Impact of COVID-19 on UK Banks; How Banks Reshape Consumer Banking Behaviour during Pandemic
Date
2023-01-24
Authors
Darwish Nidal
Bayyoud Mohammed
Journal Title
Journal ISSN
Volume Title
Publisher
MDPI (Multidisciplinary Digital Publishing Institute)
Abstract
Due to COVID-19 and prolonged lockdown, banks in the UK have reported impact on
their operational activities and financial aspects. To deal with the impact of the COVID-19 pandemic,
banks have adopted different strategies that reshape consumer banking behaviour during the COVID19 pandemic. This study evaluates the impact of COVID-19 on three banks in the UK, including
HSBC, Royal Bank of Scotland, and Barclays Bank. A mixed research approach was adopted where a
closed-ended survey with 30 employees (10 employees from each bank) were chosen to participate in
the survey. Interviews are conducted with three managers of the banks. The study findings show that
banks adopted social distancing to ensure that their brand operations were not affected. The banks
did not consider shutting down the branches for cutting the cost. However, there has been a shift
from a manual to a digital process for client queries to improve efficiency. The banks also created the
brand image of operating during the pandemic.
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Citation
Darwish, N. A., & Bayyoud, M. (2023). Impact of COVID-19 on UK banks; How banks reshape consumer banking behaviour during pandemic. COVID, 3(2), 131–143. https://doi.org/10.3390/covid3020008