The Covid-19 Pandemic and Digitalization in Financial Markets

Abstract

The COVID-19 pandemic, which began in China at the end of 2019, quickly spread worldwide. Since the emergence of the coronavirus (Covid-19), all countries have faced unprecedented challenges in many areas such as health, the economy, supply chains, and finance. In addition to all these problems caused by the pandemic, it has accelerated digitalization in many areas and has led to new global trends. One of the areas affected by the acceleration of digital transformation is the financial markets. The development of technologies such as Big Data, Cloud Computing, the Internet of Things (IoT), Artificial Intelligence (AI), Super Computing, Blockchain, and Virtual Reality (VR) has a crucial role in increasing digitalization. This article examines how Covid-19, which affects the whole world, accelerates digitalization in financial markets. According to the research results, digitalization, in other words, the dehumanization of work and processes, has become a top priority for companies during the Covid-19 pandemic. The rapid increase in digital payment systems and the increasing investments of businesses in technological infrastructure and cybersecurity are just a few of the changes that Covid-19 has accelerated in the financial markets.