COVID-19 impact on e-commerce digital transactions on Banking Institutions

Abstract

The outbreak of COVID 19 affected the digital transactions in banking institutions especially in e-
commerce. It helped to increase the uptake of the digital payment and online banking solutions
with the ac corresponding e-commerce sales shooting by 23 percent. Lenders adapted the
importance of the upgrade in the payment system and embraced digital solutions, cloud services,
and blockchain. However, other factors like the security threats, specifically hacking as well as
the cashier’s expectations of regulations were realized. This was brought about when the COVID-
19 pandemic broke, which saw people shift their operational activities online hence accelerating
future banking changes.