IMPACT ANALYSIS OF COVID-19 ON DIGITAL BANKING MARKET

The global digital banking market registered a revenue of nearly $803.8 billion in 2018 and is anticipated to grow at a 10.0% CAGR, surpassing $1,702.4 billion by 2026. The market has witnessed a significant growth previously, but due to the unexpected COVID-19 outbreak, the market will witness additional growth in 2020, owing to the rising adoption of mobile payment solutions. This growth will be majorly driven by changing customer behavior, increasing focus of the people from visiting bank branches to online access of bank services.

With the worldwide spread of COVID-19, the bank operations have been hampered. Borrowers and businesses have faced losses, there has been sluggish growth in sales, and decline in profits. On the other hand, this pandemic has been considered as an opportunity by some to launch digital offerings. Thus, banks have been effectively using the digital tool and providing alternatives to in-person banking and physical exchanges attractively. Our analysts have estimated the condition of the digital banking market during the COVID-19 outbreak and have come to the following conclusions.