Impact of COVID-19 on the Global Digital Banking Market
Digital banking platforms refer to a multi-channel or omnichannel solution of banking services. It refers to the digitization of entire conventional banking services. Digital banking also offers consumers access to financial information with the help of mobiles, desktop, and ATM services. The platform supports the users in money transfers, basic online management of accounts, remote deposits, and other bill payments. It integrates with numerous banking endpoints, including multiple technology vendors such as core banking software providers and bill pay vendors. It is the integration of advanced technologies to deliver superior customer services. Furthermore, the rising adoption of mobile and online banking platforms, increasing internet penetration, and the rise in retail banking is anticipated to stimulate the Digital Banking Market growth during the COVID-19 pandemic period.
The requirement for digital banking services is currently on the rise due to the COVID-19 situation. However, this requirement is expected to be hampered due to the reduction in the expenditure budgets of numerous companies owing to full or partial lockdowns imposed worldwide. The lockdowns have also caused severe losses to the global industry players. The implementation of lockdowns in numerous countries of the world to reduce the spread of COVID-19 has placed restrictions on public gatherings at international events, theatres, and music festivals, which is obstructing the market growth. However, supportive government policies are projected to stimulate the growth of the digital banking market over the forecast timeframe. Furthermore, the market will show a steady recovery rate in the Q1 of 2021, which is mainly attributed to the adoption of remote working policies by several industry players to prevent the circulation of COVID-19 at workplaces. However, the digital banking industry is certainly expected to face challenges over the projected period
Source: MRFR Analysis