There is no doubt that operations of the bank have been hampered because of the worldwide spread of covid-19. Though businesses and borrowers have suffered losses and decline in profitability, however, this pandemic has been an opportunity for some for launching digital offerings. Therefore, banks are effectively using digital tools. These digital tools are giving an alternative to physical exchanges effectively. We can draw the following conclusions about digital banking.
Consumers have accepted online banking attractively to be able to maintain physical distancing. Usage of digital and online banking has increased considerably. For instance, a survey reflected that post-covid-19 there has been a 35% increase in the use of online banking. Also, 30% of consumers have increased their usage of mobile banking. In this way, services offered by banks on digital platforms are being actively availed by the consumers.
Advisers are also facing an increase in demand for cashless transactions. Clients are now demanding low-risk investments generating higher returns as compared to cash-based accounts. Digital banking is providing customers with convenience and security and is reducing the risk of carrying money. The digital cards are easy to be used and can be easily loaded through multiple platforms in varied ways including direct deposit or bank account transfers. Therefore, more and more consumers have started using the digital platform for being able to keep them safe from getting caught in the web of covid-19.
Tags: Info Desires, Online Banking, Banking During Pandemic, Consumer Behaviour, Impact of Covid-19 on Consumer Behaviour, Digital Banking
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