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Loan Servicing Software Market size is set to grow by USD 2.70 billion from 2024-2028, Demand for efficiency in lending operations boost the market, Technavio

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NEW YORK, Aug. 13, 2024 /PRNewswire/ — The global loan servicing software market size is estimated to grow by USD 2.70 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 12.01%  during the forecast period. Demand for efficiency in lending operations is driving market growth, with a trend towards strategic partnerships and acquisitions between market participants. However, threat from open-source loan servicing software  poses a challenge. Key market players include Abrigo, Applied Business Software Inc, C Loans Inc., Constellation Software Inc., Cyrus Technoedge Solutions Pvt. Ltd., DownHome Solutions, Fidelity National Information Services Inc., Financial Industry Computer Systems Inc, Fiserv Inc., Graveco Software Inc., ICE Mortgage Technology Inc, LOAN SERVICING SOFT Inc, Nortridge Software LLC, Nucleus Software Exports Ltd., Oracle Corp., PCFS Solutions, Q2 Holdings Inc., Shaw Systems Associates LLC, and Sopra Banking Software.

Get a detailed analysis on regions, market segments, customer landscape, and companies- View the snapshot of this report

Loan Servicing Software Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 12.01%

Market growth 2024-2028

USD 2703.3 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

10.84

Regional analysis

North America, Europe, APAC, South America, and Middle East and Africa

Performing market contribution

North America at 49%

Key countries

US, UK, Japan, Canada, and France

Key companies profiled

Abrigo, Applied Business Software Inc, C Loans Inc., Constellation Software Inc., Cyrus Technoedge Solutions Pvt. Ltd., DownHome Solutions, Fidelity National Information Services Inc., Financial Industry Computer Systems Inc, Fiserv Inc., Graveco Software Inc., ICE Mortgage Technology Inc, LOAN SERVICING SOFT Inc, Nortridge Software LLC, Nucleus Software Exports Ltd., Oracle Corp., PCFS Solutions, Q2 Holdings Inc., Shaw Systems Associates LLC, and Sopra Banking Software

Market Driver

The loan servicing software market is highly competitive, leading vendors to form strategic partnerships and acquisitions with various market participants. These collaborations enable vendors to expand their product offerings, reach new geographies, and access technological expertise. For instance, in April 2024, PrivoCorp, a prominent mortgage processing outsourcing services provider, partnered with Calyx Software, a pioneer in loan origination platforms. This partnership combines Calyx’s advanced LOS technology with PrivoCorp’s processing services, benefiting Calyx clients. Similarly, in May 2024, Paydit, the leading collections automation platform, and LoanPro, the modern API-first lending and credit platform, announced a strategic partnership. This collaboration enhances collections and recovery rates for lenders, offering a seamless solution for managing past-due accounts and automating collections. These partnerships and acquisitions are crucial factors driving growth in the loan servicing software market. 

The Loan Servicing Software Market is experiencing significant growth due to the increasing demand for efficient and automated loan management solutions. This market caters to both consumer and business loans, offering payment gateways for seamless transactions and integration with accounting software. Borrowers benefit from various payment options, loan performance tracking, and potential risk assessment using AI and machine learning. Technological developments, such as blockchain, cloud computing, and robotic process automation, enhance security, accuracy, and user experience. These advancements streamline banking operations, reduce workload, and improve decision-making capabilities. Customized solutions cater to various enterprise sizes, addressing non-performing loans, collection, and recovery features, and mergers. Overall, the market prioritizes effectiveness, user-friendliness, and data security to meet the evolving needs of lending institutions. 

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Market Challenges

The global loan servicing software market faces a significant challenge due to the availability of free and open-source loan servicing software. These solutions, developed by organizations or developer communities, offer cost-effective alternatives to commercial software. Notable open-source options include Apache Fineract, Online Lending Software, Trakker, and Turnkey-Lender. While these solutions are attractive due to their affordability, they come with limitations, such as limited functionality and the absence of advanced features. Customization and additional functions require extra costs. Furthermore, technical support is the responsibility of the user in case of errors. Small lenders and non-banking financial companies, with limited IT spending, are the primary consumers of open-source software. The growing demand for loan management and tracking in financial institutions may attract new freeware vendors, increasing competition and further challenging the growth of the global loan servicing software market.The Loan Servicing Software market faces several challenges for banks, credit unions, mortgage lenders, and non-traditional lenders. Acquisitions of new servicing platforms bring IT infrastructure complexities and integration challenges. Cloud-based solutions offer benefits like real-time data access but raise data security concerns. Self-service portals and mobile access are essential for customer experience, but development and maintenance costs can be high. Servicing complex loans, managing origination and collection software, risk management, and portfolio management require advanced technologies. Banks and lenders must address outdated systems and industry fragmentation. Price setting, credit profiles, and potential clients’ loan lifecycle stages from origination to payment and collections involve accounting, reporting, and workflow efficiency. Error and effort reduction, tracking, reconciling loans, and mortgage and home equity loan servicing are crucial for customer service operations. Mobile applications and advanced technologies are key to satisfying customers and maintaining competitiveness.

For more insights on driver and challenges – Request a sample report!

Segment Overview 

This loan servicing software market report extensively covers market segmentation by  

Application 1.1 Banks1.2 Credit unions1.3 Mortgage lenders1.4 Brokers1.5 OthersDeployment 2.1 Cloud-based2.2 On-premisesGeography 3.1 North America3.2 Europe3.3 APAC3.4 South America3.5 Middle East and Africa

1.1 Banks-  Banks utilize Loan Origination and Servicing (LOS) technologies to enhance their operational efficiency. LOS solutions offer online interfaces on bank websites, enabling applicants to submit loan applications and documents digitally. This convenience aligns with the increasing preference for online transactions among consumers. LOS software facilitates the launch of online loan schemes and provides self-service tools like EMI calculators, loan eligibility checkers, and document checklists. Pre-configured workflows for credit scoring, document verification, and approvals expedite the application process by up to 50%. Additionally, applicants and bank management can track loan status via mobile applications. These benefits are anticipated to boost the adoption of loan servicing software in the banking sector, thereby driving market growth throughout the forecast period.

For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2017-2021) – Download a Sample Report

Learn and explore more about Technavio’s in-depth research reports

The global digital lending market is experiencing significant growth, driven by the increasing adoption of digital technologies in the financial sector. As traditional lending processes become more digitized, key players are leveraging AI and machine learning to enhance customer experience and streamline loan approval processes. The market is segmented by loan type, deployment mode, and region, with North America leading in adoption. With rapid advancements, the market is projected to witness robust expansion, particularly in emerging economies where digital transformation is accelerating.

Research Analysis

The Loan Servicing Software market is experiencing significant growth due to the effectiveness of automating loan management processes. Technological developments, such as artificial intelligence and machine learning, are revolutionizing the industry by enabling advanced risk assessment and predictive analytics. Customized consumer experiences and mobile applications are also driving demand, particularly among nontraditional lenders. Blockchain, cloud computing, and real-time data are key technologies shaping the market. These advanced technologies enable lenders to manage the loan lifecycle from origination to collection and recovery of NonPerforming Loans more efficiently.

Market Research Overview

The Loan Servicing Software market is witnessing significant technological developments, with an increasing focus on effectiveness and customer experience. The software is essential for managing the loan lifecycle, from origination to collection and recovery of NonPerforming Loans. Technological advancements such as artificial intelligence (AI) and machine learning are being integrated to enhance risk assessment, predictive analytics, and customized consumer experiences. Cloud computing, blockchain, and IT infrastructure upgrades are also transforming the industry. Self-service portals and mobile access are becoming standard features, addressing data security issues and integration challenges. Mergers and acquisitions are shaping the competitive landscape, with banks, credit unions, mortgage lenders, nontraditional lenders, and other financial institutions adopting cloud-based solutions. The cost of implementation and maintenance, complexity of loan types, and outdated systems continue to pose challenges.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ApplicationBanksCredit UnionsMortgage LendersBrokersOthersDeploymentCloud-basedOn-premisesGeographyNorth AmericaEuropeAPACSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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AU NOMO Credit Card: A Smart Way to Leverage Fixed Deposits

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AHMEDABAD, India, Dec. 26, 2024 /PRNewswire/ — AU Small Finance Bank (AU SFB) has unveiled its latest offering, the AU NOMO Credit Card, a groundbreaking financial product that allows individuals to access credit while still growing their savings. This innovative credit card leverages the power of Fixed Deposits (FDs) as collateral, providing cardholders with enhanced purchasing power without compromising their long-term savings goals.

The AU NOMO Credit Card enables users to use their fixed deposits to secure a credit limit, offering a unique opportunity for first-time credit card applicants or individuals wanting to build their credit scores responsibly. This solution particularly benefits those with limited documentation or a lack of traditional credit history.

Key Features of the AU NOMO Credit Card

Contactless Payments: Enjoy secure and seamless tap-and-pay transactions for daily purchases.Card Liability Protection: Safeguards user against unauthorized transactions, card skimming, and online fraud with comprehensive liability coverage.Reward Points Program: User can earn reward points on retail, utility, and insurance transactions to maximize the value of their spending.Milestone Rewards: Unlock additional rewards for meeting specific quarterly spending goals.Lounge Access Benefits: Get complimentary access to domestic airport and railway lounges, subject to meeting spending criteria.Fuel Surcharge Waiver: Save on fuel transactions within a specified range with a surcharge waiver.

Eligibility Criteria

Here’s what one must know for eligibility criteria for AU NOMO credit card: 

Age: 18 to 75 yearsCitizenship: Indian ResidentFixed Deposit: Creation and maintenance of a fixed deposit with AU Small Finance Bank

The AU NOMO Credit Card (Credit Card against FD) offers an easy and seamless application process with a digital interface, making it accessible to anyone looking to leverage their savings for immediate spending power. The card promises to meet the needs of those starting their credit journey and those seeking additional flexibility in their financial dealings.

The AU NOMO Credit Card redefines the traditional approach to credit by allowing users to continue earning interest on their Fixed Deposits while enjoying the purchasing power that comes with a credit card. Whether for essential daily expenses or significant purchases, the AU NOMO Credit Card perfectly balances saving and spending, empowering individuals to achieve their financial goals without compromise.

For more information on the AU NOMO Credit Card, visit https://www.aubank.in/personal-banking/credit-cards/nomo-credit-card

About AU Small Finance Bank

AU Small Finance Bank, one of India’s leading small finance banks, is committed to transforming banking by focusing on customer-centric services and a deep understanding of the Indian market. More details on AU Small Finance Bank and its financial products like credit cards can be found online.

Logo: https://mma.prnewswire.com/media/2556252/5023474/AU_Small_Finance_Bank_Logo.jpg

 

View original content:https://www.prnewswire.com/in/news-releases/au-nomo-credit-card-a-smart-way-to-leverage-fixed-deposits-302338324.html

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Treat Yourself to a New Christmas Experience by Self-Gifting viaim’s AI Recording Earbuds, Perfect for a More Pleasant and Efficient Workplace

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SINGAPORE, Dec. 26, 2024 /PRNewswire/ — As Christmas approaches, the concept of self-gifting has become more popular with top business executives to help them get into the holiday mood. Especially designed for the office, a gift of AI recording true wireless earbuds launched by viaim, an AI technology hardware company deeply rooted in the smart office sector, can improve work efficiency, thereby lifting the spirits and improving quality of life for busy workplace elites ahead of the busy and stressful holiday period.

The person who understands themselves best is themselves. It is in this spirit that viaim is encouraging people to give themselves some extra love and care during this holiday season because they deserve it. The Christmas self-gifting trend that has been gaining popularity in recent years sees people pay more and more attention to creating a higher quality life for themselves in their busy work lives. Especially towards the end of the year, consumers are choosing to treat themselves with practical and pleasant gifts for Christmas. Earbuds have become a solid choice for self-gifting because of their usefulness in multiple scenarios, allowing users to enjoy a quality listening experience during work meetings and holiday relaxation time.

The amazing features of the Viaim Nano+ and Viaim Air open-ear AI recording true wireless earbuds make them the perfect choice for self-gifting this Christmas

13 language transcription and real-time translation: During the Christmas holidays, many business professionals travel internationally with friends or spend the holidays with family in countries that don’t speak their native language. viaim headphones allow users to communicate with local people around the world, jumping the language barrier and making cross-border communication smoother and the journey more interactive, fun, and memorable.VIAIM AI Smart Assistant: Generate Summaries and To-Do Lists with one click to help quickly complete an annual report or New Year’s business plan, allowing the festive atmosphere to be enjoyed without missing any key points.Flash Record function: Whether it is to conceive new ideas for next year’s project or suddenly think of a perfect Christmas gift list, inspiration during the holidays is often fleeting. Long press the viaim earbuds for one-click flash recording to capture ideas as soon as the spark of inspiration comes to mind.Noise reduction and a comfortable wearing experience: High-quality 45db noise reduction can provide users with a moment of quietness at Christmas parties, and the comfortable and lightweight design is suitable for long-term wear, meaning a quiet and enjoyable listening atmosphere can be enjoyed during the holidays.

Cecile from VIAIM shared: “Christmas is the time of year to relax and be grateful. It is of course a time to give gifts and be generous to others, but we also must remember to be kind to the person that knows us best – ourselves. Through our brand vision of “work smarter, not harder,” we hope to help people find their own special holiday moments in their busy work life by using our super-efficient office earbuds, so that everyone can enjoy a more productive and enjoyable life experience. I would like to personally wish all our customers, both new and old, a peaceful, relaxing, and happy Christmas.”

About VIAIM

VIAIM is an innovative technology company in the consumer-goods sector. With a focus on versatile, multimodal interactions, we strive to provide effective solutions that meet users’ specific needs. By harnessing state-of-the-art technology, we bring our visionary ideals to life, helping people embrace the incredible possibilities the Company offers.

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SOURCE VIAIM

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Lights Up Your Creativity from Online to Offline: Wondershare Filmora’s “A New Wonder to Share” Campaign Inspires Creators Everywhere

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TOKYO, Dec. 26, 2024 /PRNewswire/ — Video may have killed the radio star, but the rise of the internet did not make videos obsolete. Instead, we’ve reached a digital media landscape where video content reigns supreme. We’ve also reached a point where video content is incredibly saturated, and truly “light up” amidst the noise is increasingly challenging. The key often lies in the seemingly ordinary moments around us — moments that hold the potential for extraordinary stories. A beautifully prepared meal, a stunning view, or even a fleeting smile can become the spark for captivating content.

Wondershare Filmora’s latest campaign video, “A New Wonder to Share,” embraces this philosophy, captivating Japanese audiences within mere seconds. Powered by the advanced AI capabilities of Filmora 14 and paired with heartwarming visuals, the video is extending from online platforms to offline advertisements, resonating deeply with viewers and spreading a message of creativity and connection during this festive season.

Situated in the vibrant heart of Tokyo, the Shibuya district is globally renowned as a symbol of youth culture, creativity, and innovation. As part of Filmora’s “A New Wonder to Share” campaign, the district’s iconic screen now features the campaign’s latest video, complemented by ads across the Yamanote and Yokosuka · Sōbu Lines. Through vivid storytelling and captivating visuals, the video invites audiences to embrace moments of joy, growth, and discovery. This display in Shibuya underscores Filmora’s vision of celebrating individuality and lighting up creativity on a global stage, inspiring viewers to uncover life’s unexpected surprises and share their unique stories with the world.

As part of the “A New Wonder to Share” campaign, Filmora has also launched an online video challenge. Running from December 7 to December 31, participants are invited to create 20-second videos using the latest version, Filmora 14. By sharing their creations on designated social media platforms, they stand a chance to win exciting prizes, including an iPad, digital gift cards worth 20,000 yen, and Filmora memberships.

Wondershare Filmora is committed to empowering users with cutting-edge tools and creative resources. The latest release, Filmora 14, makes it effortless to transform everyday moments into extraordinary memories. Packed with over ten innovative AI features and professional editing functions, including Smart Short Clips, Smart Scene Cut, AI Color Palette, Multi-Camera Editing, and Planar Tracking, the software enables creators of all skill levels to streamline their video production process.

A highlight of the Filmora 14 update is the Smart Short Clips feature, which revolutionizes the way creators approach video content. This AI-powered tool intelligently analyzes your footage, pinpointing the most engaging highlights and turning it into eye-catching short clips, perfect for all social media platforms. With minimal manual effort, Smart Short Clips simplifies the editing process, automatically generating polished videos. The feature also adds subtitles and designs through customizable templates to enhance both visual appeal and accessibility.

As one of Wondershare’s flagship products, Filmora continues to strengthen its presence in the Japanese consumer market through collaborations with renowned brands and creators, including Japan’s leading anime and illustration community pixiv, NetEase’s survival horror game Identity V, and YouTuber 『 Kazuki no Tane 』. At the same time, Filmora actively hosts UGC competitions, inspiring more individuals across various fields in Japan to explore the exciting world of video creation, earning widespread acclaim and love from Japanese users.

About Wondershare

Wondershare is a globally recognized software company, known for its innovative solutions in creativity and productivity. Driven by the mission “Creativity Simplified,” Wondershare offers a range of tools, including Filmora and UniConverter for video creativity; PDFelement for document management; EdrawMax, EdrawMind for diagramming; and SelfyzAI, Pixpic for image editing. With over 1.5 billion users across 200+ countries and regions, Wondershare empowers the next generation of creators with intuitive software, trendy creative resources, and a dynamic ecosystem, continually expanding the possibilities of creativity worldwide.

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SOURCE Wondershare Technology

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