CROWNCRISIS AND ITS IMPACT ON DIGITAL TRANSFORMATION OF BANKS AND THE BANKING SECTOR IN GENERAL

Abstract

The COVID-19 pandemic has caused an unprecedented human resources and health crisis. The measures required to contain the spread of the virus triggered an economic downturn. At the moment, there is huge uncertainty about its depth and duration. Central banks around the world have become the first line of defense, taking steps to maintain the stability of the global financial system and support the global economy. Interconnected processes are the formation and development of basic institutions and the state. One of the fundamental institutions is the banking system, without the appropriate activity of which it is impossible to develop the economy in modern conditions. The impact of the pandemic on the banking industry is described. The COVID-19 pandemic has had a noticeable impact on the overall economy. Statistical data are presented. The inevitability of a collision of the banking sector with financial losses is indicated. Conclusions are made.

Keywords

• banking sector
• coronavirus pandemic
• lending activity
• reserves
• risk