Banks and financial
institutions are adopting digitization to modernize their commercial lending
business. This move is mainly a result of increasing competition among banks
and growing demand of simplified and quick commercial lending process.
Digitization leads to improved customer satisfaction in obtaining a commercial
loan, which can otherwise be a complex and slow process. It also enables banks
to target new customer categories and offer customer centric solutions, which
leads to improved efficiencies in the commercial lending business. Some of the
banks who have incorporated digitization in lending are Commonwealth Bank of
Australia, Hana Bank and Fidor Bank.
THE BUSINESS RESEARCH
COMPANY EXPECTS THE GLOBAL LENDING MARKET TO GROW TO $9
TRILLION BY 2021
Asia Pacific was the
largest region in the lending market in 2017, accounting for more than half of
the market share. This can be attributed to appetite for cheaper loans in
countries such as China.
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The chart below shows the
year-on-year growth of the global lending market during 2017 – 2021
According to The Business Research
Company’s Consultant, Nitin Gianchandani,
online lending
is growing across the world. This is primarily due to emergence of nonbank
online lenders, who are particularly attractive to smaller businesses which
need quick loans. Online lenders use automated network and data to reach
borrowers, and offer cheaper loans than bank services such as credit cards.
This has increased the competition among banks, leading to reduced rates and
quicker approval times for borrowers. Some of the major online lenders include
Upstart, Lu.com, Borrowell, Landbay, Auxmoney, Smava and Dianrong.
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https://www.thebusinessresearchcompany.com/sample.aspx?id=228&type=smp
Industrial and
Commercial Bank of China was the largest player in the
lending market in 2017, with revenues of $119.2 billion in 2016. Industrial and
Commercial Bank of China’s growth strategy is to focus on providing IT based
banking services to its customers. As a part of its internationalization,
strategy the firm has established new branch in Rotterdam, Netherlands in
January 2016. It launched e-ICBC brand, which includes e-buy and e-connect
platforms as a strategy to expand its internet banking business in 2015.
The lending market
comprises establishments engaged in making secured or unsecured loans to
various entities. Entities include establishments such as finance companies,
personal credit institutions, loan companies and student loans companies. This
market covers all types of loans such as mortgage loan, personal loan, working
capital loan, vehicle loan, industrial loans and others. Revenue generated from
the lending market includes all the interest charges levied by the banks and
financial institutions against loan sanctioned. This market includes interest
charged by the banks on credit card and other cards.
Lending Global Market Report
2018 is a detailed report giving a unique insight into this market. The
report is priced at $4000 for an individual user. To use across your office,
the price is $6000 and $8000 if you wish to use across a multinational company.
About The Business
Research Company
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The Business Research Company's
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have delivered hundreds of research projects to the senior management of some
of the world's largest organizations.
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