As digitization sweeps across the banking and finance sector, financial institutions increasingly seek digital lending solutions to make credit available to a wider clientele. In response, the digital lending market is growing by leaps. The global market for digital lending platforms was estimated at USD 5.84 billion in 2021 and is projected to increase at a CAGR of 25.9 percent from 2022 to 2030, reaching USD 44.50 billion.
This growth is propelled by an increasingly tech-savvy population that prefers digital channels to conduct their financial transactions and get faster loans. A significant number of banks and credit organizations are concurrently looking to issue digital loans, mortgages, and credit cards to their customers.
Online lending solutions that help secure quick, hassle-free loans are progressively gaining popularity with SMEs, startups, and entrepreneurs looking for unorthodox sources of funding to grow their businesses. This edition of Banking CIO Outlook shines light on the key developments in the digital lending space and how financial organizations are leveraging the latest tech solutions to streamline and augment their digital financing operations. It features thought leadership articles from James Goodstein, VP Product Manager, Digital Banking at Ocean First Bank, and Thomas P. Novak, VP/Chief Digital Officer at Visions Federal Credit Union. They speak about the need for smaller financial institutions to join the digital transformation wave to stay competitive, and how community financial institutions can be more innovative and adaptable in designing and offering their mobile banking services.
Along with that, the edition features Quilo, a one-of-its-kind digital mobile lending platform that allows community banks and credit unions to originate and offer instant installment loans. The platform also connects loan-generating fintechs to community financial institutions to ease the selling and buying of loans—all within minutes.
In this edition featuring top digital lending solutions providers, we hope you find the appropriate company to meet all your digital loan financing needs.
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