Increased Cloud Services and Automation will Propel the Growth of the LendTech Market
LendTech helps in increasing digital business operations, thereby eliminating labor-intensive and time-consuming paper processes. Several organizations are significantly investing in developing LendTech solutions and are leveraging diverse technologies to distinctively position their competitive advantage. For instance, Upstart, a US-based online lending platform provider, has developed an algorithm to govern the safety of a loan, based on several factors. Furthermore, LendTech provides centralized information and highly efficient processing, leading to the identification of customer's needs and the development of customized options.
The growing penetration of the Internet and the increasing adoption of technology have boosted the future growth of the LendTech market. Lenders are implementing digital methods to identify borrower's behavior patterns by adopting several technological advances.
Additionally, lenders are adopting advanced technologies, including AI, cloud, and IoT, to gain a competitive advantage. Increasing adoption of these technologies is expected to drive the demand for LendTech in the coming years. Blend, Fiserv, Finastra, Lending Solutions, Nelito Systems Ltd., Q2 Software, and Tavant have a significant presence in the LendTech market.
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Asia Pacific is anticipated to grow at the highest rate in the LendTech market due to the increasing number of start-ups providing cutting-edge services to banking, insurance, and wealth management sectors. Lenders are increasingly adopting digital transformation over the traditional retail business to offer an improved buying experience to borrowers. India, China, Japan, and South Korea are among the leaders in adopting digitalization.
Ms. Kathakali Basu