Economies around the world are disrupted due to the COVID-19 pandemic. However, these challenges provide an opportunity for enterprises to thrive by adapting to a new reality, becoming contactless and digital. Digitalization has taken on a new meaning, and it will continue to affect a growing number of sectors.
As the world is considering ways to reduce the disruption caused to humanity, now is an excellent opportunity to concentrate on digital transformation by recognizing its necessities.
Even if it harms the economy, the pandemic is spurring the digital transformation across corporate models, networks, and touchpoints. At the heart of this transformation lies the need for increased organizational agility and deeper links with customers.
Before the COVID-19 outbreak, technology adoption and digital consumption levels had been rapidly rising, with around 100 million people online. Despite the rise in coronavirus cases, the pandemic has accelerated the country's digital transformation, with the next 100 million consumers moving online quickly, effectively doubling the online market of consumers.
Digitalization in the Financial Sector
The essential pillars of the economy, banking, and payments have experienced a significant increase in digital offers and uptake. Digitalization is not a new concept in banking, and the pandemic has hastened the adoption of digital technologies that have extensive ramifications for the financial sector's future.
Digitalization is playing its part, as banks use technology to serve their clients and conduct routine activities.
Firms Recovery through Digital Means
According to a survey carried out by IBM Institute for Business Value, due to COVID-19, 59 per cent of the firms have seen an increase in digital transformation, and 66 per cent believe that they can execute activities that had previously faced difficulty.
Before the pandemic, many firms seem to distrust the technology capabilities and expertise of their workforces. However, amid this pandemic, those fears proved largely unjustified. Executives have become more confident in the capabilities of technology and are moving forward with the digital transformation. They plan to invest in technologies like AI, loT, blockchain, and cloud to recover from COVID-19. To ensure long-term success, businesses must ensure that their workforce is also efficient, robust, and adaptive like their technologies.
As a result of the viral outbreak, an increase in digital payments is seen across online grocery stores, small retail outlets, online pharmacies, and paying bills.
Contactless payments, as made with QR codes, wallets, UPI, or contactless cards, are getting recognition because they provide ease, security and allow users to maintain social distancing.
Since the beginning of the pandemic, India has provided $5 billion cash benefits to its most vulnerable citizens solely through digital payments. When the pandemic struck, the country was already on a digital-first path, with one of the largest volumes of digital transactions globally, which accelerated the adoption of contactless digital technologies.
The government also provided the lotteries, including the Lottery Sambad, to avail healthcare facilities during the pandemic. Another lottery that takes place daily is Khanapara Teer, and the Khanapara Teer Result is generally accessible.
Growing Technology Use
Indian states took advantage of COVID-19 to further spread technology, whether it was the government of Jharkhand's use of Collaborative Robots (Co-Bot) or Bengaluru's municipal corporation using drones to spray disinfectants, survey areas, and make public announcements.
Similar steps are taken by other states, including Telangana, Karnataka, and Gujrat, to reduce pandemic's effects. State governments are also employing technology to manage the demand, availability, and use of equipment such as ventilators and vital medical products, including masks and personal protective equipment.
The fast deployment of state-owned infrastructure has prompted a similar response from private industries. The Indian government has promoted a platform for school education named DIKSHA.
Bjyu's, the world's most funded educational app, has raised nearly a billion dollars. From a slew of investors, including Facebook, Jio, which is India's most renowned corporation by market capitalization, raised $15 billion during the pandemic.