Demand growth driven by automation in the money lending process
India’s Digital Lending Platform Market is expected to reach US$2,507.55 million by 2027, growing at a CAGR of 27.95%, according to a report from ResearchAndMarkets.
It was estimated at US$731.22 million in 2022.
The market is driven by increasing demand for automation in the money lending process, rise in the Government initiatives toward adoption of digital lending platform, the surge in multichannel collection service and rise in the need to reduce bad debt and maintaining an accurate borrower profile.
The “India Digital Lending Platform Market (2022-2027)”, released on 22 July 2022, also highlighted restraints such as higher dependance on traditional lending methods, high cost of maintenance and investment.
The report sees opportunities in specialized applications of AI/ML, growing demand for commercial and consumer debt recovery services and the rise in the use of analytics-enabled collections models
The report also noted challenges such as lack of Digital Literacy, network connectivity and infrastructural issues, data security and privacy concerns due to increasing cyber-attacks as well as lack of Real-Time collaboration between the borrower and collector.
The report covered:
Black Knight
Decimal Technologies
Fidelity National Information Services (FIS)
Finastra (Misys International Limited)
Fiserv
ICE Mortgage Technology
Intellect Design Arena Ltd
Newgen Software Technologies Limited
Nucleus Software Exports Limited
Pegasystems
Rupeepower
Sigma Infosolutions Ltd
Tavant Technologies
The Social Loan Company (TSLC)
Wipro Limited. fiinews.com
