IDEAS home Printed from https://ideas.repec.org/a/vrs/manmar/v15y2020is1p534-556n8.html
   My bibliography  Save this article

The impact of COVID-19 on consumer behavior in retail banking. Evidence from Romania

Author

Listed:
  • Baicu Claudia Gabriela

    (Institute for World Economy, Romanian Academy, Bucharest, Romania)

  • Gârdan Iuliana Petronela

    (Spiru Haret University, Faculty of Economic Sciences, Bucharest, Romania)

  • Gârdan Daniel Adrian

    (Spiru Haret University, Faculty of Economic Sciences, Bucharest, Romania)

  • Epuran Gheorghe

    (Transylvania University of Brasov, Faculty of Economic Sciences and Business Administration, Brasov, Romania)

Abstract

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.

Suggested Citation

  • Baicu Claudia Gabriela & Gârdan Iuliana Petronela & Gârdan Daniel Adrian & Epuran Gheorghe, 2020. "The impact of COVID-19 on consumer behavior in retail banking. Evidence from Romania," Management & Marketing, Sciendo, vol. 15(s1), pages 534-556, October.
    • Handle: RePEc:vrs:manmar:v:15:y:2020:i:s1:p:534-556:n:8
    DOI: 10.2478/mmcks-2020-0031
    as

    Download full text from publisher

    File URL: https://doi.org/10.2478/mmcks-2020-0031
    Download Restriction: no
    File URL: https://libkey.io/10.2478/mmcks-2020-0031?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Alina Mihaela Dima & Liviu Begu & Maria Denisa Vasilescu & Maria Alexandra Maassen, 2018. "The Relationship between the Knowledge Economy and Global Competitiveness in the European Union," Sustainability, MDPI, vol. 10(6), pages 1-15, May.
    2. Nicolae Al. Pop, 2020. "Contemporary Directions in the Development of Romanian Academic Marketing in Favor of Increasing the Performance of the Organization," Springer Proceedings in Business and Economics, in: Silvia L. Fotea & Ioan Ş. Fotea & Sebastian A. Văduva (ed.), Challenges and Opportunities to Develop Organizations Through Creativity, Technology and Ethics, chapter 0, pages 17-35, Springer.
    3. Viswanath Venkatesh & Fred D. Davis, 2000. "A Theoretical Extension of the Technology Acceptance Model: Four Longitudinal Field Studies," Management Science, INFORMS, vol. 46(2), pages 186-204, February.
    4. Bratianu, C. & Andrei ?tefan Nestian & Silviu Mihail Tita & Ana Iolanda Vodã & Alexandra Luciana Guta, 2020. "The Impact of Knowledge Risk on Sustainability of Firms," The AMFITEATRU ECONOMIC journal, Academy of Economic Studies - Bucharest, Romania, vol. 22(55), pages 639-639, August.
    5. Bratianu Constantin & Prelipcean Gabriela & Bejinaru Ruxandra, 2020. "Exploring the latent variables which support SMEs to become learning organizations," Management & Marketing, Sciendo, vol. 15(2), pages 154-171, June.
    6. Liliana Crăciun & Marian Năstase & Tănase Stamule & Cristian Vizitiu, 2015. "Leadership in Romanian Small to Medium Enterprises," Sustainability, MDPI, vol. 7(4), pages 1-16, April.
    7. Raphael Auer & Giulio Cornelli & Jon Frost, 2020. "Covid-19, cash, and the future of payments," BIS Bulletins 3, Bank for International Settlements.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. William Gaviyau & Athenia Bongani Sibindi, 2023. "Customer Due Diligence in the FinTech Era: A Bibliometric Analysis," Risks, MDPI, vol. 11(1), pages 1-17, January.
    2. Sayyed Sadaqat Hussain Shah & Ștefan Cristian Gherghina & Rui Miguel Dantas & Saliha Rafaqat & Anabela Batista Correia & Mário Nuno Mata, 2023. "The Impact of COVID-19 Pandemic on Islamic and Conventional Banks’ Profitability," Economies, MDPI, vol. 11(4), pages 1-17, March.
    3. Cruz-Cárdenas, Jorge & Zabelina, Ekaterina & Guadalupe-Lanas, Jorge & Palacio-Fierro, Andrés & Ramos-Galarza, Carlos, 2021. "COVID-19, consumer behavior, technology, and society: A literature review and bibliometric analysis," Technological Forecasting and Social Change, Elsevier, vol. 173(C).

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Bratianu Constantin, 2020. "Toward understanding the complexity of the COVID-19 crisis: a grounded theory approach," Management & Marketing, Sciendo, vol. 15(s1), pages 410-423, October.
    2. Andrei Andreia Gabriela & Dincă Violeta-Mihaela & Mitan Andreea & Vătămănescu Elena-Mădălina, 2021. "Connecting the Dots: Exploring the Knowledge-based Antecedents of SMEs’ Profitability and Development via International Ventures," Management & Marketing, Sciendo, vol. 16(3), pages 167-186, September.
    3. Bejinaru Ruxandra, 2021. "Key issues of tranzition to digital entrepreneurship," Proceedings of the International Conference on Business Excellence, Sciendo, vol. 15(1), pages 91-101, December.
    4. Saeideh Sharifi fard & Ezhar Tamam & Md Salleh Hj Hassan & Moniza Waheed & Zeinab Zaremohzzabieh, 2016. "Factors affecting Malaysian university students’ purchase intention in social networking sites," Cogent Business & Management, Taylor & Francis Journals, vol. 3(1), pages 1182612-118, December.
    5. Chou, Jui-Sheng & Gusti Ayu Novi Yutami, I, 2014. "Smart meter adoption and deployment strategy for residential buildings in Indonesia," Applied Energy, Elsevier, vol. 128(C), pages 336-349.
    6. Philippe Cohard, 2020. "Information Systems Values: A Study of the Intranet in Three French Higher Education Institutions," Post-Print hal-02987225, HAL.
    7. Melih Engin & Fatih Gürses, 2019. "Adoption of Hospital Information Systems in Public Hospitals in Turkey: An Analysis with the Unified Theory of Acceptance and Use of Technology Model," International Journal of Innovation and Technology Management (IJITM), World Scientific Publishing Co. Pte. Ltd., vol. 16(06), pages 1-19, October.
    8. Morosan, Cristian, 2016. "An empirical examination of U.S. travelers’ intentions to use biometric e-gates in airports," Journal of Air Transport Management, Elsevier, vol. 55(C), pages 120-128.
    9. Tsung Teng Chen, 2012. "The development and empirical study of a literature review aiding system," Scientometrics, Springer;Akadémiai Kiadó, vol. 92(1), pages 105-116, July.
    10. Abdesamad Zouine & Pierre Fenies, 2014. "The Critical Success Factors Of The ERP System Project: A Meta-Analysis Methodology," Post-Print hal-01419785, HAL.
    11. Debora Bettiga & Lucio Lamberti & Emanuele Lettieri, 2020. "Individuals’ adoption of smart technologies for preventive health care: a structural equation modeling approach," Health Care Management Science, Springer, vol. 23(2), pages 203-214, June.
    12. Kertcher, Zack & Venkatraman, Rohan & Coslor, Erica, 2020. "Pleasingly parallel: Early cross-disciplinary work for innovation diffusion across boundaries in grid computing," Journal of Business Research, Elsevier, vol. 116(C), pages 581-594.
    13. Talukder, Md. Shamim & Sorwar, Golam & Bao, Yukun & Ahmed, Jashim Uddin & Palash, Md. Abu Saeed, 2020. "Predicting antecedents of wearable healthcare technology acceptance by elderly: A combined SEM-Neural Network approach," Technological Forecasting and Social Change, Elsevier, vol. 150(C).
    14. Alberto Tejero & Victor Rodriguez-Doncel & Ivan Pau, 2020. "Knowledge Graphs for Innovation Ecosystems," Papers 2001.08615, arXiv.org.
    15. Fang Li & Sheng Zhang & Yuhuan Jin, 2018. "Sustainability of University Technology Transfer: Mediating Effect of Inventor’s Technology Service," Sustainability, MDPI, vol. 10(6), pages 1-17, June.
    16. Waqar Younas & K. Ramanathan Kalimuthu, 2021. "Telecom microfinance banking versus commercial banking: a battle in the financial services sector," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 26(2), pages 67-80, June.
    17. Sarv Devaraj & Robert F. Easley & J. Michael Crant, 2008. "Research Note ---How Does Personality Matter? Relating the Five-Factor Model to Technology Acceptance and Use," Information Systems Research, INFORMS, vol. 19(1), pages 93-105, March.
    18. Claudio Vitari & Elisabetta Raguseo, 2016. "Big data value and financial performance: an empirical investigation [Digital data, dynamic capability and financial performance: an empirical investigation in the era of Big Data]," Post-Print halshs-01923271, HAL.
    19. Yu Wang & Shanyong Wang & Jing Wang & Jiuchang Wei & Chenglin Wang, 2020. "An empirical study of consumers’ intention to use ride-sharing services: using an extended technology acceptance model," Transportation, Springer, vol. 47(1), pages 397-415, February.
    20. Proserpio, Luigi & Magni, Massimo, 2012. "Teaching without the teacher? Building a learning environment through computer simulations," International Journal of Information Management, Elsevier, vol. 32(2), pages 99-105.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:vrs:manmar:v:15:y:2020:i:s1:p:534-556:n:8. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Peter Golla (email available below). General contact details of provider: https://www.sciendo.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.