The global loan servicing software market is anticipated to grow at a CAGR of 14.2% during the forecast period. There is an exponential increase in the number of people using technology according to the US department of state, investments in AI have led to transformative advances now impacting our everyday lives such as mapping technologies, voice-assisted smart phones, handwriting recognition for mail delivery, financial trading, smart logistics, spam filtering, language translation, and more. The United States has 47 AI initiatives associated with the observatory that help contribute to COVID-19 response, invest in workforce training, promote safety guidance for automated transportation technologies. For instance, in June 2020, Global Partnership on Artificial Intelligence (GPAI) initiative launched for the advancement of AI in a manner consistent with democratic values and human rights. GPAI’s mandate is focused on project-oriented collaboration, which it supports through working groups looking at responsible AI, data governance, the future of work, and commercialization and innovation. technological advancement in the field of loan servicing will provide major lucrative loan servicing software market opportunity such as Machine learning (ML) and intelligent character recognition (ICR).
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For instance, in April 2019, Loanpro provider of web-based, loan-servicing software, announced that Marlette Funding has selected the platform to leverage the latest in loan-servicing technology and workflow automation to increase process efficiency and deliver a superior customer experience for Best Egg personal loans. The cloud-based platform is built entirely on APIs, providing lenders with a dynamic and feature-rich solution unlike anything else on the market. “Combining LoanPro’s technology with Best Egg’s lending power undoubtedly will be a game changer,” continued Rhodes.
Global Loan Servicing Software Market Report Segment
By Component
- Cloud-Based
- On-Premises
By Application
- Commercial Loan Software
- Loan Servicing Software
- Loan Origination Software
By End-users
- Banks
- Credit Union
- Mortgage Lenders and Brokers
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Company Profiles
- Autopal Software, LLC
- Bryt Software LLC
- C-Loans, Inc.
- Constellation Mortgage Solutions Inc.
- DownHome Solutions
- Emphasys Software
- Fiserv, Inc.
- GoldPoint Systems, Inc.
- Grants Management Systems Inc.
- Graveco Software Inc.
- LoanPro
- Neofin Global Inc
- Oracle
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