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2021

Florida Digital Lending Market

Florida Digital Lending Market Size, Share, Competitive Landscape and Trend Analysis Report by Loan Type, Provider Type, Loan Amount, End User : Opportunity Analysis and Industry Forecast, 2020-2027

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Author's: Aarti Goswami| Pramod Borasi | Onkar Sumant
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Florida Digital Lending Market - 2027

The Florida digital lending market size was valued at $4.35 billion in 2019, and is projected to reach $13.89 billion by 2027, growing at a CAGR of 16.7% from 2020 to 2027. 

Digital lending involves the usage of online technology to originate & renew loans and is offered by a bank, credit union, and other financial institutions on their website. In addition, companies provide digital lending services via online loan application, in order to deliver faster & efficient lending services. Furthermore, digital lending services & solutions include an online loan application, document capture, loan pricing, electronic signatures, credit analysis, and loan administration.   

Florida-Digital-Lending-Market-2020-2027

Rise in internet usage among individuals & easier access to avail loans from lending firms are promoting the growth of digital lending solutions in the state has become a major growth factor for the market. In addition, rise in potential of entrepreneurs, to bring in more businesses and to start from zero level with less capital support positively impacts the growth of the market. 

However, small loan amount and shorter repayment time provided by lending companies is becoming major factors limiting the market growth. On the contrary, surge in adoption of digital technology among the digital lending sector to create new channels for the people and to upsurge their revenue opportunity boosts the Florida digital lending market growth. 

Florida Digital Lending Market
By Loan Type
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Personal Loans accounted for the highest market share in 2019

The personal loans segment dominated the Florida digital lending market in 2019, and is projected to maintain its dominance during the forecast period. This is attributed to individuals availing personal loans to easily manage emergency financial crisis, enables effective planning and management of the inflow & outflow of monetary funds, thereby driving the adoption of digital lending services in this segment. 

The report focuses on growth prospects, restraints, and trends of the Florida digital lending market analysis. The study provides Porter’s five forces analysis to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the Florida digital lending market outlook. 

Segment Review

The Florida digital lending market is segmented on the basis of loan type, provider type, loan amount, and end user. Based on loan type, the market is categorized into payday loans, personal loans, and SME-focused loans. In terms of provider type, it is segmented into banks, credit unions, fintech institutions, and others. By loan amount, it is segregated into less than USD 500, USD 500-USD 4,999, USD 5000-USD 10,000, and more than 10,000. On the basis of end user, it is segmented into individuals, entrepreneurs, and SMEs. 

Florida Digital Lending Market
By Provider Type
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FinTech Institutions segment will grow at a highest CAGR of 18.7% during 2020 - 2027

Competitive Analysis

The report analyses the profiles of key players operating in the market are Ally Financial Inc., Credible, Florida Credit Union, LendingPoint LLC, Navy Federal Credit Union, Social Finance, Inc., Suncoast Credit Union, TD Bank, N.A., VyStar Credit Union, and WELLS FARGO. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

COVID-19 Impact Analysis

COVID-19 pandemic has a significant impact on the Florida digital lending market, owing to increase in use and adoption of online & digitalized financial services in the state. Moreover, to curb spread of virus, state governments are introducing new regulations for banks and FinTech organizations to support their loan during the pandemic situation. This, in turn, has become one of the major growth factors for the Florida digital lending market during the global health crisis. 

Top Impacting Factors

Shift from Traditional Lending to Digital Lending

The ease of applying loans and numerous other benefits for lenders such as automated loan management & rapid approval are shifting their attention toward digital lending, which is therefore driving the market growth. With an increase in penetration of smartphones and internet users, online lending companies have witnessed significant growth in the recent years. 

Digital lending is considered as one of the most convenient and widely used option among individuals & businesses, as it provides instant affordability for applications. Furthermore, multiple businesses & individuals have started filling applications online for taking loans in recent years rather than getting into the time-consuming lending process. Thus, these factors are promoting the growth of the Florida digital lending market. 

Florida Digital Lending Market
By Loan Amount
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USD 5000-USD10,000 would exhibit the highest CAGR of 19.5% during 2020-2027

High Interest on Small Amount & Shorter Repayment Time Provided by Lenders 

Lending institutions charge high interest rate for different loan amounts, which is the major factor that hampers the growth of the market. In addition, lending companies majorly focus on increasing their revenue, owing to which their repayment time is short for a sanctioned loan amount. Furthermore, lending institutions borrow large amounts of money from various banks and other institutes, owing to which the interest rates charged on loan amounts are usually high, which therefore limits the Florida digital lending market growth.

Adoption of Advance Technology in Lending Services 

Technologies such as artificial intelligence, machine learning and cloud computing among others, benefit the digital lending companies, as these technologies process huge amounts of information about customers. In addition, this surge in adoption of digital technology among the digital lending sector to create new channels for people is a major factor boosting the market growth. Moreover, major players of the market are introducing new technology to upsurge their market share and to provide customers with enhanced experience, which is expected to provide opportunity for the Florida digital lending market in the future. 

Florida Digital Lending Market
By End-user
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Entrepreneurs Segment holds a dominant position throughout the forecast period.

Key Benefits For Stakeholders 

  • The study provides in-depth analysis of the Florida digital lending market share along with current & future trends to illustrate the imminent investment pockets.
  • Information about key drivers, restrains, and opportunities and their impact analysis on the market size are provided in the report.
  • Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the Florida digital lending industry.
  • An extensive analysis of the key segments of the industry helps to understand the Florida digital lending market trends. 
  • The quantitative analysis of the Florida digital lending market forecast from 2020 to 2027 is provided to determine the market potential.

Key Market Segments

By Loan Type

  • Payday Loans
  • Personal Loans
  • SME-focused Loans

By Provider Type

  • Banks
  • Credit Unions
  • FinTech Institutions
  • Others

By Loan Amount

  • Less than USD 500
  • USD 500-USD4,999
  • USD 5000-USD10,000
  • More than 10,000

By End User

  • Individuals
  • Entrepreneurs
  • SMEs

Key Market Players

  • Ally Financial Inc.
  • Credible
  • Florida Credit Union
  • LendingPoint LLC
  • Navy Federal Credit Union
  • Social Finance, Inc. 
  • Suncoast Credit Union
  • TD Bank, N.A. 
  • VyStar Credit Union
  • WELLS FARGO    

Florida Digital Lending Market Report Highlights

Aspects Details
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By LOAN TYPE
  • Payday Loan
  • Personal Loan
  • SME-focused Loans
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By PROVIDER TYPE
  • Banks
  • Credit Unions
  • FinTech Institutions
  • Others
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By LOAN AMOUNT
  • Less than 500
  • USD 500-USD 1000
  • USD 5000- USD 10,000
  • More than 10,000
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By END USER
  • Individual
  • Entrepreneur
  • SMEs
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By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (France, Germany, Italy, Spain, UK, Russia, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, South Korea, Australia, Thailand, Malaysia, Indonesia, Rest of Asia-Pacific)
  • LAMEA  (Brazil, South Africa, Saudi Arabia, UAE, Argentina, Rest of LAMEA)
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Key Market Players

FLORIDA CREDIT UNION, WELLS FARGO, .CREDIBLE, ALLY FINANCIAL INC., LENDINGPOINT LLC, SUNCOAST CREDIT UNION, VYSTAR CREDIT UNION, TD BANK, N.A., SOCIAL FINANCE, INC., .NAVY FEDERAL CREDIT UNION

Analyst Review

Due to several benefits offered by the digital lending solution, the consumer expectation & behavior has changed tremendously, and consumers are demanding personalized loan for a variety of purposes in the market. In addition, expansion of small businesses, improved interest rates, transparency, and lesser market risks are some of the major factors promoting the growth of the Florida digital lending market. Moreover, with an unprecedented COVID-19 pandemic, digital lending providers are expected to face serious liquidity crunch due to gap between revenue and operational expenditures in the market. 

This shrinking liquidity may not create problem for large Microfinance institutions (MFIs) or those with strong stable backup but is sufficient to haunt small and mid-size MFIs. Furthermore, technological advancements and increase in awareness digitalized lending solutions among the consumers can lead to a rapid growth during the forecast period. 

Furthermore, the growth of the market is driven by shift from traditional lending to digital lending and rise in need & adoption of digital lending solutions in the state. In addition, key players in the state are focusing on product development and increasing their geographical presence, owing to surge in competition among local vendors in terms of features, quality, and price provided under digital lending services. In addition, these players are adopting various business strategies to enhance their product offerings and strengthen their foothold in the market. However, continuous increase in presence of domestic vendors in the state makes the marketplace highly competitive.

Author Name(s) : Aarti Goswami| Pramod Borasi | Onkar Sumant
Frequently Asked Questions?

The Florida digital lending Market is estimated to grow at a CAGR of 16.7% from 2020 to 2027.

The Florida digital lending Market is projected to reach $13.89 billion by 2027.

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Factors such as rise in internet usage among individuals & easier access to avail loans from lending firms are promoting the growth of digital lending solutions in the state drives the growth of the Florida digital lending market

The key players profiled in the report includes Ally Financial Inc., Credible, Florida Credit Union, LendingPoint LLC, Navy Federal Credit Union, Social Finance, Inc., Suncoast Credit Union, TD Bank, N.A., VyStar Credit Union, and WELLS FARGO, and many more.

On the basis of top growing big corporations, we select top 10 players.

The Florida digital lending Market is segmented on the basis of loan type, provider type, loan amount, and end user.

The key growth strategies of Florida digital lending market players include product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations.

Entrepreneurs Segment holds a dominant position throughout the forecast period.

FinTech Institutions segment will grow at a highest CAGR of 18.7% during 2020 - 2027

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Florida Digital Lending Market

Opportunity Analysis and Industry Forecast, 2020-2027