Global Bank Loan Software Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Bank Loan Software Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Market Overview:

The latest research study on the global Bank Loan Software market finds that the global Bank Loan Software market reached a value of USD 1711.91 million in 2022. It’s expected that the market will achieve USD 3187.12 million by 2028, exhibiting a CAGR of 10.91% during the forecast period.

Influence of COVID-19 Outbreak on Bank Loan Software Industry Development

Since the first case of novel coronavirus pneumonia was found in Wuhan, the cumulative number of confirmed cases has been increasing globally. In response to the epidemic, many countries have generally adopted measures such as suspending business and delaying resumption of work in densely populated places, which have a greater impact on economic life. The epidemic directly impacts labor-intensive or personnel-intensive industries such as planting and breeding, wholesale and retail, accommodation and catering, logistics and transportation, cultural tourism, and manufacturing. Among them, the normal business activities of small and micro enterprises are more affected. In this context, the solvency of bank loan customers has declined and the repayment pressure has increased, thereby exacerbating the potential risks of non-performing loans.

Since small and medium-sized banks account for a higher proportion of credit for small, medium and micro customers, they will be more affected by the epidemic than large banks. If the epidemic lasts longer, it will affect more industries and enterprises, and the asset quality of the banking industry will face greater downward pressure which may cause banks to reduce lending for SMEs. On the other hand, in order to avoid infection, loan business through bank loan software is expected to increase.

Strength

The increasing demand for efficiency in lending operations is the major reason for the growth of the loan servicing software market. Earlier lending operations were carried out manually with minimal technological support, which made them complex and time-consuming. The need to drive efficiency in the process has led bank to adopt digital technology solutions, such as loan software. Such solutions which help to streamline their processes and save time will lead to market growth.

Cloud-based loan software can be easily configured and implemented in a short period of time. It also reduces overall processing time, paperwork, error rates and other issues. In addition, documents are stored in a central server and managed using a cloud-based system. This makes it easy to share, update and find the information you need. Therefore, the adoption of cloud-based loan software is expected to increase, thereby driving market growth.

The increasing shift from traditional lending to digital lending, the increasing number of government initiatives toward digitalization, and the ever-changing demands of banking customers are all factors that are expected to drive market growth.

Banks need to strengthen risk control in the lending process to ensure that losses are reduced and capital and borrowing capabilities are enhanced. Loan software can help banks provide accurate real-time data analysis related to price setting and review the credit status of potential customers. In addition, loan software can also help banks manage all types of bills, installment loans, mortgages and contracts. Loan software can also automate loan decisions and play an important role in improving service speed and borrower satisfaction. These factors are expected to drive the global bank loan software market in the next few years.

Region Overview:

From 2023-2028, Europe is estimated to witness robust growth prospects.

Company Overview:

Finastra, FIS, IHS Markit, Sopra Banking Software and Tata Consultancy Services Limited are the five key players in the global Bank Loan Software market. These companies have shown consistent growth in revenue, larger volumes of sales and a prominent presence in terms of share in the global Bank Loan Software market in the past 5 years.

Finastra is a global leader in financial services software and cloud solutions, transforming the financial services industry by making institutions more resilient, more efficient and more competitive. With over 60 offices located around the world, Finastra pairs global perspective with local presence.

FIS is an American company on the Fortune 500 list which offers an array of financial products & services including; financial software development & support, business process outsourcing for back office banking operations & contact centers, merchant support via POS technology & digital channels for local small businesses to global enterprises, facilitation of global payment processing, B2C & B2B eCommerce Solutions, and more.

Segmentation Overview:

Among different product types, Cloud segment is anticipated to contribute the largest market share in 2028.

Application Overview:

By application, the Commercial Banks segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Bank Loan Software market covered in Chapter 3:

Finastra
Sopra Banking Software
FIS
Tata Consultancy Services Limited
IHS Markit
Intralinks

In Chapter 4 and Chapter 14.2, on the basis of types, the Bank Loan Software market from 2018 to 2029 is primarily split into:

Cloud
On Premise

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Bank Loan Software market from 2018 to 2029 covers:

Commercial Banks
Shadow Banks
Investment Banks
Other Non-retail Banks

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)