"Digital Mortgage Platform Comprehensive Market Segmented by Component (Solutions and Services); by Solution (Loan Origination, Business Process Management, Decision Automation, Loan Management, Risk and Compliance Management, Loan Servicing, Portfolio Management and Others); by Services (Design and Implementation, Training and Education, Risk Assessment, Integration and Consulting, Support and Maintenance); by Deployment mode (Cloud and On-Premises); by End-User (Banks, Insurance, Financial services, Credit unions, Peer-to-peer lending and others); by Region (North America, Latin America, Europe, Asia-Pacific and Middle-East & Africa) - Analysis of market share, size & trends for 2016-19 and forecasts to 2030 "
[ 170 + Pages Research Report ] Digital Mortgage Platform Comprehensive Market is anticipated to grow from USD USD 6.9 billion 2021 to USD USD 38.6 billion in 2030, at a CAGR of 21.20%
A digital mortgage platform provides services to handle the borrowing process. Digital Mortgage Platform aims at simplifying, automating, and standardizing the processes of formation, underwriting, quality assurance, and customer support. This enables borrowers to access increased customer service, reduce costs of origination, servicing, and enforcement, increase topline production, improve portfolio quality, and increase operational efficiencies. The digital mortgage platform has been started to get rid of manual processes, remove the paper, minimize labor costs, and simply give the buyer what they want (a mortgage to buy a car) with as little human interference and efficiency. Rising costs, strict regulations, and an increasingly digital-savvy user base forced conventional mortgage lenders to switch to digital mortgage platforms.
Global Digital Mortgage Platform Comprehensive Market is anticipated to grow from USD 6.9 billion in 2021 to USD 38.6 billion in 2030, at a CAGR of 21.20%. The overall growth in the market is supported by the following reasons. Banks are embracing such frameworks massively, as they offer streamlined tracking and improved operational efficiencies. It also makes it easier for the lenders to apply for loans and provides them clarity, which in effect results in considerable time savings. The automated design of online lending platforms offers a more efficient approach to providing financing solutions for lenders and borrowers, thereby reducing uncertainty and raising the chances of successful lending approval. Additionally, huge investments from different organizations and a wide customer base are major growth drivers of this market. Nevertheless, in the wake of sophisticated cyber-attacks, a lack of digital literacy among the underdeveloped countries, and growing concerns about data protection and privacy may hinder the market growth. Moreover, improved customer experience, advancement in technology, declining operational costs, and enhanced regulatory compliance are likely to enhance the market share and total revenue so generated.
Source: Fatpos Global
In October 2018, Fiserv entered into a partnership with Dade Systems, to develop and bid Software as a Service-based or individual banking service to their business world clients.
Business process management Segment to retain the largest market share during the forecast period, i.e., 2020-2030
The global digital mortgage platform market is segmented into solutions and services, by component. The solution segment is further segmented into Loan Origination, Business Process Management, Decision Automation, Loan Management, Risk and Compliance Management, Loan Servicing, Portfolio Management, and Others. The Digital automation segment grew at a CAGR of XX% in 2019 as it provided an automated decision process in the approval or rejection of loans. However, the Business Process Management segment is projected to experience higher growth in the forecast period for the digital lending organizations, business process management solutions are essential as they improve the productivity of business processes by maximizing the use of software and services. Also, the demand for business process management solutions in the financial industry has increased because loan organizations and financial institutions are shifting towards solutions that can handle the complexities of complex business processes
Source: Fatpos Global
Risk Assessment segment to drive the market in the forecasted period with a CAGR of XX%
The market is bifurcated, based on services, into Design and Implementation, Training and Education, Risk Assessment, Integration and Consulting, Support and Maintenance. Services are required throughout and after the digital mortgage solutions are incorporated. Companies offering consultants, project management panels, and digital mortgage delivering experts who can assess and manage the risks of the borrowing organizations are likely to grow in the forecast period.
Deployment mode to be driven by Cloud segment
Based on Deployment mode, the Digital Mortgage Platform Comprehensive market is segmented into cloud and on-premises. The cloud segment is anticipated to propel the growth of the market due to easy accessibility, wide usage, and worldwide popularity, during the forecast period.
Peer-to-peer lender segment to grow at the highest rate during the forecast period
Based on end-user, the market is divided into Banks, Insurance, Financial Services, Credit unions, Peer-to-peer lending, and others. The peer-to-peer lending segment is expected to outshine other segments due to increasing popularity among the customers and the entry of large financial institutions in this segment.
Strict rules by Government for Digital lending
Given the difficulty of maintaining adherence and enforcing regulations on the digital lending platform, most companies obey global compliance regulations due to the weakness of financial data. The threat world is continuously facing is the rising cyber-attack instances which have resulted in huge losses for financial companies. Governments worldwide are therefore gradually implementing new compliances to safeguard the economic data.
Stickiness to traditional lending methods
Worldwide, banks and other financial institutions have introduced various advanced digital lending technologies to handle their lending processes. But there are several organizations that prefer conventional lending methodologies, which are also time-consuming, labor-intensive, and repetitive. They are not able to switch to modern methods because of their fixed customer base and traditional ways of credit underwriting. In addition, the lack of awareness about digital lending in underdeveloped regions is also responsible for the less efficient and advanced digital lending processes.
During the forecast period, North America is projected to hold the largest market share. It is attributed to the presence of a large number of vendors of digital mortgage platforms and the earlier recognition and transition to those solutions and services by the huge business organizations in the region. Additionally, the advancement in technology and the high rate of adoption of digital lending platforms are expected to boost the overall market growth.
Source: Fatpos Global
The global Digital Mortgage Platform Comprehensive market is further segmented by region into:
North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR- the United States and Canada
Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR- Mexico, Argentina, Brazil, and Rest of Latin America
Digital Mortgage Platform Comprehensive Market by segment:
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