When something as unprecedented and unnerving as the COVID-19 pandemic hits the global economy, the repercussions are most likely to alter the style of operating and living in every way. At the onset of COVID-19, most businesses were struggling to survive as the new normal made their technologies and functioning methods obsolete in many ways. Fintech companies were rushed to penetrate speedy contactless payments while banks and other financial institutions reluctantly made heavy investments to deliver digital banking services.

Cloud Computing - A Catalyst for Digital Banking Transformation
The snowballing waves of the pandemic created a pressing need for remote self-service technology. To support such metamorphosis in the banking and fintech industry cloud support became crucial. A survey states that 87% of global IT decision-makers agree the COVID-19 pandemic will lead to organizations accelerating their migration to the cloud and an inevitable decline in on-premises workloads by 2025. Although in the pre-COVID-19 era, various banks and fintech firms were unwilling to switch to the cloud due to concerns like increasing costs, challenges in managing complex business data and workloads, re-training existing IT staff, and more; the pandemic has completely altered the approach towards the technology.