Published on : Oct 06, 2016
ALBANY, New York, Sep 06, 2016: Market Research Hub (MRH) has recently announced the addition of a new study, titled “Global Digitization in Lending Industry 2016 Market Outlook 2021,” to its vast repository. The market report thoroughly examines the effect of the trends, such as the growing digitization in lending and the emergence of digitally advanced financial service providers, on the global lending industry. It also presents an in-depth study of the opportunities that have opened up due to the digitization of the lending process.
According to the research report, the increasing need of financial institutions to improve the operational efficacy and enhance customer experience is driving the fueling the trend of digitization in lending substantially. The increasing proliferation of smartphones and tablets has fueled the uptake of digital channels among customers in the recent years, which in turn, has forced financial organizations to provide the customers with the convenience of banking on the go.
“The recent emergence of a number of online lending firms and several non-bank lenders, in order to benefit from the sluggish traditional lending process of banks, underlines the shifting preference of customers towards the convenience that digitalization offers,” says an analyst.
The research report also discusses the challenges that may obstruct the rate of digitization in the lending industry. As per the study, customers in many regions, specifically in emerging economies, are hesitant towards adopting digital technology for financial processes, which may negatively impact the trend of digitization in lending in the near future.
Apart from this, some other challenges, such as the high cost involved in the overall digitization, dearth of advanced software solutions, management restrictions, and regulatory compliance may also discourage the banks from adopting digitization in lending processes over the next few years, notes the research study.
Europe, the U.S., China, and Japan have been identified as the prime regional segments of the lending industry, where digitization has emerged as a key trend. In Europe, Japan, the U.S., digitization in lending have easily gained acceptance among customers, thanks to the early adoption of technology in these regions. However, the lending market in China is likely to offer the most lucrative opportunities for digitization in the coming years, reports the market study.
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The impact of the rising digitization in lending on the competitive landscape of the global lending industry has also been studied in this research report. Some of the key lenders that have adopted digital technologies to expand their businesses across the world are National Payday, NetCredit, NetLoanUSA, Personal Cash Advance, 24/7 Loan, CashNetUSA, Rise, 100 Day Loans, Avant, and Mypaydayloan.com, states the research report.
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