We should feel grateful, as we are not in the phase where for every banking transaction we need to rush to our bank branches. From withdrawing or depositing cash to transfer of funds to your friends or relative. Just imagine, in this COVID-19 crisis, you need to transfer your rent to your landlord. For this, you go to branch and withdraw cash then hand it over to landlord. Seems quite difficult in these days. Thanks to technology, it simplified various tedious tasks for us.
These days if banking was as difficult as a decade ago, then it would have made our situation worst during current lock-down. As of now, we are not suffering much due to banking in this difficult phase of pandemic. We are able to stay at home as we have numerous ways to get our tasks done.
The impact of COVID-19 is seen on all business sectors like aviation, tourism, hospitality, healthcare, retail, etc. However, banking in this difficult phase of pandemic still seems easier in comparison to above. Although, COVID-19 affects it , however the working continues without any hindrance.
Banking sector has also implemented safety measures to ensure the safety of their employees from c. Practices like reducing the number of working hours and maintaining social distancing is implemented in bank branches. Despite huge digitization in the field of banking, still many activities involve human interaction. For instance, cheque clearance, creating demand draft facilities etc.
Banks need to ensure availability of hand sanitisers and basic hygiene within their premises. In addition, Banking in this difficult phase of pandemic should focus on more digitalisation and innovate new smart ways of working.