Digital Future of the Financial Institutions during and after the Covid-19

The year 2020 has been a year of many unexpected events that affected the global economy at its large. The outbreak of the pandemic (Covid-19), brought about the global economic crisis through preventing the social interactions of people physically as the means of preventing the quick spread of the disease.

Many countries encountered the so called lockdowns where businesses especially small scale and middle scaled were closed due to lack of money circulation. People no longer went to markets, malls and shopping centers. On the other hand sports, assemblies and gatherings were globally abolished and put under sever control to monitor the spread of the disease.

Internet access, digital financial inclusion, and expanding remote education possibilities have become crucial aspects of technological development amid the Covid-19 pandemic.

The financial sector is not isolated in encountering the challenges of this pandemic. The economic instability affects the banks as well, microfinance institutions and SACCOS are also in this group. The rate of deposit decreased and hence the circulations in banking also was disturbed. Yet with all these factors at hand, life has to go on as planned people need survival and business must go on. In these period and circumstances like these is when we learn on vital aspect that, today business must rely and be focused on Digital platforms.

We have had quite good examples in this period of the pandemic of businesses and companies that sustained their economic situations and others even exceled by using the pandemic outbreak on their advantage.

The main reason behind is the usage of the Digital systems to run their day to day activities. The financial sector for instance the most used platforms were and have been online banking applications, loan requesting, loan follow-ups, signing new clients, signing new deals etc. with the exceptions of the countries that business were allowed to resume as usual such as Tanzania.

The call still remains that financial institutions have to deploy digital systems and financial technology systems so that it fosters their way daily business. It is at this juncture we introduce to you Amala Core Banking a digital financial management system that allows your financial system manage its day to day activities without being complied to have physical interactions.

Amala Core Banking gives your business with plenty of best and premium features such as Loan Management feature, Client management, Share management, SMS Notification Campaign, Loan Calculator and so many other beautiful features that will suite and add value to your business.

Our services support are available at all times 24 hours 7 days with customer preference experience. Our team is devoted and dedicated to give our customers maximum satisfaction of our services and support.

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