Impact of Corona Virus on Banking Sector

The fear of Corona Virus doesn’t seem to get stopped even after taking out the lives of more than thousands of people it doesn’t seems out to be stopping and its really a fear factor actually it not only takes the lives of infected one but also affects the lives of non-infected people in various ways.

Its been really a deadly virus so far and scientists all over the world are trying to find out a vaccine for it but it seems like a very impossible, yes it may be found but definitely it will take a lot of time. But until then the virus would have taken the lives of so many peoples for sure.

At initial stages, it was started out only in the region of china but later it has spread out to the world.

Effect of Corona on Banking Sector

By seeing out the topic many of the people might have thought how the virus is going to make an impact on the Banking Sector, yes it is highly possible because most of the people due to the fear of this virus they are very much feared to come out to the banks and make transactions that’ll be happening every day. while some major top-level banks are even facing these issues then the think about small scale banks how they are gonna tackle this situation.

Yes, it is a very difficult situation for the bank since their funds are not able to come, and people are not able to go their jobs so they won’t be getting their normal pay which in turn makes them not to pay up their EMI or loan amount so it will make a huge loss for the bank. And they can’t even name out the users account as a non-performing asset to get their money back on artificial intelligence

Along with the progress of ATM machines also not so good because it is very much difficult to refill out the money in the ATM’s since the workers are not coming to the work regularly because of this scare.

Also, people were using their cards daily but in order to update them regularly AI has to work but in order to make the AI work there need to be workers since the workers are on Leave the AI is not performing well which in turn people are not able to make out the transactions.

Read also the future of digital banking

This is what the virus has made out on the Banking Sector.

Martin Guptil

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