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Auto Loan Origination Software Market Trends

Report ID: GMI8331
Published Date: Feb 2024
Report Format: PDF

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Auto Loan Origination Software Market Trends

The market is experiencing a surge in the automation of lending processes. Financial institutions are leveraging advanced technology to streamline workflows, reduce manual efforts, and enhance efficiency. For instance, in January 2024, Newgen Software entered a strategic partnership with Finastra to enhance and modernize lending processes in financial institutions.

This alliance aims to leverage Newgen's low-code lending solutions integrated with Finastra's core banking systems, resulting in improved efficiency through automated loan documentation generation and reduced manual effort. By combining Newgen's low-code lending solutions with Finastra's core banking systems, the alliance aims to automate lending processes, reducing manual effort, and improving efficiency.

An emerging market trend in the loan origination software sector is the transition toward scalable solutions. Financial institutions are shifting toward flexible, web-based platforms, enabling seamless scalability and resource allocation. This trend reflects the growing recognition of the importance of adaptable infrastructure to accommodate fluctuating loan volumes and evolving business needs, ensuring that lenders can efficiently meet the demands of their clientele.

Authors: Preeti Wadhwani, Aishvarya Ambekar

Frequently Asked Questions (FAQ) :

The market size of auto loan origination software reached USD 692.4 million in 2023 and is set to witness 7.5% CAGR from 2024 to 2032, owing to increasing demand for streamlined efficient loan processing solutions worldwide.

The banks segment recorded 38% of the market share in 2023, due to the increasing focus on regulatory compliance.

North America market held over 34% revenue share in 2023, driven by the increasing demand for personalized customer experiences in the region.

Black Knight Technologies, Calyx Technology, Financial Industry Computer Systems, Fiserv, ICE Mortgage Technology, Juris Technologies, Pegasystems, Tavant, Turnkey Lender, and Wipro, are some of the major auto loan origination software companies worldwide.