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Consumers’ changing financial behavior during the COVID-19 lockdown: the case of Internet banking use in Greece

Author

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  • Alexandros P. Bechlioulis

    (University of Piraeus)

  • Dimitrios Karamanis

    (University of Piraeus
    Rutgers School of Health Professions)

Abstract

This paper studies the impact of the 1st COVID-19 lockdown in Greece on the internet banking. Our study relies on a survey conducted, during the first lockdown period between April 13th and May 3rd, 2020 in Greece, among respondents between 18 and 64-years-old. The sample was appropriately weighted with the raking method to accurately reflect the distribution of the real population. The main result is straightforward: more days in a lockdown may be associated with an increased possibility for further i-banking use. We provide important insights to financial services’ providers by pointing out female gender, increasing age, living in a metropolitan area and job security status as the most crucial predictors for shaping changing financial behavior.

Suggested Citation

  • Alexandros P. Bechlioulis & Dimitrios Karamanis, 2023. "Consumers’ changing financial behavior during the COVID-19 lockdown: the case of Internet banking use in Greece," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 28(3), pages 526-543, September.
    • Handle: RePEc:pal:jofsma:v:28:y:2023:i:3:d:10.1057_s41264-022-00159-8
    DOI: 10.1057/s41264-022-00159-8
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    More about this item

    Keywords

    Financial behavior; Consumer sentiments; Financial services; Internet banking; COVID-19 lockdown period;
    All these keywords.

    JEL classification:

    • C83 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Survey Methods; Sampling Methods
    • G41 - Financial Economics - - Behavioral Finance - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making in Financial Markets
    • G59 - Financial Economics - - Household Finance - - - Other

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