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The recent stats show a steady market growth for digital lending platform solutions: the global market size is predicted to reach $20.67 billion by 2027 growing at a CAGR of 15,6%. So what makes lenders willing to build proprietary lending platforms?

1. Delivering Better Customer Service

Millennials, which now constitute the majority of house buyers, appreciate digital services and find the conventional loan application process boring and tedious. They also find the necessity to communicate with organizational officials, waiting in queues and filling out forms by hand annoying and stressful. Gen Z, which has grown up with digital services, is expected to be even more critical of the traditional loan application model. Companies are introducing digital solutions to cater to existing customers and attract young prospective applicants. As such, organizations list better customer service as their #1 reason for digitizing mortgages.

2. Improved efficiency and reduced costs

The traditional mortgage process is lengthy and requires careful evaluation and assessment of application documents and other info provided by applicants. Granting employees access to these documents in a digital format helps streamline the mortgage process and accounts for better speed and efficiency, not to mention customer satisfaction. In fact, fewer employees are now required to deal with mortgage applications, which reduces salary expenses. Needless to say, digital-only institutions save considerable amounts of costs on office rentals.