Four impact areas of COVID-19 on digitization of banks in India
India, April 8 -- Banking services in India are classified under the essential services list. Banking and financial institutions were under immense pressure to ensure business-as-usual amidst the lockdown and health crisis.
Banking operations such as cash deposits, withdrawals, clearing of cheques and other traditional teller services had to be executed by maintaining a safe distance of at-least a meter. Social media was abuzz with a bank employee's effort to handle cheques with tongs and sanitize them with a steam iron.
The operational and technical challenges for both the customers and employees highlighted a lacuna and the general lack of agility in our banking systems when faced with an emergency situation. The immediate learnings f...
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