if the internet goes down for an extended period of time how would it impact banking? Would banks be able to operate like normal?

Question

if the internet goes down for an extended period of time how would it impact banking? Would banks be able to operate like normal?

In: Economics

Answer 1

Banking would slow down considerably if there were widespread Internet outages. There are very few businesses that could operate normally without any access to the Internet.

Keep in mind that the Internet isn’t one thing, it’s a big distributed network of computers. While an individual might lose Internet access from time to time, the whole Internet isn’t down, they just lost access.

Banks typically have multiple redundant Internet connections plus private networks, so they’re not as susceptible to outages that individuals and small businesses might experience.