Digital Lending Platform Market

Leading players have adopted various growth strategies, such as partnerships, agreements, and collaborations; and new product launches in Digital Lending Platform Market

The global digital lending platform market size is expected to grow from USD 5.1 billion in 2018 to USD 12.1 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 18.7% during the forecast period. The major driving factors in the digital lending platform market are high proliferation of smartphones, growing digitalization, and an increasing need to provide better customer experinece.

Major vendors in the global digital lending platform market include Tavant Technologies (US), Ellie Mae (US), Fiserv (US), RupeePower (India), Newgen Software (India), Intellect Design Arena (India), Finastra (UK), Nucleus Software (India), Sigma Infosolutions (US), Finantix (Italy), Symitar (US), Temenos (Switzerland), Built Technologies (US), TurnKey Lender (Singapore), ARGO (US), FIS (US), Pegasystems (US), Docutech (US), CU Direct (US), Mambu (Germany), Decimal Technologies (India), Sageworks (US), Roostify (US), Juris Technologies (Malaysia), and HiEnd Systems (Belarus). The leading players have adopted various growth strategies, such as partnerships, agreements, and collaborations; and new product launches, to further expand their presence in the market. They mostly followed the partnerships and new product launches strategy from 2016 to 2018, which helped them in innovations and broadening their customer base.

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Ellie Mae is one of the prominent players in the digital lending space, offering cloud-based platforms to banks, credit unions, and mortgage finance industries. The company has been deploying organic and inorganic growth strategies, such as new product launches, product enhancements, partnerships, and acquisitions. It has introduced a new version of Encompass Digital Mortgage solution, which has enhanced features that would help banks and lenders in loan origination, reduce origination costs, shorten the time to close, meet the highest level of compliance directives, maintain quality, and increase efficiency. The company also enhanced its Mortgage Management Solution to Encompass 17.1 with additional features to offer support for construction loans and trade management. In 2018, the company partnered with Silverline, a Salesforce Platinum Consulting Partner. With this partnership, Silverline would have access to Ellie Mae's training and certification opportunities and resources, to help Elli Mae's customers with exceptional digital lending consulting services.

Newgen Software is among the leading vendors of digital lending solutions. Its prime focus is to offer innovations and world-class customer services, which would help sustain its market growth and expand its customer base across the global digital lending market. Innovation is an important element of Newgen Software’s solutions. An increasing number of partnerships have helped the company establish its leadership in the market. The company has partnered with various solution developers and banks across the globe to offer its lending solutions. For instance, in 2017, Newgen Software partnered with ExactBid, to integrate its business process management-based commercial lending automation solution with ExactBid’s RIMS. The integrated solution offers unified data availability to lenders. In 2016, the company partnered with FinXTech, a company that serves as the midway between financial institutions and technology leaders. The partnership helped Newgen Software to broaden its customer base by delivering its lending solutions. The company’s R&D activities include designing and developing new technologies, solutions, and products to meet the changing needs of customers in accordance with emerging technological trends. In 2018, Newgen Software enhanced its commercial loan origination solution capabilities. The enhanced solution offers a unique Configurable Unified Platform (CUP) to help automate the complete lending cycle.

Related Reports:

Digital Lending Platform Market by Solution (Loan Origination, Decision Automation, Portfolio Management, Risk & Compliance Management, Loan Management, Business Process Management), Service, Deployment Mode, Vertical, and Region - Global Forecast to 2023

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Report Code
TC 6739
RI Published ON
11/6/2018
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