Digital Transformation: Pandemic led acceleration



After the emergence of Covid 19, a terrific situation came into existence that transformed the life of every human being in India and the whole world. It influenced life in all activities. Financial need is essential for every household which was affected by the Pandemic. There were different kinds of changes that forced people to choose digital transactions. Despite many presuppositions regarding digitalization, people were impeded from acting this way. They had to include digital transactions in their daily life because there were lots of restrictions like lock-downs, social distancing, a fear of contagious viruses, etc. Therefore, digital transformation was the only way to move on.

After the demonetization, there was a revolution in the online payment system because of the lack of cash and difficulties in withdrawing money from banks. But it was enriched during the Pandemic only.

There were many presuppositions about how it will be successful, especially for those who are not using the smartphone or those who have no ideas about how to use different kinds of UPI or wallets. It was a matter of concern even for the literate person who had not used it previously. But with time, the Pandemic played a role as a catalyst for digital transformation.

A reliable news agency revealed its data that there was a 200% increase in the use of mobile banking in April 2020. It increased the traffic of Internet banking by more than 80%. 40% of contactless transactions were recorded during the Pandemic; approximately 50% of customers started using mobile wallets and visited the bank in online mode only.

These data show the frequent changes in digitalization and a high rate of success for digital transformation. Even after the cessation of the effects of the Pandemic, numbers of people using digital transactions were stable. It became the lifestyle of a user because it was easy and beneficial.

With the increase of digitalization, it has become beneficial for lenders and consumers because all the documentation is done online. Customers do not have to visit the branch for a loan; it takes less time. Approval of loans became easy for customers. Overall, digital transformation played an essential role in making lifestyle easier for every household.

With the digital transformation, some essential factors must be discussed to strengthen digital marketing. These are as follows.

Experience of customer

The customer’s experience with their bank must be satisfactory, and the bank must focus on the convenience and facilities of the customer. A bank must increase the reach rate for consumers where they can quickly go. Any bank must provide their internet banking facility with a healthy and frequent server without interruption. All the requirements must be considered by their respective banks. It will enrich the business.

Efficiency of Operations

Any bank must be sure of the efficiency of their work. It is necessary to monitor their working process and its outcome so that they must create a positive impact on the trust of customers. With an efficient marketing policy, any organization can improve rapidly.

Data Management

Data management in digital marketing is a crucial factor; using online banking, banks have sufficient data on customers, like their transactions, available balances, etc. So, data management gets strength with digitalization, and it has become easy for banks to work quickly and transparently.

Risk control

The organization must be sure of its risk control policy in digital marketing. There are lots of challenges because of data and transactions. So, the risk control policy must be implemented.

Overall, the rate of digital transformation will increase with the increasing rate of literacy and education. Education is a concern because it is directly proportional to digital transformation. After grasping the appropriate knowledge, Anyone will be able to use all the digital platforms.

Now, these days many financial organizations like Everyday loan India are playing a vital role in promoting the digital lending process, and it is helping millions of people to get loans as financial support with sufficient rate of interest to fulfill their requirements, like to purchase home appliances, medical expenses, traveling expenses, bills payment, etc.

Ultimately, it can be noticed that the Pandemic Covid 19 accelerated the rate of digital transformation, and it was proven to be a boon for digital marketing and the financial sector.