How has COVID-19 influenced digital banking use？
In recent years, the surge in the number of digital banks is a manifestation of the rapid development of financial technology in the UK. until the past few years, banks were not envisioning the tremendous shift in consumer behavior that occurred as a result of the millennial generation becoming the largest consumers of financial products. Today, more than 70% of consumers report banking online at least once per month, so banks invest in great online experiences(Darryl Proctor, 2020). At present, the digital banking market is mainly occupied by Starling Bank, Monzo, Atom bank, Monese, and Revolut. Their emergence undoubtedly brings convenience to people's life, promotes the achievement of commercial cooperation, and promotes the development of related industries. Let's end with a brief introduction and begin the formal research process. Compared with any other year in the past, 2020 is quite different. Many businesses are in decline because of the COVID-19. At some point in the future – maybe at different times for different areas of the world – the coronavirus crisis will be mostly only a bad memory. But, the changes in the way consumers and businesses engage with with each other, and with all parts of their life, will be changed forever. One thing is abundantly clear, the new normal will not be a specific stopping point, but an environment that will change faster than ever before( Jim Marous, 2020). So what is the impact of the epidemic on digital banking? Obviously, digital banking shows an advantage in this epidemic.
We can choose three aspects to analyze the role of Digital Banking in the epidemic.
perspective of ordinary consumers
First of all, from the perspective of ordinary consumers, most card issuing banks are compatible with multiple payment methods, such as Apple and Google Pay. People are more likely to use Digital Banking for daily consumption payments than paper money, which is easy to spread the virus. Secondly, when the epidemic situation worsens and people need to avoid gathering or even lockdown the city, people will be more inclined to choose online shopping. Then, of course, people will use Digital Banking for online consumption. Even when some people lose their jobs and have no income, overdraft service is provided to ensure that people's basic normal life can continue and avoid social unrest.
perspective of business man
On the other hand, let's stand in the perspective of business practitioners. Due to the impact of covid-19, the global business environment is in a downturn. Many industries have been hit very hard. Many companies have closed down and stores have closed. Financial chain of some business operators have broken and are on the verge of collapse. At this time, the advantages of Digital Banking began to show. Some digital banks will provide loans and support to business operators to support their declining business. The last aspect is the state. In the epidemic situation, when people are more inclined to use digital bank, it increases the safety distance between people.
perspective of the country
From the perspective of the country, this is more conducive for the country to management of the epidemic, to avoid its spread.
In summary, digital banking has played an active role in fighting the covid-19. It has become an indispensable part of people's life convenience in the process of resisting the epidemic. With the development of science and technology, many new information technology products have emerged. These products greatly increase the anti risk ability of the whole society. Every member and organization in the society benefits from this. For example, the role of Digital Banking in this epidemic is very grateful for its existence. For example, in covid-19, the role of Digital Banking makes people very grateful for its existence. It is hoped that after the Digital Banking, there will be more emerging information technology products to become the leaders of changing the way of human life.
Darryl Proctor. (2019) What is Digital Banking?, Available at: https://www.temenos.com/news/2019/12/19/what-is-digital-banking/ (Accessed: 11th October 2020).
Jim Marous. (2020) COVID Crisis Creates Unprecedented Digital Banking Pivot Point, Available at: https://thefinancialbrand.com/100393/digital-banking-covid-coronavirus-consumer-experience/(Accessed: 11th October 2020).
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