The February 2023 Aite-Novarica Group report explores how small and midsize business lenders are adopting APIs for embedded lending to streamline onboarding and accelerate underwriting. Among surveyed lenders, 15% already use embedded lending and another 15% are preparing to, while 50% have discussed it with vendors. Lenders see strong business cases in scale, speed, and throughput, though an innovation gap remains as 83% of borrowers would embrace APIs compared to fewer lenders. Adoption is expected to grow, driven by aggressive goals for loan volume and automation, with resilience in strategy even during economic downturns.

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