Coronavirus has had a negative effect on the economy at large and it almost sank the global financial sector. However, if you look at this carefully, you will also note some of the most massive impacts on the financial industry have been positive. Many governments now advise people to use more non-personal transactional methods to reduce the spread of the virus. This means that it is much safer to use remote banking systems to exchange money.
The Rapid Demand for Cashless Banking and Digital Banking Solutions
For a long time, cashless money habits were not embraced by many people. However, things have changed and cashless transactions have become the norm in the era of social distancing. Banks thrive in the corona period.
Already, businesses are receiving loans using mobile money. Customers are also opening accounts and applying for loans through online platforms. Even as countries get a handle on coronavirus infections, we are looking forward to a time when fewer people will be walking into a bank physically for any form of transaction. Digital transactions have led to lower processing time and lower transaction costs.