Digital Transition Gathers Pace During Pandemic
The digital space has been vital for the world during the coronavirus pandemic. In response to school closures, travel bans and lockdowns, many people have turned to digital platforms for all their needs. This has forced businesses to shift their businesses online, and adopt a more digitized approach to offering their services and products.
This digital transition has not only enabled businesses to resume operations but has also enhanced the quality of lives in the midst of the crisis. The ability to work from home, order essential and have them delivered right to your doorstep, receive medical help using online platforms and even pay for goods using cashless methods have reduced the spread of the virus.
The digital transition has, however, been a culture shock to many causing stress, loneliness and the need to physically interact with other people.
In this article, we will look at major economic sectors that have benefitted from this rapid digital transition.
Banking
The onset of the coronavirus pandemic forced banking institutions to undertake drastic measures including protection of the employees, ensuring that flexible and home working options are available, protecting the supply chain hence maintaining business continuity. The sector also worked on providing clarity to stakeholders for smooth business operations.
The digital transition has seen most digital banks’ market share increase. This, however, was not the case when the virus started spreading. The increase in banks’ digital share can be attributed to the increased use of digital payments.
Also, new research claims that even after the pandemic, 45% of people with savings accounts are likely to manage them using banking digital services such as apps. Most people also state that they resulted in using digital banking platforms to avoid visiting the banks hence reducing the chances of catching the virus.
While shares in international banks fell at the onset of the coronavirus pandemic, shares in FinecoBank have soared 24% during the pandemic, making it one of the best performers in the banking industry.
With most people now comfortable with this trend, digital banking is likely to retain its market share even after the pandemic.
Social media platforms
Social media platforms have been pivotal in the passing of information during the pandemic. For the firsts time in history, these platforms have been important tools in the sharing of new information, new scientific findings, possible treatments, follow-up protocols while removing geographical boundaries globally.
These platforms have also helped reduce boredom and loneliness from isolation caused by lockdown and travel restrictions while also driving more connection, creativity and inspiring entertainment.
Seeing that the virus caused a surge in social media users, companies have also resulted in using social media platforms as marketing platforms, with businesses using Instagram more. Facebook, Twitter, TikTok, and YouTube are among other popular social media platforms that have seen a boom with the pandemic.
Social media platforms have also been vital in the provision of online counselling services and entertainment avenues.
However, the risks of social media misuse and misinformation still remain, with the risks of distributing fake data and myths that could lead to depression, anxiety and even in extreme cases suicide.
Telehealth
As health providers race to adapt to the coronavirus pandemic, the demand for telehealth has expanded. Older people and other vulnerable groups in society have benefitted from this digital transition. The convenience has been unmatched, especially with border closures coupled with the inability to physically visit hospitals. Telehealth has enabled health care workers to prioritize COVID-19 patients while also attending to patients with other medical needs.
Although digital innovation in health care has often been met with resistance over fears of compromising patients’ privacy, it has been essential in the provision of health services as the pandemic looms.
However, there are concerns regarding the impact on the patient to doctor rapport, legal issues, time constraints and financial barriers including billing, as well as long-term funding.
Remote learning
The coronavirus pandemic has changed education methods forever. With schools closed and more than 1.2 million children out of the classroom, the digital space came in handy with e-learning. This saw lessons being carried out online via digital platforms.
National efforts have also been put to utilize technology in support of distance education, remote learning and online learning.
COVID-19 has led to global AdTech investments including online learning software, virtual tutoring, language apps and video conferencing tools.
Also, online learning has shown to be effective as it increases teaching retention among students not to mention that it takes a shorter time.
However, the effectiveness of e-learning varies among age groups. For younger children, a structured environment is important as they tend to be distracted easily.
For students to reap the full benefits, there is a need for a concerted effort to go beyond replicating physical classrooms and provide a structure. This can be done through engagement methods and several collaboration tools that promote personalization, inclusion and intelligence.
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