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The global digital lending industry is being driven by the rising investments in the banking and financial sector. In addition, the rapid digitalisation and the increasing preference for online net banking among consumers are anticipated to propel the market growth. The increased smartphone ownership worldwide is leading to an increased usage of financial apps, which is making the entire process of loan disbursement easy and convenient. Moreover, governments are increasingly supporting and promoting the use of digital technology across industry verticals to streamline business processes while enhancing their functionality. These factors are predicted to aid the market growth in the forecast period.
The rising demand for online banking services is compelling the leading market players to develop internet based digital lending solutions, which offer safe and secure banking options, among other facilities. This is expected to positively impact the industry growth in the forecast period. According to a press release issued by Lending Club Corporation (NYSE: LC), dated October 2019, the company announced the launch of their digital loan transaction platform known as LCX, which electronically connects a range of institutional investors and delivers dynamic price options and the same day settlement facility of fully funded loans. In addition, another leading digital lending vendor, Square (NYSE: SQ), in a press release dated July 2021, announced the launch of their square banking solution for small businesses. Square banking offers savings and checking accounts, as well as lending options under Square loans. These developments are expected to significantly impact the growth of the digital lending industry in the forecast period.
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The major players in the global digital lending market are Funding Circle Limited, Prosper Funding LLC, On Deck Capital, Inc, Lending Club Corporation, Zopa Bank Limited, and others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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