding risk and compliance is another factor, which could restrain market revenue growth. The increase in digital lending applications sponsored by non-financial services businesses or unregulated entities resulting in increasing concerns about mis-selling, unprofessional business practices, data protection, and cybersecurity. Moreover, inconsistency in the continuous synchronized approach of merging digital lending with technological advancements is a major problem among the users due to high investment cost of resources.

Some Key Highlights From the Report

• The solutions segment accounted for largest revenue share in the global digital lending market in 2022. This is because digital lending solutions offer increased profits, improved efficiency, flexibility, security, and consistency, easy information sharing across banking working systems for analysis, and smooth monitoring of lending and other critical banking processes.

• In addition, increasing number of medium and small enterprises in the market globally is rising demand for the development of digital lending solutions. Moreover, rising technological advancements such as Artificial Intelligence (AI) and Machine Learning (ML), is also expected to drive revenue growth of this segment. For instance, on 14 December 2021, Temenos, a banking software vendor, announced a partnership with KAF, a well-diversified financial services conglomerate in Malaysia, to establish a digital lending company utilizing Temenos Banking Cloud.

• The cloud segment is expected to register steadily fast revenue growth rate in the global digital lending market during the forecast period. This is due to improved information management and client experience, enhanced scalability, lower expenditures, and better ecosystem integration. The data integrity component of cloud storage platforms enables the prevention of unauthorized data breaches. Some of these platforms also facilitate the user with notification of mismatch between current state of data and last states of protected state of data by the comparison and analysis of major differences arising in these platforms.

• The banks segment is expected to account for significantly large revenue share in the global digital lending market during the forecast period. This is because banks offer personalized features similar to physical banking services and facilities, greater convenience, control, security, and financial literacy awareness.

• The latest trend of integrating digital lending services with neo banking is transforming the traditional banking scenario due to increased financial inclusion of unbanked and underserved population, low maintenance costs, simpler account creation, and faster service delivery. As a result, prominent corporations are following suit and establishing neo-banking platforms and solutions. For instance, on 17 November 2021, Freecharge, an Axis Bank-owned payments provider announced the launch of its neo-banking platform.

• The North America market accounted for largest revenue share in the global digital lending market in 2022. This is attributed to rapid technological advancements and their adoption in various major lending organizations and enhanced digital security upgrades due to rise in businesses and cybercrime events.

• Moreover, different portfolio and platform launches in different regions is also expected to drive market revenue growth during the forecast period. For instance, on 21 November 2022, Propel Holdings, a FinTech company that provides people with access to credit in the U.S. announced the launch of an online credit service Fora Credit for underserved Canadian consumers in Alberta and Ontario and would be extended to more provinces in Canada in the upcoming months.

• Some major companies in the global market report include Tavant, FIS, Fiserv, Inc., Newgen Software Technologies Limited, Pegasystems Inc., Nucleus Software Exports Ltd., Roostify, Inc., Sigma Infosolutions, Temenos, and Intellect Design Arena Ltd.

• On 29 June 2021, Nucleus Software, the leading software product provider that offers lending and transaction banking products to global financial leaders announced that the consumer finance division of Tien Phong Commercial Joint Stock Bank (TPBank), one of the top banks in Vietnam, will be powered by FinnOne Neo. TPFico provided rapid digital loans whenever and wherever needed, driven by the cutting-edge digital lending platform FinnOne Neo.

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Emergen Research has segmented the global digital lending market on the basis of component, deployment, application, and region:

• Component Outlook (Revenue, USD Billion; 2019-2032)
o Solutions
o Services

• Deployment Outlook (Revenue, USD Billion; 2019-2032)
o On- Premises
o Cloud

• Application Outlook (Revenue, USD Billion; 2019-2032)
o Banks
o Insurance Companies
o Savings and Loan Associations
o Credit Unions
o Peer-to-Peer Lending
o Others

• Regional Outlook (Revenue, USD Billion; 2019-2032)
o North America
1. U.S.
2. Canada
3. Mexico
o Europe
1. Germany
2. France
3. UK
4. Italy
5. Spain
6. Benelux
7. Rest of Europe
o Asia Pacific
1. China
2. India
3. Japan
4. South Korea
5. Rest of APAC
o Latin America
1. Brazil
2. Rest of LATAM
o Middle East & Africa
1. Saudi Arabia
2. UAE
3. South Africa
4. Turkey
5. Rest of Middle East & Africa

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