The Loans as a Service market is expected to grow at a CAGR of 5.30% by 2027 due to increasing technological advancements in the banking industry and increasing digitization in various countries, according to Absolute Markets Insights
Growing internet penetration in countries is prompting financial institutions to focus on offering digital lending services to their customers. The integration of blockchain technology into banking sector applications is propelling the growth of European lending as a service market. The advent of artificial intelligence has brought significant changes in customer loan services and is expected to further transform processes in the years to come. In addition, the increasing adoption of advanced technologies in the banking sector is further fueling the development of loan as a service contract. For example, in April 2020, ezbob, a UK-based company providing loan-as-a-service solutions to banks and other such financial institutions, launched its Smart Onboarding Scheme CBILS (Coronavirus Business Interruption Loan Scheme) engine. , which is a fully automated solution offering. credit eligibility and assessment engine for small and medium-sized enterprises (SMEs). This solution is developed to help financial institutions cover affordability and credit decision making in response to Anti Money Laundering (AML) / Know Your Customer (KYC) and Fraud Assessment . Many market players are partnering with banks and other such financial institutions to provide integrated digital lending services to customers and improve the customer experience. For example, auxmoney GmbH, a loan services company with N26, a Germany-based mobile bank, announced that it offers its loans to clients that include students, freelancers or freelancers. The loan process from request to offer, verification and approval is fully digitized and provides the customer with an enhanced experience. Moreover, this loan platform also allows the customer to perform digital credit check with the loan offer. The goal of this partnership was to achieve the combined benefits of the platform with an improved user experience. Financial institutions providing lending services are increasingly focusing on obtaining quality accreditations from organizations to strengthen their credibility and provide clients with standardized and appropriate financing and lending services. For example, Geldvoorelkaar.nl, in 2019, received a quality mark from Financier PME (small and medium-sized enterprises) approved by Stichting MKB Financiering, which helps financial institutions meet important requirements and quality assurance for the provision loan services.
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Government authorities in all European countries are helping FinTech companies to digitize the lending as a service process in banking. Thus, in 2016, the Autorité des marchés financiers (AMF) and the Prudential Control and Resolution Authority (ACPR) jointly launched the Fintech Forum, a consultation body made up of 34 Fintech professionals, to support companies in their solutions. loan and services. Market players are entering into collaborations with fintech companies to provide commercial lending services to small and medium-sized businesses in various countries to provide them with capital and liquidity to achieve their business goals. For example, Kabbage Inc., a technology and data platform powering an automated lending services company, has partnered with ING Group, a banking and financial services company, to deliver instant capital to small businesses in all of Spain. Additionally, ING leveraged the Kabbage Platform, allowing small businesses to access their capital needs in real time.
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Companies operating in the lending industry as a service market are expanding their regional presence to increase the reach of their services in various countries. In addition, market players are also striving to expand their service offerings to the global market. For example, in 2017, CREDITGATE24 launched its operations in Germany and also plans to expand internationally. The company offers its peer to peer lending platform for financing private and commercial lending services. In addition, multinational companies are investing heavily in research and development of new innovations in loan service solutions. For example, in 2018, Fiserv, Inc., invested US $ 465 million in research and development to develop innovative lending platform solutions while enhancing existing lending service offerings. Similar investments fostering the development and technological advancement in the market in order to retain customers as well as gather new customer base by dealing with untapped areas are expected to drive the growth of the loan as a service market in Europe during the period. forecast.
The detailed research study provides a qualitative and quantitative analysis of loans in Europe as a service market. The market has been analyzed from the demand side and the supply side. The demand side analysis covers the market revenue in all major countries. The supply side analysis covers the major market players along with their regional presence and strategies. The geographic analysis carried out focuses on each of the main countries in Europe.
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Loans as a service market in Europe:
- By business model
- Traditional model
- Another market model
- By type of loan
- Not guaranteed
- By end user industry
- Mortgage loans
- Vehicle loan
- Student loan
- By country
- Great Britain
- Nordic countries
- Benelux Union
- The Netherlands
- The rest of europe
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