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Implications of the COVID-19 pandemic on market orientation in retail banking

Author

Listed:
  • Hannele Haapio

    (University of Jyväskylä School of Business and Economics)

  • Joel Mero

    (University of Jyväskylä School of Business and Economics)

  • Heikki Karjaluoto

    (University of Jyväskylä School of Business and Economics)

  • Aijaz A. Shaikh

    (University of Jyväskylä School of Business and Economics)

Abstract

This qualitative study examines the implications of the COVID-19 pandemic on the implementation of market orientation (MO) in the context of retail banking. The findings show that MO was significantly reflected in the behaviors of banks upon encountering the COVID-19 situation, with the banks increasing their MO in response to the crisis. This study finds subcategories based on the empirical data that explain the implementation of MO in more detail. Overall, the findings provide valuable conceptual and managerial insights into the modus operandi of banks during a crisis and offer new best practices for the banking industry.

Suggested Citation

  • Hannele Haapio & Joel Mero & Heikki Karjaluoto & Aijaz A. Shaikh, 2021. "Implications of the COVID-19 pandemic on market orientation in retail banking," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 26(4), pages 205-214, December.
    • Handle: RePEc:pal:jofsma:v:26:y:2021:i:4:d:10.1057_s41264-021-00099-9
    DOI: 10.1057/s41264-021-00099-9
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    References listed on IDEAS

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    1. Bernard J. Jaworski & Ajay K. Kohli, 2017. "Conducting field-based, discovery-oriented research: lessons from our market orientation research experience," AMS Review, Springer;Academy of Marketing Science, vol. 7(1), pages 4-12, June.
    2. Carnevale, Joel B. & Hatak, Isabella, 2020. "Employee adjustment and well-being in the era of COVID-19: Implications for human resource management," Journal of Business Research, Elsevier, vol. 116(C), pages 183-187.
    3. Hanna Komulainen & Hannu Makkonen, 2018. "Customer experience in omni-channel banking services," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 23(3), pages 190-199, December.
    4. Morgan, Todd & Anokhin, Sergey Alexander, 2020. "The joint impact of entrepreneurial orientation and market orientation in new product development: Studying firm and environmental contingencies," Journal of Business Research, Elsevier, vol. 113(C), pages 129-138.
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    Cited by:

    1. Ritika & Himanshu & Nawal Kishor, 2023. "Modeling of factors affecting investment behavior during the pandemic: a grey-DEMATEL approach," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 28(2), pages 222-235, June.
    2. Saura, Jose Ramon & Ribeiro-Soriano, Domingo & Zegarra Saldaña, Pablo, 2022. "Exploring the challenges of remote work on Twitter users' sentiments: From digital technology development to a post-pandemic era," Journal of Business Research, Elsevier, vol. 142(C), pages 242-254.
    3. Ine Zeeland & Jo Pierson, 2024. "Changing the whole game: effects of the COVID-19 pandemic's accelerated digitalization on European bank staff's data protection capabilities," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 10(1), pages 1-28, December.
    4. Faisal Mohammed O. Almaslukh & Haliyana Khalid & Alaa Mahdi Sahi, 2022. "The Impact of Internal Marketing Practices on Employees’ Job Satisfaction during the COVID-19 Pandemic: The Case of the Saudi Arabian Banking Sector," Sustainability, MDPI, vol. 14(15), pages 1-15, July.
    5. Amézquita, Juan C. & Puig, Francisco & Royo-Vela, Marcelo, 2022. "Location, market orientation, and firm performance: An analysis of the Colombian healthcare industry," TEC Empresarial, School of Business, Costa Rica Institute of Technology (ITCR), vol. 16(3), pages 34-54.

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