Report Code: A10394 | Pages: NA | Mar 2023 | 2233 Views | ||
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Request Now !The global banking credit analytics market size is expected to attain a significant growth in the coming years, owing to rise in penetration of big data and artificial intelligence in the banking industry. Credit analytics is widely used to estimate creditworthiness of an organization and helps in analyzing abilities to meet financial obligations. Credit analytics tool is mainly used among banks, financial institutions, and credit unions that are known to give money on credit. This tool helps them to decide eligibility of organizations and people to whom loan should be given, so that there can be less debts for financial institutions.Â
The banking credit analytics market is segmented on the basis of component, deployment mode, organization size, end user and region. On the basis of component, it is categorized into solution and service. On the basis of deployment mode, it is divided into on-premise and cloud. On the basis of organization size, it is classified into large enterprises and small & medium-sized enterprises. On the basis of end user banks, credit unions, and others. On the basis of region, it is studied across North America (U.S. and Canada), Europe (Germany, UK, France, and rest of Europe), Asia-Pacific (China, Japan, India, and rest of Asia-Pacific), Latin America (Brazil, Mexico, and rest of LATAM) and Middle East & Africa.
The key player covered in the banking credit analytics market share are S&P global analytics, Moody’s analytics, CARE solutions Inc., FITCH solutions, ICRA limited, IBM Corporation, CRISIL Ltd and other credit rating agencies.
Rise in digital transformation among banks, increased focus on reducing defaults, and growth in need to enhance customer satisfaction are the major factors that drive the banking credit analytics market growth.
In addition, rise in trend of adopting advanced credit analytics solutions for gaining a 360-degree customer view is the major factor that drives the market growth. However, high costs associated with these credit analytics services is expected to hinder the growth of global credit analytics market. Furthermore, rise in demand of banking credit analytics in developing economies, and emergence of several new technologies in banking credit analytics tools are expected to create lucrative opportunities for the market growth.
In recent years, developers have focused on developing new and updated tools of credit analytics, owing to varying demands. Leading banks and credit unions have analyzed how improved accuracy can be influential in several applications for banks and credit unions. Various capabilities of advanced technologies, such as AI and machine leering based solutions are expected to enable its users to leverage huge volumes of data to drive business efficiency. Furthermore, cloud-based solutions are considered vital, owing to numerous benefits such as less operational, maintenance, and installation costs.
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Banking Credit Analytics Market Report Highlights
Aspects | Details |
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By Component |
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By Deployment Mode |
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By Enterprise size |
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By End User |
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By Region |
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Key Market Players | S&P global analytics, Moody’s analytics, CARE solutions Inc., FITCH solutions, ICRA limited, IBM Corporation, CRISIL Ltd, Company8, Company9, Company10 |
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