Digital Lending Platform Market Development Status, Trending Technologies, Competition Analysis, Type and Application by 2030
Digital Lending Platform Industry Overview The global digital lending platform market size was valued at USD 5.84 billion in 2021 and is expected to register a compound annual growth rate (CAGR) of 25.9% from 2022 to 2030. The benefits offered by the digital lending platforms, such as enhanced loan optimized loan process, quicker decision making, compliance with regulations and rules, and improved business efficiency, are expected to drive market growth. Traditional lending platforms relied on human interventions and physical interactions at every step, which increased the processing time and the chances of errors caused by humans. However, the digital lending platforms enable the banks to automate their entire loan process and thereby enhance customer experience. The growing importance of open banking worldwide is creating new opportunities for market growth. Open banking enables the lenders to efficiently consolidate the borrowers' data, such as previous loans, current outst...