COVID-19 Has Accelerated Digitization—Here’s What That Means For Your Money

COVID-19 has changed the world we know forever, not least because it brought about accelerated digitization across industries. But with crisis comes ingenuity. In a contactless world, the vast majority of interactions are virtual. And adapting your business or personal life to the digital world is the way of the post-coronavirus future. 

The Economic Impact of COVID-19

Isolation and working from home have been necessary measures to prevent and reduce infection spreading. Accelerated  digitization has stepped in to bridge the gap caused by social distancing. This means that there has been a sudden requirement to digitize processes such as paper-transactions, shopping, meetings, classes, and banking. 

Of course, isolation and this shift towards digitalization have come at a cost. So what is the economic impact of COVID-19? 

Before the pandemic, the U.S economy was doing very well, and unemployment was at a 50-year low. However, because a significant portion of the economy closed, this fell during the second quarter by a massive 31.40%. On top of that, unemployment unsurprisingly spiked to its highest rate since WWII. 

But things are not as dire as they might seem. In the face of unprecedented challenges, we’ve seen remarkable ingenuity. And with it, a digital boon as businesses around the world look for fresh ways to retain workers and engage customers. 

The Rise of Online Banking and Accelerated Digitization  

COVID-19 also changed banking forever. As quarantine orders rolled out, banks closed across the country. As a result, online banking became an instant necessity. Many banks were unprepared for this massive growth for digital services, and it shows. 

Reluctant online-banking users were forced to evolve and turn to digital solutions for their banking necessities. However, lagging, long waits for customer service, and an over-reliance on automation meant that the customer experience was at an all-time low for many. 

This new digital banking era calls for not only a functioning and easy-to-navigate website but also the rise of mobile banking apps. These apps should be user-friendly, simple, and cover customer needs. That’s where DEXSTA can help. 

With the DEXSTA mobile app you can: 

• View all your accounts from one app
• Direct deposit all your checks from employers
• Transfer funds
• Remote deposit of physical checks
• View and schedule bill payments
• See all pending transactions
• Make loan and credit card payments from your phone

Digital Banking Doesn’t Have to be Stressful

Many may view online banking as a complicated or stressful experience. For those that are part of a commercial bank, it can be. However, innovative institutions such as DEXSTA can ensure online banking is seamless and easy. Plus, by working with a local organization, you’ll get the convenience of digitization with a personal touch. Whether you need online banking for business or personal needs, we’ve got you covered. Stay ahead of accelerated digitization and protect your money with DEXSTA.