State of Digital Lending: Automation is Accelerating

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27 April 2023

Celent Digital Panel of Financial Institutions in North America


Rising interest rates since early 2022 have reversed the lending environment of recent years—when making more loans and making money was relatively easy, and IT investment flowed into retail lending technologies. However, in the current high interest rate environment with lower demand and increased credit risk, making loans and making money is more difficult. It is therefore essential in this constrained IT spending environment that lenders can benchmark their technology investment decisions versus the market to make sure they have digital functionality in the areas where they need it most.

Lenders in North American retail lending have made significant progress automating many different parts of the loan origination process. In a more competitive and resource-constrained business environment they are now at a crossroads as to where to automate for maximum impact. Celent surveyed 66 banks, consumer finance companies, and credit unions about digital adoption for all consumer loan types and lending processes to guide lenders in their lending technology investments.