Impacts of COVID-19 on Digital Financial Transformation: Insights from Consumer Behaviors in Vietnam

Jasmine T. Ha, Jason Q. Nguyen and Quan V. Le

Chapter 25 in Financial Transformations Beyond the COVID-19 Health Crisis, 2022, pp 729-755 from World Scientific Publishing Co. Pte. Ltd.

Abstract: The usage of e-commerce platforms and digital financial services in Vietnam surged dramatically during COVID-19. An important question for the financial service industry is whether and how the surge will translate into long-term industry reconfigurations. Current literature on digital financial services, which has typically focused on changes driven by corporate stakeholders and investors, provides little room to consider the role of customers. Our proposed chapter fills this gap by integrating conceptual and empirical ideas from service quality research, focusing on customer perceptions and behaviors. Using empirical survey data, we examine whether and how customer behavioral changes during COVID-19 impact digital financial transformation in Vietnam. We further combine survey findings with three case studies of digital transformation to evaluate whether customer behavioral changes are in sync with relevant corporate transformation strategies. By connecting two sources of changes, our work will help investors, managers, and policymakers envision long-term industry reconfigurations in the post–COVID-19 era.

Keywords: COVID19; Pandemic; Pandemic Outbreak; Health Crisis; Economics; Macroeconomics; Finance; Sustainable Finance; Financial Crisis; Financial Integration; Economic Integration; Global Financial Crisis; Financial Institutions; Corporate Finance; Corporate Governance; Board of Directors; ESG; Corporate Social Responsibility; Sustainable Finance; Stock Markets; Financial Markets; Stock Market Behaviour; Firm Liquidity; Emerging Markets; China; Financial Institutions; Money; Banks; Banking System; Banking Sector; Business Groups; Resilience; Safe Heaven; Gold; Oil; Peer-to-Peer Lending Market; Foreign Trading; Stock Market Volatility; Extreme Events (search for similar items in EconPapers)
JEL-codes: F4 F62 G15 G17 G3 O16 (search for similar items in EconPapers)
Date: 2022
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