target audience: TECH BUYER Publication date: Nov 2023 - Document type: IDC MarketScape - Doc Document number: # US49787523
IDC MarketScape: North American Small Business Lending Decisioning Platforms 2023–2024 Vendor Assessment
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Abstract
This IDC study uses the IDC MarketScape model to provide an assessment of a select list of technology vendors that offer small business lending decisioning platforms to financial institutions and fintechs that provide a variety of business loans in the North American market.
"The small and medium-sized business lending market has undergone a significant transition in the past two years," says Raymond Pucci, research director, Worldwide Lending Digital Strategies at IDC. "Small businesses are relying more on nonbank lenders that were early adopters of AI-based lending platform technology. Now both traditional and nontraditional lenders are all-in on buying AI and machine learning lending applications that streamline the loan decision process for lenders and borrowers alike. Small business lenders will benefit from cost savings and productivity gains by using a current-generation lending decision platform."