Digital banking brings revolution during COVID-19

Banking in India was supposed to be the supporting pillar of economy. It has leveraged the Indian financial system for decades. 75% of cybersecurity professionals representing financial institutions around the world made dramatic changes to their firm’s cybersecurity programs to cope with the rapid shift to remote work due to the COVID-19 pandemic.

The key findings of the poll included:

• Digital banking tools were ready to securely handle a huge increase in volume as only three percent of respondents saw these tools driving significant program changes
• 11% of respondents said third party risk concerns led to dramatic change
• 46% reported their financial institution is likely to invest more in cybersecurity post-pandemic

The COVID-19 pandemic has forced businesses as well as their customers to drastically change their selling and buying processes. One of the key developments in this scenario is the visible increase in the share of digital collection done through mobile apps.