The impact of COVID-19 on consumer behavior in retail banking. Evidence from Romania
The pandemic COVID-19 has severely affected the global economy. The strict lockdown measures have also changed the daily live, including consumer behavior in retail banking. In this context, the purpose of this paper is to investigate the impact of the COVID-19 crisis on consumer behavior in retail...
| Main Authors: | , , , |
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| Format: | Article |
| Language: | English |
| Published: |
Sciendo
2020-10-01
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| Series: | Management şi Marketing |
| Subjects: | |
| Online Access: | http://www.degruyter.com/view/j/mmcks.2020.15.issue-s1/mmcks-2020-0031/mmcks-2020-0031.xml?format=INT |
| _version_ | 1818529714142183424 |
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| author | Baicu Claudia Gabriela Gârdan Iuliana Petronela Gârdan Daniel Adrian Epuran Gheorghe |
| author_facet | Baicu Claudia Gabriela Gârdan Iuliana Petronela Gârdan Daniel Adrian Epuran Gheorghe |
| author_sort | Baicu Claudia Gabriela |
| collection | DOAJ |
| description | The pandemic COVID-19 has severely affected the global economy. The strict lockdown measures have also changed the daily live, including consumer behavior in retail banking. In this context, the purpose of this paper is to investigate the impact of the COVID-19 crisis on consumer behavior in retail banking, with a special focus on the Romanian banking sector. To achieve our goal, we performed a survey among the Romanian consumers in retail banking, using as research method the field survey based on questionnaire. The final sample comprised 738 valid responses from the metropolitan area retail banking consumers. The research brings a fresh insight on retail banking services consumption during the pandemic and validates a conceptual model regarding the internet and mobile banking services acceptance. The research’ results highlighted, among others, that the variable concerning the perception of the COVID-19 pandemic effect on consumers’ lifestyle has a direct and positive influence on the variable regarding the attitude toward internet and mobile banking services, mediated by other variables like safety of internet and mobile banking use and trust in banks. Several social and managerial implications are also discussed, because it is possible that the tendency to use internet and mobile banking services will prevail even after the post pandemic stage, as new consumption behavior models are developing. Banks in Romania should increase their initiatives to offer financial education courses and online tutorials to familiarize customers with the use of digital channels. Banks should also improve communication with clients and design new products and services to increase the attractiveness of saving process. They should demonstrate flexibility in negotiating lending and refinancing conditions as well. |
| first_indexed | 2024-12-11T17:10:23Z |
| format | Article |
| id | doaj.art-d13fc71958404e489e7dce3c858edcc2 |
| institution | Directory Open Access Journal |
| issn | 2069-8887 |
| language | English |
| last_indexed | 2024-12-11T17:10:23Z |
| publishDate | 2020-10-01 |
| publisher | Sciendo |
| record_format | Article |
| series | Management şi Marketing |
| spelling | doaj.art-d13fc71958404e489e7dce3c858edcc22022-12-22T00:57:33ZengSciendoManagement şi Marketing2069-88872020-10-0115s153455610.2478/mmcks-2020-0031mmcks-2020-0031The impact of COVID-19 on consumer behavior in retail banking. Evidence from RomaniaBaicu Claudia Gabriela0Gârdan Iuliana Petronela1Gârdan Daniel Adrian2Epuran Gheorghe3Institute for World Economy, Romanian Academy, Bucharest, RomaniaSpiru Haret University, Faculty of Economic Sciences, Bucharest, RomaniaSpiru Haret University, Faculty of Economic Sciences, Bucharest, RomaniaTransylvania University of Brasov, Faculty of Economic Sciences and Business Administration, Brasov, RomaniaThe pandemic COVID-19 has severely affected the global economy. The strict lockdown measures have also changed the daily live, including consumer behavior in retail banking. In this context, the purpose of this paper is to investigate the impact of the COVID-19 crisis on consumer behavior in retail banking, with a special focus on the Romanian banking sector. To achieve our goal, we performed a survey among the Romanian consumers in retail banking, using as research method the field survey based on questionnaire. The final sample comprised 738 valid responses from the metropolitan area retail banking consumers. The research brings a fresh insight on retail banking services consumption during the pandemic and validates a conceptual model regarding the internet and mobile banking services acceptance. The research’ results highlighted, among others, that the variable concerning the perception of the COVID-19 pandemic effect on consumers’ lifestyle has a direct and positive influence on the variable regarding the attitude toward internet and mobile banking services, mediated by other variables like safety of internet and mobile banking use and trust in banks. Several social and managerial implications are also discussed, because it is possible that the tendency to use internet and mobile banking services will prevail even after the post pandemic stage, as new consumption behavior models are developing. Banks in Romania should increase their initiatives to offer financial education courses and online tutorials to familiarize customers with the use of digital channels. Banks should also improve communication with clients and design new products and services to increase the attractiveness of saving process. They should demonstrate flexibility in negotiating lending and refinancing conditions as well.http://www.degruyter.com/view/j/mmcks.2020.15.issue-s1/mmcks-2020-0031/mmcks-2020-0031.xml?format=INTretail bankingthe covid-19 pandemicinternet and mobile bankingconsumer behavior |
| spellingShingle | Baicu Claudia Gabriela Gârdan Iuliana Petronela Gârdan Daniel Adrian Epuran Gheorghe The impact of COVID-19 on consumer behavior in retail banking. Evidence from Romania Management şi Marketing retail banking the covid-19 pandemic internet and mobile banking consumer behavior |
| title | The impact of COVID-19 on consumer behavior in retail banking. Evidence from Romania |
| title_full | The impact of COVID-19 on consumer behavior in retail banking. Evidence from Romania |
| title_fullStr | The impact of COVID-19 on consumer behavior in retail banking. Evidence from Romania |
| title_full_unstemmed | The impact of COVID-19 on consumer behavior in retail banking. Evidence from Romania |
| title_short | The impact of COVID-19 on consumer behavior in retail banking. Evidence from Romania |
| title_sort | impact of covid 19 on consumer behavior in retail banking evidence from romania |
| topic | retail banking the covid-19 pandemic internet and mobile banking consumer behavior |
| url | http://www.degruyter.com/view/j/mmcks.2020.15.issue-s1/mmcks-2020-0031/mmcks-2020-0031.xml?format=INT |
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