A Study on the Impact of Covid-19 Pandemic in the Adoption of Tech-Driven Banking in India

The Banking sector India has been succeeding in implementing IT enabled techniques for its operation for last few years. By offering better quality services and products, the banks can able to retain its major customer base and the customers are experiencing feasible banking operations with the help of information technology. The COVID 19 pandemic outbreak has adversely challenged the banking sector in India. Earlier the banking customers used to visit the bank branches to avail banking services. But during the pandemic period, banks have experienced a more shift towards the digital or internet banking. The banking sector has been facing a difficult task in understanding the new behaviours and to meet the requirements of consumers with relevant products and convenient services, and to adapt their business services to social changes related to the pandemic situation. The article throws a light towards the banking services during the pandemic times and the growth of electronic banking. The general objective of the study is to provide a practical perspective on the impact of the pandemic on consumer behaviour of banking products and services and thereby analyzing the growth of mobile /internet banking. For the purpose, we have analyzed the overall inward and outward mobile banking transactions of banks in India and mainly the mobile/ internet banking transactions of two new generation banks i.e, AXIS bank and ICICI bank, for a period of 4 years from 2018 to 2021. The article results highlight that the COVID-19 pandemic effect on consumers’ lifestyle has a direct and positive influence on the growth toward internet and mobile banking services.