Alike any other industry, the financial services sector is equally or more affected by the unprecedented crises caused by the novel Coronavirus. Government imposed lockdown and social distancing have significantly affected the global economy and the GDPs of several countries. Loss of jobs and future financial uncertainties has further lowered public confidence on investments. In addition, low-interest rates are expected to affect business models and profit margins; and its impact on economies is also likely to curb the risk-bearing capacity. Various firms are thus going to witness a structural change with digitization. (Have made changes).