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Impact of COVID-19 Lockdown on Digital Banking: E-Collaboration Between Banks and FinTech in the Indian Economy

Impact of COVID-19 Lockdown on Digital Banking: E-Collaboration Between Banks and FinTech in the Indian Economy
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Author(s): Narinder Kumar Bhasin (Amity University, Noida, India) and Anupama Rajesh (Amity University, Noida, India)
Copyright: 2021
Pages: 17
Source title: Collaborative Convergence and Virtual Teamwork for Organizational Transformation
Source Author(s)/Editor(s): Jingyuan Zhao (University of Toronto, Toronto, Canada)
DOI: 10.4018/978-1-7998-4891-2.ch008

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Abstract

The COVID-19 outbreak has drastically changed the life of every person and has infected people in 185 countries. Since no vaccine has been developed for this disease so far, lockdown, work from home, and social distancing and only a few essential services were allowed to open. Lockdown and restricted movement of people was the only solution to control this crisis. These steps taken by all the countries have stopped all the commercial activities which left all businesses, banks, and financial institutions to count losses and cost. The big question which has emerged that whether e-collaboration between banks and technology continues to be the key to success for finding solutions to the problems in this new environment which COVID-19 has created. This chapter examines the way the digital banking collaboration between banks and Fintech can resolve the problems provided by the COVID-19 pandemic and control the impending economic fallout in India and across the world.

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