THE EFFECT OF COVID-19 ON THE ACCELERATION OF DIGITAL TRANSFORMATION IN THE EGYPTIAN BANKING SECTOR.

• Author: ElKhouly, Sayed Elsayed

INTRODUCTION

The pandemic caused by COVID-19 has massive effects on the global economy, and many countries suffer a huge disturbance in their economy. Knowing that the banking sector and all the financial institutions are the backbones of the economy worldwide and during the last years, the banking sector has achieved an enormous milestone in the adoption of Technology toward digitalized services and money transfers between different types of wallets without human interference at all.

Governments with the main pillars of the economy (Banking, Health, Education...) are increasingly putting digital transformation at the front and center of policy agendas. Many governments and institutions had strengthened their strategic approach to digital transformation before the COVID-19 pandemic.

Governments are also devoting more attention to emerging digital technologies such as AI, blockchain, and 5G infrastructure, the latter of which is critical to support enhanced mobile broadband, Internet of Things (IoT) devices, and AI applications. By mid-2020, 60 countries had a national AI strategy and for the last two years several countries--including Australia, Austria, Colombia, France, Germany, Korea, Spain, the United Kingdom, and the United States--have issued national 5G strategies.

Blockchain and quantum computing are attracting increasing policy attention, as well. Several countries have issued a blockchain strategy (Australia, People's Republic of China, Germany, India, Switzerland), while others (France, Italy) are developing one.

The virtuous circle between digital innovation and digital transformation is a fundamental driver of new business models and markets, and digital technologies hold the potential to strengthen the science and research systems that are proving so critical to countries' COVID-19 response and recovery. Yet countries are also recognizing that the way in which these technologies are used can pose risks to human-centered values, as well as privacy, security, and consumer protection. This gives added impetus to their efforts to set strategic directions, including at the international level, collaborating towards trustworthy technologies, but must do more to build an inclusive digital future.

LITERATURE REVIEW

COVID-19 is a new strain of coronavirus that has not been previously identified in humans. COVID-19 is the cause of an outbreak of respiratory illness first detected in Wuhan, Hubei province, China. Since December 2019, cases have been identified in a growing number of countries.

A-Banking Industry Information Technology

Banks have been the most important users of information technology and also have the biggest appetite for new technology and by all appearances, this trend has continued. Operations management in banking is a transformation system that converts inputs such as employees, computer equipment, facilities, energy, and money into outputs that include loans and deposits. A careful analysis of external and internal forces must be done because the strategy defines how the bank intends to compete.

* The external environment includes competition, customers, economics, technology, and social trends.

* Internal considerations include resources, the skills of the workforce, facilities, and current systems.

Based on which business strategy the board of directors chooses, the bank's operations strategy must be aligned with the business strategy The thrust for business development is to penetrate existing markets, deliver products and services to new geographic markets and strategically manages our business mix to achieve a superior result. The operations strategy must examine both the external environment and the internal environment. Once this analysis is complete, an...