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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Loan Compliance Management Software Market
Request Now !The global demand for loan compliance management software is increasing and is expected to grow as banks and lending institutions are adopting advanced technologies such as machine learning and internet of things (IoT) to enhance performance, risk reduction and reduce workloads. Loan compliance defines various legal steps which should be implemented on the borrowers, to ensure that the individuals, corporations or agencies respect their loans process and make a serious effort to recoup the loans they owed.Â
Loan compliance management software allows administrators, corporate lenders and finance departments to comply with commercial loan agreements. The software helps to quickly control several loans with different agreement packages, control each loan individually, or view all loans on one interface.
The global loan compliance management software market is segmented on the basis of component, deployment model, enterprise size, application, and region. Based on component, the loan compliance management software market is bifurcated into software and service. In terms of deployment model, the market is categorized into on-premise and cloud.Â
On the basis of enterprise size, the market is divided into large enterprises, and small & medium enterprises (SMEs). In terms of application, the market segregated into portfolio management, risk & compliance management, and others. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).
Key players operating in the global loan compliance management software industry include Turnkey Lender Inc., Finastra, Fiserv Inc., Ellie Mae Inc., LendingQB, FIS, Jack Henry & Associates, nCino, defi SOLUTIONS, and FLOIFY LLC. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global loan compliance management software market.Â
Rising need of loan compliance management software by credit unions and banks to enhance operational efficiency, monitor and control risks and attain a competitive advantage drives the growth of the market. In addition, stringent government regulation for loan processing and surge in need to provide enhance customer experience by FinTech industry fuels the growth of the market.Â
However, high cost associated with the software and lack of technical expertise hampers the growth of the market. Furthermore, surge in adoption of blockchain, machine learning and artificial intelligence technology in loan compliance management software is expected to provide lucrative opportunity for the market. Â
Although conventional lending structures have focused entirely on credit ratings, outdated procedures and tiresome paperwork, AI is now introducing a systemic change in the way retail borrowers are evaluated for new loans. The National Business Research Institute and Narrative Sciences of India have stated that about 32% of financial service provider companies now have started utilizing AI technology.Â
One of the major issue financial institutions faces is evaluating a customer for loan approval without credit score, which could lead to credit loss to lender. AI has introduced approaches to these challenges through predictive analytics, digital footprints, complex algorithms and data sets. This technology lets lending institutions focus on a loan applicant's online identity to evaluate credit worthiness by analyzing online purchasing patterns, account statements of utilities and mobile bills, or even accounts on social media.
New modern compliance departments see an increased compliance function and need consistency in risk monitoring and management. Lending and loan servicing costs have risen related to legal compliance developed during the "great recession." As per the evidence, 63% of policymakers are planning to introduce technology solutions as a major priority for increasing global competition in the provision of loans.Â
About 38% of middle-market businesses have broken a loan agreement in the last few years. To overcome such worst situation, banks and other financial institutions are also continually searching for the best ways to enhance operating efficiency, track and manage risk and gain a competitive advantage.
Key Benefits of the Report
COVID-19 Scenario Analysis
Questions Answered in Loan Compliance Management Software Market Research Report  Â
Loan Compliance Management Software Market Report Highlights
Aspects | Details |
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By Component |
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By Deployment Model |
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By Enterprise Size |
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By Application |
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By Region |
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Key Market Players | Turnkey Lender Inc., Finastra, Fiserv Inc., Ellie Mae Inc., LendingQB, FIS, Jack Henry & Associates, nCino, defi SOLUTIONS, FLOIFY LLC |
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