Online Banking In Time Of Covid-19

According to health recommendations, one of the most effective ways to contain the current COVID-19 epidemic is to avoid personal contact. This means reducing the movement of people and increasing the time they spend at home as much as possible. In line with these indications, most banks in the affected countries have reduced the opening hours of their branches and they recommend their customers use online banking

To encourage the use of this channel, many banks have taken the opportunity to send out positive messages and to remind their users of the benefits of online banking. These benefits include the ease of carrying out any transaction 24/7 and enjoying permanent access to all financial information in real time. Some banks have also tried to promote online banking by sharing tutorials and expanding the types of transactions customers can carry out remotely.

For users themselves, there are also a number of factors driving the increased use of online banking, such as the fear that cash could spread corona virus. Analysts say the psychological factor of people thinking of cash as “unclean” could prompt more adoption of payment methods

Data on the use of online banking services in Egypt  shows that 30 % increasing use online banking from January 2020 till March 2020 and in End of 2020 i expected from my Research that the increasing will be 35% in the Middle East Region.

The author:Mohamed Magdy Zaki AL-Siqiili