Published Date : Feb 29, 2016
ALBANY, New York, Feb 29, 2016 - MarketResearchReports.biz has announced the addition of the “Insight Report: Digitization in Lending” report to its offering. This market research report on digitization in lending explores the evolving landscape of the lending industry due to digitalization. The report analyzes the impact of the emerging digitally advanced financial service providers in the lending industry and the transformation of the lending process due to digitalization, and examines the trends that will shape the industry in the next five years. The report also explores the opportunities that opens up due to digitalizing the lending process, along with the challenges faced by the lending industry. Along with the challenges, the report also mentions the drivers that encourage financial institutions to improve customer experience and operational efficiency.
There has been a huge growth in the adoption of digital channels by customers, compelling financial institutions to provide the customers the convenience of banking anytime and anywhere. Various non-bank lenders and online lending companies have emerged in recent times to capitalize on the inefficient conventional lending process of banks. The growth of these companies serves as proof that an increased number of customers are opting for convenience, which digitalization provides. The noteworthy rise of non-bank lenders has led to an increased adoption of digital technology for convenience and also to form partnerships to remain the leading operators in the lending market. The only challenge that digitalization in the lending process may face is its widespread acceptance. Digitalization may have transformed the conventional transactional banking process, but it is yet to be fully accepted and adopted for lending processes.
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The key highlights of the report include several findings such as the list of problems faced by financial institutions when digitizing the lending process. Mentioned in the report are some of the challenges faced by banks that dissuade them from digitizing the lending process. High cost of the transformation, lack of sophisticated software solutions, regulatory compliance, concerns over the compatibility of new systems with the legacy systems, and budget and management restrictions are the key challenges faced by banks deterring them from digitizing the lending process.
The report helps in understanding the effect that digitizing has had on the lending industry, analyzing the changing dynamics of the lending industry, and gaining useful insights into the key technology used. The report gives an insight into the initiatives taken by financial institutions to digitize the lending process along with a brief description on how organizations will be affected by the changing dynamics of the lending industry. It also analyzes the strategies used by competitors and gives an understanding of the competitive threat from new and emerging market entrants. The report provides a comparative reports of the various business models in the lending industry, and also the case studies of financial institutions that have implemented advanced technologies to improve the efficiency of the lending process.
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