Assessing the impact of COVID-19 pandemic on the use of digital technologies in the banking industry

Amit Dutta (), Gulsara Mukina (), Lyudmila Popp (), Zhanat Altaibayeva () and Dinara Aiguzhinova ()

International Journal of Innovative Research and Scientific Studies, 2025, vol. 8, issue 4, 134-143

Abstract: The COVID-19 pandemic significantly accelerated the adoption of digital technologies by bank customers, highlighting the need for remote banking services. This study aims to assess the impact of the pandemic on key indicators of innovation in the banking sector, using the European Union countries as a case study. A modified Delphi method was employed to identify relevant indicators, specifically the volume of transactions through digital platforms and the share of the population using online banking. A comparative analysis of the dynamics from 2019 to 2022 revealed a 243% increase in transaction volume and a 16% rise in online banking usage. Correlation analysis demonstrated strong relationships between these indicators and pandemic-related variables, with correlation coefficients exceeding 70% in most EU countries. Two regression models with high R² values (0.965 and 0.938) confirmed these relationships. The findings suggest that the pandemic served as a catalyst for rapid digital transformation in the banking industry, enabling financial institutions to adapt effectively to crises characterized by restricted customer mobility. The practical significance of this research lies in its potential to inform the development of strategies and recommendations for banks and financial institutions aimed at optimizing digitalization processes and implementing innovative technologies.

Keywords: COVID-19; digital platforms; EU; fintech; online banking; pandemic. (search for similar items in EconPapers)
Date: 2025
References: Add references at CitEc
Citations:

Downloads: (external link)
https://ijirss.com/index.php/ijirss/article/view/7745/1686 (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:aac:ijirss:v:8:y:2025:i:4:p:134-143:id:7745

Access Statistics for this article

International Journal of Innovative Research and Scientific Studies is currently edited by Natalie Jean

More articles in International Journal of Innovative Research and Scientific Studies from Innovative Research Publishing
Bibliographic data for series maintained by Natalie Jean ().