![]() What technologies are more profitable to invest in? ![]() To keep up with the industry growth, credit institutions and banks need to digitize their services. Statista estimates the value of the financial services market at $26.5 trillion in 2022. Until 2028, it will grow by an average of 24% per year. The consulting company Grand View Research has determined that the digital lending platform market was worth $4.87 billion in 2020. Lending software is changing the way financial companies operate. Issue loans for small and medium-sized businesses, carry out underwriting, and so on. But they still attract clients in an old-fashioned way, The situation is such that banks have partially switched to digital technologies in services where one needs to find out the status of an application, account information, and make a credit payment. employees to cope with a large number of tasks in a short time consumers to apply for loans more often And 82% of financial institutions used technology to issue mortgages and consumer credits. The American Bankers Association found that in 2018, 36% of banks offered digital loans to businesses. Loan administration, and other capabilities.įinancial software development companies create solutions that help lenders be more productive, close more loans, and increase income from loans. The latter may include several programs with the functions of an application form, document capture, electronic signature, credit analysis, What lending technology trends await the industry in 2022?ĭigital lending is the issuance of a loan using information technology.ĭigital lending starts from an online application on the bank’s website and ends with an automated loan issuance system. ![]() ![]() ![]() Financial institutions have increased their use of innovation so that people and businesses could borrow money remotely. Digital lending has become a “life jacket”įor the unemployed. About 250 million people around the world have lost their jobs due to lockdown measures. The pandemic has forced 33% of Americans to use money from savings and retirement accounts to pay rent and other expenses. ![]()
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