Will Covi’19 induce financial advancements? According to you, what kind of advancements will be provoked in near future? What impacts will they have on economy?
can refer to
OECD Policy Responses to Coronavirus (COVID-19)
" The impact of the coronavirus (COVID-19) crisis on development finance"
The following manuscript allows you to answer your question, regards
Article Economy or Health, Constant Dilemma in Times of Pandemic: Th...
Aroosa Khan
COVID-19 will definitely induce financial innovation, more precisely, it is the "FinTech". Reasonably, due to travel restrictions and social distancing, people became more familiar with and got used to online banking and mobile payment apps. Noticeably, many traditional banks in Bangladesh came online during COVID-19 and offered extensive services. That's an auspicious change, for sure. However, FinTech companies facilitated more contributions.
The economic impact of this innovation is payment mobilization (payments, savings and borrowings) which may affect aggregate investment, net exports, and other macro variables. Technically, it is an empirical issue and cannot be enumerated right now. Theoretically, the contribution of FinTech companies significantly keeps the economy " on-the-go " mode. The demand for and supply of money may be studied to examine the impact.
Lastly, this innovation, I believe, will include more marginalized people into financial services.
Regards.
I do think yes. always there is a challenges are people with new ideas. Let's hope our goverments share this innovative spirit