INTRODUCTION:

Background of Economy in view of COVID.

The COVID-19 pandemic has emerged as a most severe public health crisis of the 21^st century and the largest threat to humanity since World War II. However, this pandemic proved to be more than a health problem and presented an unparalleled socioeconomic crisis. It has also caused widespread devastation and has affected everyone, thus leading to both immediate and long-term negative economic and social problems.

There were adverse impacts on social activities and economic trends although the extraordinary policy measures taken by governments/Apex Banks eased financial conditions, preventing a deeper economic downturn. Apex Banks and Regulators have played a role of a savior as they successfully engineered the financial rescue. Governments also contributed significantly towards relief measures.

COVID-19 pandemic substantially lowered economic production and increased unemployment. This is known fact that when economic activity falls, unemployment rises. Governments are faced with a daunting trade-off problem when more stringent containment measures to reduce the occurrence of COVID-19 are in place. Opportunity cost and a trade-off is very high in this measure and needs economic analysis to arrive at the conclusion and balance the act.

Role of Banks in Economic Recovery:

We all know that the covid-19 crisis has also impacted banking sector and the same is under stress due to high levels of credit losses due to economic downturn. However, despite these factors, Banking sector enjoyed a positive momentum during the pandemic, channelling the flow of credit and public guarantee loan programs to the economy, and enjoying flexibility measures by regulators and supervisors. Yet, in the middle of the financial turmoil over the past few months, banks were a source of resilience.

The Apex Banks introduced timely measures to permit restructuring of loans, amid the ongoing Covid crisis which is hitting businesses hard. Besides, a large credit gap continues to be filled by the banking industry: giving forbearance and giving consumers greater access to loan facilities. The banking sector has also played a crucial role in dispensing the fiscal packages of government. Banks, need to continue to play a significant role in shaping the recovery and helping their clients reinstate their financial stability and business health. This will authorise banks to refocus on better understanding the needs of their customers and in parallel, adjusting their operating models to make sure the best measures of performance and stability to help them cope with recovery.

The digital economy and the business models of banks

The impact of technology on banking business models has been significant, perhaps despite the Covid- 19 crisis and in fact digitally strong banks have shown lot of resilience during crisis. Banks have no option but to change the way they provide financial support in the face of increased rivalry, particularly from new fintech entrants, and constraints related to profit. The effects of technology in the organization of financial administrations are perceived from a certain point in time. The mechanical advances have influenced in particular the management of payments, but together with the activities in the areas of capital, they have suffered also credit growth and the pooling of deposits. There has been a rebound over the past decade, with the section for new types of suppliers ("Fin Tech" and "Big Tech") in different parts of the grant. The new change in payment administrations is identified both with the type of existing administrations and with the degree of externality of the network. Blade Tech lenders are more present when the general improvement in the country 's own financial system is larger and is less severe, but less when the country's policy is more stringent. The non-bank arena is not yet a very popular deposit-type fundraising exercise, which is possible due to concerns about administrative weighting. The footsteps of Big Tech, with whose cutting-edge innovation and above all its greater access (relative) to (large amounts) of information could make significant progress, but still have to do with the date.

Digital currency, payments and banking:

Banks were the control of the types of cash and digital payments for a bit ' of time. “This is a direct result of the administrative protection of deposits (the digital payment resource), their selective admission to national banking regulations, and their close association with the credit card companies that owned and controlled the foundation Disbursement. An underlying of the standard test came from cryptocurrencies - Coins - digital assets (such as Bitcoin) in relation to the payment of a technology that was completely unrelated to the usual channels. However, their reliance on independent registration units without an adequate tax structure led to extremely high unpredictability costs, which led to its use in illogical payments. We've also seen other more successful digital assets that don't appear on bank money balances. These assets can accept many structures: electronic wallets, stable currencies, or compensation to a telecommunications provider. The benefit is not in the actual asset, but in the associated payment technology”. Hosting payments and connecting to various elements of our evolving digital life have been the keys to progress.

The world after Covid:

The coronavirus will accelerate some current digital finance models, others momentarily reverse, and affect both the public and private parts of various regions. Above all, it is going to accelerate the digitization and reconstruction of the area. Large technology companies have every opportunity to establish itself in the world post Covid in his collection. “They are digital spaces and have the technology, customer base and brand awareness, as well as huge amounts of data and abundant resources. They also have the incentives to dabble in financial management. Regardless, banks may also welcome a resumption of relationship lending as they continue to lend to customers during the crisis, with sensitive data more important than hard data.

The impact on the banking sector:

The large-scale global monetary climate is under pressure and has become sensitive due to the COVID-19 pandemic. The blocks, disruption of the workforce and the decline of currency movements around the world have affected the banks directly and out the back door. This crisis is an opportunity of extreme randomness that has not been considered in the random models. From an operational point of view, interruptions of labor, travel restrictions, call flow, managers stress, social separation on real channels and inadequate digital development interrupt the ability of banks to react appropriately. At company level, reducing the safety and use by buyers, new and pervasive dangers, deterioration in the quality of resources with potential financial problems and the provision of additional capital, payments of expenses suppressed and banking and international operations Exchanges enormous difficulties trade.

Deferred or delayed payments and advances have been observed in all activities, which may indeed require greater provisions to deal with credit problems. Liquidity problems have arisen because some fragments of customers withdraw money for their own well-being or rely on overdrafts to keep their business. Bank branches have closed due to the collapse of the complicit and inventory network as digital and financial calamities increase. Banks are also struggling with general pressure on revenues and margins. Channeling public aid to the right recipients in difficult blocks, such as small and medium-sized businesses and large corporations, is both a test and a business opportunity. Therefore, the COVID-19 crisis also offers very promising coverage for banks.

The challenges of banking business models:

Banks play some key roles in the economy, especially in overloaded “financial systems such as those in Europe and Japan. First, banks measure the data and selecting borrowers, on which helps them to establish business relationships long term. Second, banks cause changes in development policy when they extend advances with long developments and accept sight deposits. Third, quotas are assigned to administrations. Banks in the US and Europe have a massive business model that offers retail and discounted remittance management simply by turning to domestic bank remittance settlement accounts, although this is evolving. After all, they represent a threat to the board of directors of their clients and retain the risk associated azioni.2 Banks use different business models. Strict guidelines and monitoring in case of imminent decision impulses have changed these business models aftermath of the global financial crisis of 2007-2009. Within the commercial banking model, smaller banks reduced remittance subsidies to obtain more stable retail financing, while large banks continued to focus on the general financial model”.

Drivers of demand and supply for the digital disruption:

Elements on the generally innovative inventory side and on the interest side, such as changes in buyer assumptions for management, are driving digital disruptions in the financial sector. “The important components on the side of the mechanical bearing cells are advanced, web programming interfaces (API), cloud technology and corresponding recording technology (DLT). In addition, the construction of the market and of considerations policy (see below) can also lead to disturbances. Mobile phones have expanded the accessibility of financial administrations and housing has become a place for outside engineers. They offer many features, including payments (ie digital wallets), money transfers, and Internet shopping. The APIs have enabled improvements to the Guide, including faster payments and separation of administrations. They ensured the standard for data exchange in Open Banking and expanded the possibility of free competition by helping clients think through articles and administrative contributions. Asia is at the forefront of its combination of financial management, with payment applications being part of a group of web businesses, tours, transportation, food orders and commissions (Alibaba and Tencent in China are true role models) and they currently serve one billion customers. New payment systems, such as advances to buyers with a short credit history, are often tested in less established regions (e.g. African countries) and thus enable innovative advances for people who do not have a ledger but are targeting bank managers a through their cell phones”.

Strategies for competitive players:

Prior to Covid-19, during this phase, the bank moved from a relationship-based stance with an emphasis on sensitive data to a data-driven, market-based stance with robust data mining and analytics. Payments were a stopping point for new entrants. What methods have used the different actors (banks established company FinTech and Big Tech)? Furthermore, if politics dictates how to ensure a uniform battlefield between incumbents and participants, rivalry is almost certainly not prohibited at this point. In all cases, agreements that could suggest flawed policies between the FinTech company and BigTech, on the one hand, and the user banks, on the other, promote pace and contestability and reduce replacement costs. As we continue to say below, but it could be a temporary extension of the rivalry, if in the long run a restrictive infrastructure is generated through your BigTech company or a change in potential occupants.

Regulation, politics and financial stability:

In any case, the digital convulsion in finance raises administrative issues in the areas of finance: micro-prudential, macro-prudential and competition policy, insurance buyers and data tables. Micro prudential politics (like the politics of rivalry) creates a flat battlefield for occupiers and competitors. It is possible that new financial service providers face a lesser administrative burden because some digital elements not yet have succeeded. It could also be that banks are forced to pass data on to new vendors, as a result of open banking, while new employees have access to databases that they don't address (as in the BigTech case it would be). The basic methodology of many departments depends on the rule that risks must be controlled equally in all financial services. The research is the point where you have to get the "administrative convenience", which means that the exercises and substances must first be under the control.

Two current models to get the administrative advantage is the digital currency and the currency stable. Global business operations could be compromised, as general administrative gaps, for example in data backup systems, cause a market split and, for example, block the activities of organizations in countries with prohibitive data backup systems. Several legal systems may invoke the inability of the administrative bodies of these third countries to supervise businesses in a sustainable way. The leadership and supervision already attractive supranational cannot be envisaged in the short term in the light of the current cantonal and safety concerns. The problems of tax evasion related financial technologies are likely to give rise to a global administrative effort.

The bank in a post- Covid world:

The corona virus will accelerate some current patterns in the financial world, reverse others briefly, and affect much of the arena (including drivers). The coronavirus expands and lengthens the period of lower financing costs or adverse and accelerates the digitization and increasing interest in IT, with an increase in operating and risk of digital attacks. It will be a time to increase delinquency, affect productivity, support banks' ability to create capital and cribs, and strengthen their borrowing capacity. In the Eurozone, this will create a cycle of destruction between sovereign and banking risks, as the planned massive expansion of the borrower's share, particularly in southern Europe, could raise questions about the ability to hold government bonds over the medium term. The Covid-19 crisis will also result in a short-term resolution of capital and liquidity requirements. Either way, the outcome could be reversed over time to avoid extreme events that appear to occur more regularly than expected. In pre-Covid-19 world banks have faced the challenges of low refinancing costs, the tradition of the global crisis with high NPL, new entrants and digitization, as well as significantly higher administrative costs. In the post-Covid-19 world, these difficulties will be exacerbated, with the administrative burden reduced only temporarily due to the looming crisis.

Management of Risk:

The very idea of the financial business, day by day, requires banks to become specialists in the evaluation and monitoring of opportunities. Banks are there to meet the challenges of their customers and to support them against general threats to bury the temporary danger and the risk of liquidity. By offering executives risk items to its customers, the current bank ingests an inventory of risks.

Business models in the banking sector:

While most will take full advantage of any of the features described above, “banks employ a variety of business models based on risk appetite, market specialties, and similar benefits. Each financial business model emphasizes some years more than others and influences the layout of your balance sheets. It is important to consolidate business models, as each can have different levels of performance and risk factors for investors and management organizations to adjust or reinforce good business decisions to produce reliable long-term profits. The banking business models are generally divided into four classes: two banking business models, a model exchange and a model all- inclusive. The main commercial banking model, known as the consumer-driven business model, is funded primarily from stable sources such as deposits, with limited interbank promotions. The second commercial banking model, known as the subsidized global model, has a higher remittance load and a more dynamic interbank market than deposits. The business model driven by the stock market has a limited portfolio of loans compared to the portfolio of the market and a less stable refinancing and discount interbank market. After all, the overall business model is a cross-fit of the other three, with a moderate loan portfolio, critical portfolio measures, a solid deposit base”, and a functional interbank market as a borrower and loan specialist.

LITERATURE REVIEW:

Hari Krishna Prasad G (2020) leads the Banking Industry Advisory Group of TCS's Banking, Financial Services and Insurance (BFSI) Business Unit. He has more than 20 years in the fields banking, IT and operating of counseling. It has led to various digital brainstorming, development and change activities for TCS global clients. Hari communicates with banks and financial foundations around the world and supports the authority of thought. He recently worked with Bank of America on its global treasury services. He has a Masters in Financial Management from Sri Sathya Sai Institute of Higher Education, Prasanthi Nilayam, India.

Srinivasa Kumar Yerchuru (2020) is the head of the Industry Advisory Group of the Banking, Financial Services and Insurance division of TCS (BFSI). He has 27 years of experience in consulting, agreement improvement and execution in the BFSI industry. It is widely involved in the development of multi-million dollar programs for the industrial change, from concept to implementation in the capital markets and in safe havens, including custodians, pool of profits, resources of major global banks and speculative banks. Srinivasa holds a Master of Engineering from the Indian Institute of Sciences, Bangalore, India, and a graduate of the Stephen M. Ross School of Business at the University of Michigan, Michigan, USA. UU.

Ana Segovia (2020) The goal of the IESE Banking Initiative is to build a meeting of leading specialists to focus on new improvements in the banking and financial markets, with a focus on guidelines and political competition, as well as effects on models of investment. activity in the commercial field. banking. It promotes an exchange of views and instructed the recent concerns in banking and financial markets under the school, the guardians of the organizations the private sector and the company's ordinary.

Zhiqiang Ye (2021) “The main report has rated the administrative change in the financial system after the crisis triggered by the Great Recession 2007-2009. It is a year that we could not imagine having to unexpectedly face another serious crisis. We therefore express that the next global crisis could have several beginnings, perhaps in elements that play the role of banks but outside the administrative margin, with increasing operational risk or in a developing market where the directive in relation to the examples transformed from the west. The crisis unleashed by Covid-19 can affect the financial system by increasing terrible lending, keeping funding costs low for a time, and accelerating past trends such as digitization. The crisis will test the administrative changes that have been made since the Great Recession, which we detail in the main report. There we came to the conclusion that the system has been strengthened, but there is still more work to be completed. We will see what the current crisis will mean for banks and shadow banks. In this second report, we look at changes in banking business models and recognize that the challenges facing banks in the pre-Covid-19 world, low funding costs and digitalisation, will become even more extreme in the post-Covid-19 world. -19. 19. Banks should be such as to significantly increase during the crisis impaired loans, albeit with a temporary relief establishment of a strong and huge liquidity assistance to domestic banks guidelines”. The reconstruction of the region is accelerating. An open inquiry is whether the permanent incumbents will advance, or the incredible BigTechs will move to the region with power or perhaps some other type of scene- based oligopoly will emerge, including some changed subject bank residents.

RBI (2021) Amid the vulnerabilities stemming from the second wave of COVID-19, the Reserve Bank said Thursday that a robust restoration of household use and risk would be critical to support post- crisis monetary developments. As 2020-21 left a scar on the economy, the RBI said in its annual report: " In the midst of the second wave starting in 2021-22, the inevitable despair will be relieved by the conscious good faith developed through campaigns.. Vaccination ".. The second wave of the pandemic resulted in revision of projections for the current financial situation, and the provision appears to move towards estimated RBI 10, 5 %, the report added. According to the RBI, the pandemic “is the greatest danger from this point of view. The potential gains also come from the public sector investment decision, the increased use of the limit and the recovery of imports of equipment products”. One other frame of what could lead to a resumption of development after the crisis, said the RBI. "For self - management to sustain GDP development after COVID-19, a strong recovery in private use and speculative demand would be critically important, as they account for around 85% of GDP. "

OBJECTIVES:

1. The challenges of banking business models are examined

2. Study on the digital economy and the economic models of banks

RESEARCH METHODOLOGY:

The design of the study:

Methodologically, the review uses an interesting means of graphing the impact of COVID 19 on key performance indicators of the financial system. He carried out the mediation approach of the info-performance strategy in order to select the key factors to be considered in the long term. The preparation of resources, allocation of resources, the skills, the income and the cost factors are carefully selected to assess your vulnerability to stun.

The crisis of Covid-19 is unique in comparison with the crisis financial of 2007-2009 and the crisis public debt in 2011- 2013. First, it affects the real economy directly, exacerbating the interruptions of supply due to disruptions in the global chain of demand closures after freezing. Second, it is an exogenous, unexpected and symmetrical shock for several economies. In general, this requires different policy responses to past emergencies. What is needed now is to secure the liquidity regime for companies (of any size and region) by protecting the financial sector from conceivable corporate failures, thus creating a greater inflow of bad loans and a channel of capital.

Information processing and relationship loan:

One of the main elements of banks is their ability to address, or potentially strengthen, various educational problems in the relationship between debtors and creditors. An important topic for a credit professional is how to select credible borrowers, that is, how to select borrowers and support positive equity valuation projects. A more important question is whether borrowers need to do something to use the acquired assets. This activity can be the level of effort or the decision to make among many other dangerous options.

Development of the bank's profitability:

Crises have a constant impact on stealth exposure affecting the financial district and the 2017-2018 financial crisis 8 was no exception. The pre-crisis period was characterized by a development-oriented global portfolio, strong influence, abundant liquidity and overvalued assets it represents. The problems of the Indian financial system have moved overseas in both the financial sector and the real world. The delinquencies have increased, the sources liquidity decreased and the risk premiums have increased for most of the resources, which makes it unaffordable renegotiation. These trends have been reflected in banking performance.

Banking and other financial services:

At this time, there is no agreement on what technology the design of the state's final financial accounts and the business models of banks can mean. However, it is clear that some financial administrations are more victims of innovative improvements than others. The first step is to separate the tax authorities in this direction.

Therefore, these capabilities can be planned in explicit elements, even incorrectly and periodically with huge coverage. For example, the managers of deposits and loans take some elements of development, but change the elements of common long-term investment funds (benefits, disaster prevention, etc.).

Table 1: The importance of specific financial services in favor of banks (2017 data, large areas only)

√√ $1745 Billion Institutional, corporate: credit, deposit, insurance (life and P&C) √ $1525 Billion Payments (retail and wholwsale) √√√ $715 Billion Asset management, wealth management √ $670 Billion Investment banking (underwriting; M&A, advice, etc.) √ $215 Billion Capital markets, foreign exchange (trading IFCC (fixed income, currency, commodities); clearing, settling, custody, etc.) √ $140 Billion The effects of techn

Table 1: The importance of specific financial services in favor of banks (2017 data, large areas only)

Activity	Affected	Risks
Retail banking: credit, deposit, insurance (life and P&C), brokerage	√√	$ 1745 Billion
Institutional, corporate: credit, deposit, insurance (life and P&C)	√	$ 1525 Billion
Payments (retail and wholwsale)	√√√	$ 715 Billion
Asset management, wealth management	√	$670 Billion
Investment banking (underwriting; M&A, advice, etc.)	√	$215 Billion
Capital markets, foreign exchange (trading IFCC (fixed income, currency, commodities); clearing, settling, custody, etc.)	√	$140 Billion

The effects of technology and digitization:

The effects of technology in general, and of digitization in particular, on the organization of financial administrations will manifest themselves in different ways. The conversation so far, similar to the survey calculated in Chapter 2, suggests that banks are likely to give the effect of technology (change in development, management and control of the data gap, borrowers, risk managers and credit options), payment) in general. be a proven system). Therefore, one can expect that the effects of change for any aid the conditions Financial specific one (s) function (s) (s) Financial (s) (s) Financial (s) specification (s) ( p. For example, payments, deposits, protection of credit, capital markets). However, it will be difficult to summarize it and the current financial and monetary crisis linked to Covid-19 is likely to change many previous examples.

Global importance in financial intermediation:

“The importance of investment banks for financial intermediation has generally declined over the past decade. This change of many economies in the world occurred (Figure 1, table), with very clear trends in some economies. In the euro area, for example, banks' interest rate shares of around 20 households declined and, in 2018, non-bank banks overwhelmed banks in terms of overall financial intermediation”.

Figure 1: Non-bank banks pose a structural challenge for banks (%) Other financial intermediaries gain market share

Non-bank sharing increases:

The decline in the importance of banks was expected to be modest due to the rapid share of new business. The companies FinTech have collected huge fortunes and have progressed tremendously, in fact, some financial administrations. The total contribution of activities in 2018 reached its peak of about 230 billion US dollars (Figure 1, Table above). Since then, this has gone down, perhaps indicative of a decline in the market for new hybrids.

Notes: The costs of funding are the long-term bond yields in the government (or the nearest development) to 10 years; One-time loan fees are 3-month deposit returns or treasury bills. Source: Own elaboration on OECD data.

DATA ANALYSIS:

In the aftermath of the crisis, firm politics, expanded management and heavy sanctions have pushed banks to curb unsecured lending, invest in more fluid resources and maintain higher quality capital. Therefore, banks were reluctant to grant loans and advances to customers who were not truly divine. Challenger banks (specializing in FinTech loans) took the opportunity and met with pent-up interest from buyers in a general finely controlled environment.

This observation is not simply episodic, but it was confirmed by an examination. For example, Buchak et al. (2018a) abuse territorial diversity in different types of administrative and management pressures, which have been examined by banks that dealt with contractual lending between 2008 and 2016. Of these taken into account taken by the administration and include administrative activities, financial administration, implementation of Basel III in relation to contract inspection rights, requires training directly before and during the crisis, as well as changes in the organization management by observing credit specialists. However, banks have canceled the credit agreements in areas where the tensions administrative and administrative were higher for banks. It was also in these neighborhoods that the shadow banking movement was most notable.

Business model:

The relatively recent development of shadow banks in this market is rare. “The specific position of the usual banks and the banking system in the shadow in the mortgage market to understand, is one of the prerequisites to enter their business models and the development of the mortgage market. Traditional banks take deposits and use these assets to make loans, including mortgages. At the same time, they are subject to a careful consideration and are subject to strict capital maintenance requirements for loans from its balance sheet. In the mortgage market, you have a choice: you can offer Government Assisted Business (GSE) mortgages with an upfront fee and, from time to time, a mortgage adjustment fee; or they can hold mortgages on their balance sheets, generate income, and continue until the loans are paid off while facing the challenge borrowers face in the event of non- payment”.

Industrial organization:

Although the market for private loans in India is the largest buyer of the money market in the world, “the structure is interesting and reflects the extraordinary work done by the state to grant loans. To make mortgages are more affordable, Congress bought Fannie Mae and Freddie Mac empresas private government - sponsored mortgage shopping in pawn shops and grouped as mortgage security (MBS) - Credit institutions in order to ensure payment when borrowers are not compliant. Either way, GSEs are content to borrow up to an fit limit to buy, which has changed over the long term and based on geology. This construction and various business models have had important implications for the development of the shadow banking sector. In particular, banks have lost a significant supply of shadow banks in the affirmative credit market. The benches in the shade can compete with conventional banks in this market segment because the GSE are available as buyers for the loans that they have to sell, given its business model began to sell. However, this is not the case in the high-exposure market, where, as noted above, the "sell" credit market does not exist. The increase of the share of banks in the market of market loans in cash and the loans market rate since 2007. We can see that the huge banks being in the market are generally remained stable and began to decrease only slightly over the past five years”.

Changes in the capital requirements of banks:

As a proxy, “consider the effects of changes in banks capital requirements on risks within the conventional financial system (loans held on the bank's balance sheet) and on loans in the economy as a whole. We have one such test in Buchak et al. (2020b), where we use the coordinated mediation model discussed above. Rising capital requirements weaken the relative advantage of conventional banks and shift from budget lending to incipient transfers”.

Figure 2: Counterfactual Analysis: Credit Response to Changes in Capital Requirements for Traditional Banks

Just looking at the behavior of banks exaggerates the decline in overall mortgage volume for two reasons. As noted above, the setting of capital requirements allows banks to move from maintenance to early adoption of the "start liquidation" model of parallel banks. Furthermore, a similar advantage of conventional banks over shadow banks is reduced. Huge loan portfolios are also ushing the banks traditional towards banks alternatives. In Figure 2 we see the adjustment of the total volume of loans due to changes in the capital conditions of conventional banks. For example, consider the increase in capital requirements of 6% to 7 5 %

CONCLUSION:

In general, “The banks have played an important role in the economy as intermediaries between borrowers and for the specialists credit, on which makes them essential for an efficient allocation of activities. In doing so, they have relied on its benefits in terms of data processing, development modification exercises, liquidity management, payment management design, and risk management. For all the last decade until the episode of Covid-19, in all cases the usual banks skills and business models were affected by the crisis due to various components that have proven their productivity, not always in the retracted salt port the last year, Vickers writes, that another banking crisis of 2008, which you may remember for a long time, would cause considerable damage to national banks, especially by the comforting tone projected by national intermediaries for Basel III 285 at the time of this composition (March 2020) it is difficult to say whether we are now heading towards another crisis of this kind. However, it is clear that the extremely real usury of Covid-19 raises as many questions about the stability of banks as about the strength of strategic chains and almost as many as there are breaking points in the medical services system. It is overwhelming. The money and above all payments will be included as act meaningful public services; than to rhyme again and again from afar. The effects of the 19-Covid hurt domestic banks as envisaged by Vickers Or even the people protecting the current financial architecture, depending on the claim that change would create vulnerabilities and new threats ? The development of private digital currency allows banks and corporations around the world to meet the huge requirements of sufficient foundation for brokerage and payments in the 21st century”. The changes will undoubtedly come. We should push for change for the better.

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Received on 23.08.2021 Modified on 10.09.2021

Asian Journal of Management. 2021;12(4):503-510.

DOI: 10.52711/2321-5763.2021.00079