BANKING MARKETING PRACTICES DURING THE COVID-19 PANDEMIC: A SYSTEMATIC LITERATURE REVIEW
Katerina Fotova Čiković - University North, Trg dr. Ž. Dolinara 1, Koprivnica, Republic of Croatia
DOI: https://doi.org/10.31410/Balkans.JETSS.2022.5.2.105-114
Katerina Fotova Čiković - University North, Trg dr. Ž. Dolinara 1, Koprivnica, Republic of Croatia
DOI: https://doi.org/10.31410/Balkans.JETSS.2022.5.2.105-114
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Balkans Journal of Emerging Trends in Social Sciences, (2022) , Vol 5, No 2
ISSN: 2620-164X |
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Abstract: The emergence of the COVID-19 pandemic in early 2020 has left a mark in every industry and every sector globally. Its impact has been largely researched, measured, and evaluated. Current banking literature mainly focuses on the impact of COVID-19 on banks’ performance, efficiency, or profitability. However, studies on the impact of COVID-19 on banking marketing are limited. Therefore, this systematic review has the objective to fill in this gap and investigate the impact of COVID-19 on banking marketing practices. A systematic search of the online Scopus scientific database has been conducted, with no restrictions to language, date of publication, or study design. The keywords „BANK“, „MARKETING“ and „COVID-19“ have led to 20 papers published in Scopus-indexed journals. A total of 9 academic literature articles regarding banking marketing during the COVID-19 pandemic were identified and analyzed using the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) principles. The findings of a total of 9 papers are presented in a narrative synthesis. The review aims to gain new insights into the impact of COVID-19 on the banking industry and especially on banking marketing. The main goal of this paper is to identify all the relevant published studies in this area thus far, as well as to present and analyze the findings regarding the impact of COVID-19 on banking marketing practices. Finally, specific literature gaps are identified, and suggestions and guidelines for future work are provided. However, there is a need for further studies at a later stage to understand the overall effect the COVID-19 pandemic had on banking marketing.
Keywords: Bank, Marketing, COVID-19, Review, Banking sector.
JEL Classification E59 · M31
Keywords: Bank, Marketing, COVID-19, Review, Banking sector.
JEL Classification E59 · M31
REFERENCES
Alharthi, M., Hanif, I., Ur Rehman, H., & Alamoudi, H. (2021). Satisfaction of Pakistan’s Islamic banking system during the COVID-19 pandemic Logistic model-based identification of the determinants to improve customer. Journal of Islamic Marketing. https://doi.org/10.1108/JIMA-06-2020-0189
Almaslukh, F. M. O., Khalid, H., & Sahi, A. M. (2022). The Impact of Internal Marketing Practices on Employees’ Job Satisfaction during the COVID-19 Pandemic: The Case of the Saudi Arabian Banking Sector. Sustainability, 14(15), 9301. https://doi.org/10.3390/su14159301
Chen, T. (1999). Critical success factors for various strategies in the banking industry. International Journal of Bank Marketing, 17(2), 83-92. https://doi.org/10.1108/02652329910258943
Farrag, D. A. R., Murphy, W. H., & Hassan, M. (2022). Influence of category attitudes on the relationship between SERVQUAL and satisfaction in Islamic banks; the role of disruptive societal-level events. Journal of Islamic Marketing, 13(4), 843-867. https://doi.org/10.1108/JIMA-08-2020-0228
Fotova Čiković, K. (2020). Bankarski marketing: Izazovi i strategije u doba pandemije COVID-19. Marketing, 1(12), 119-130.
Fotova Čiković, K., Keček, D., & Lozić, J. (2022). Does Ownership Structure Affect Bank Performance in The COVID-19 Pandemic Period? Evidence from Croatia. In: Mihić, M., Jednak, S., Savić, G. (eds.) SYMORG 2022: XVIII international symposium Sustainable business management and digital transformation: challenges and opportunities in the post-COVID era: Book of abstracts / Beograd: University of Belgrade – Faculty of Organizational Sciences, 57-59.
Guzovski, M., Smoljić, M., & Martinčević, I. (2022). Creating Value for Clients using a Holistic Approach in Banking Marketing. In: Pejić Bach, M. (eds.) ENTRENOVA - ENTerprise REsearch InNOVAtion, 80-90. https://doi.org/10.54820/entrenova-2022-0008
Hilal, O. A., & Tantawy, A. A. (2022). Entrepreneurial marketing and bank performance in Egypt: is environmental turbulence a missing link?. Journal of Entrepreneurship in Emerging Economies, 14(2), 252-273. https://doi.org/10.1108/JEEE-12-2020-0445
Hladika, M. (2021). Impact of COVID-19 Pandemic on the Loans Quality, Provisions and Profitability of the Banking Sector. In: Janjusevic, J., Taheri, B. & Kozina, M. (eds.) Economic and Social Development: 69th International Scientific Conference on Economic and Social Development - „Sustainability and Post COVID World” - Book of proceedings, 138-149.
Ikeda, Y., Kerry, W., Lewrick, U., & Schmieder, C. (2021). COVID-19 and bank resilience: where do we stand?. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3981723
Jegerson, D., & Ahmad, S. Z. (2021). National bank of Fujairah’s digital platform “NBF Connect”. Emerald Emerging Markets Case Studies, 11(2). https://doi.org/10.1108/EEMCS-02-2021-0048
Kumar, A. (2013). Bank marketing mix: New strategy in today banking sector. Bank Marketing, 2(1), 17-26.
Naeem, M., & Ozuem, W. (2021). The role of social media in internet banking transition during COVID-19 pandemic: Using multiple methods and sources in qualitative research. Journal of Retailing and Consumer Services, 60, 102483, https://doi.org/10.1016/j.jretconser.2021.102483
Ngo, D. T., Phung, T. H., & Chu, T. V. (2023). Factors Influencing the Consumer Adoption of Digital Banking Services During the COVID-19 Pandemic in Vietnam. In: Alareeni, B., Hamdan, A. (eds) Innovation of Businesses, and Digitalization during COVID-19 Pandemic.
ICBT 2021. Lecture Notes in Networks and Systems, vol 488. Springer, Cham. Published online 08 July 2022. https://doi.org/10.1007/978-3-031-08090-6_24
Nso, M. A. (2018). The role of e-banking as a marketing tool. Innovative Marketing, 14(4), 56-65. https://doi.org/10.21511/im.14(4).2018.05
Nugraha, K., Arief, M., Abdinagoro, S. B., & Heriyati, P. (2022). Factors Influencing Bank Customers’ Orientations toward Islamic Banks: Indonesian Banking Perspective. Sustainability 14(19), 12506. https://doi.org/10.3390/su141912506
Tonković Pražić, I. (2022). Utjecaj pandemije COVID-19 na korištenje internetskih i mobilnih bankarskih usluga u Republici Hrvatskoj. In: Ružić, V. (eds.) Zbornik radova 4. Međunarodna znanstveno-stručna konferencija „Digitalizacija, nove tehnologije i informacijsko
društvo u razvoju ruralnih krajeva”, 105-122.
Turkes (Vînt) M. C. (2010). Concept And Evolution Of Bank Marketing. Annals of Faculty of Economics, University of Oradea, Faculty of Economics, 1(2), 1165-1168.
Wongsansukcharoen, J. (2022). Effect of community relationship management, relationship marketing orientation, customer engagement, and brand trust on brand loyalty: The case of a commercial bank in Thailand. Journal of Retailing and Consumer Services, 64, 102826, https://doi.org/10.1016/j.jretconser.2021.102826
Yan, J., & Jia, P. (2022). The Impact of COVID-19 on Bank Sector Traditional Business Model Sustainability in China: Bank Branch Versus Fintech. Frontiers in Physics, 10. https://doi.org/10.3389/fphy.2022.820646
REFERENCES
Alharthi, M., Hanif, I., Ur Rehman, H., & Alamoudi, H. (2021). Satisfaction of Pakistan’s Islamic banking system during the COVID-19 pandemic Logistic model-based identification of the determinants to improve customer. Journal of Islamic Marketing. https://doi.org/10.1108/JIMA-06-2020-0189
Almaslukh, F. M. O., Khalid, H., & Sahi, A. M. (2022). The Impact of Internal Marketing Practices on Employees’ Job Satisfaction during the COVID-19 Pandemic: The Case of the Saudi Arabian Banking Sector. Sustainability, 14(15), 9301. https://doi.org/10.3390/su14159301
Chen, T. (1999). Critical success factors for various strategies in the banking industry. International Journal of Bank Marketing, 17(2), 83-92. https://doi.org/10.1108/02652329910258943
Farrag, D. A. R., Murphy, W. H., & Hassan, M. (2022). Influence of category attitudes on the relationship between SERVQUAL and satisfaction in Islamic banks; the role of disruptive societal-level events. Journal of Islamic Marketing, 13(4), 843-867. https://doi.org/10.1108/JIMA-08-2020-0228
Fotova Čiković, K. (2020). Bankarski marketing: Izazovi i strategije u doba pandemije COVID-19. Marketing, 1(12), 119-130.
Fotova Čiković, K., Keček, D., & Lozić, J. (2022). Does Ownership Structure Affect Bank Performance in The COVID-19 Pandemic Period? Evidence from Croatia. In: Mihić, M., Jednak, S., Savić, G. (eds.) SYMORG 2022: XVIII international symposium Sustainable business management and digital transformation: challenges and opportunities in the post-COVID era: Book of abstracts / Beograd: University of Belgrade – Faculty of Organizational Sciences, 57-59.
Guzovski, M., Smoljić, M., & Martinčević, I. (2022). Creating Value for Clients using a Holistic Approach in Banking Marketing. In: Pejić Bach, M. (eds.) ENTRENOVA - ENTerprise REsearch InNOVAtion, 80-90. https://doi.org/10.54820/entrenova-2022-0008
Hilal, O. A., & Tantawy, A. A. (2022). Entrepreneurial marketing and bank performance in Egypt: is environmental turbulence a missing link?. Journal of Entrepreneurship in Emerging Economies, 14(2), 252-273. https://doi.org/10.1108/JEEE-12-2020-0445
Hladika, M. (2021). Impact of COVID-19 Pandemic on the Loans Quality, Provisions and Profitability of the Banking Sector. In: Janjusevic, J., Taheri, B. & Kozina, M. (eds.) Economic and Social Development: 69th International Scientific Conference on Economic and Social Development - „Sustainability and Post COVID World” - Book of proceedings, 138-149.
Ikeda, Y., Kerry, W., Lewrick, U., & Schmieder, C. (2021). COVID-19 and bank resilience: where do we stand?. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3981723
Jegerson, D., & Ahmad, S. Z. (2021). National bank of Fujairah’s digital platform “NBF Connect”. Emerald Emerging Markets Case Studies, 11(2). https://doi.org/10.1108/EEMCS-02-2021-0048
Kumar, A. (2013). Bank marketing mix: New strategy in today banking sector. Bank Marketing, 2(1), 17-26.
Naeem, M., & Ozuem, W. (2021). The role of social media in internet banking transition during COVID-19 pandemic: Using multiple methods and sources in qualitative research. Journal of Retailing and Consumer Services, 60, 102483, https://doi.org/10.1016/j.jretconser.2021.102483
Ngo, D. T., Phung, T. H., & Chu, T. V. (2023). Factors Influencing the Consumer Adoption of Digital Banking Services During the COVID-19 Pandemic in Vietnam. In: Alareeni, B., Hamdan, A. (eds) Innovation of Businesses, and Digitalization during COVID-19 Pandemic.
ICBT 2021. Lecture Notes in Networks and Systems, vol 488. Springer, Cham. Published online 08 July 2022. https://doi.org/10.1007/978-3-031-08090-6_24
Nso, M. A. (2018). The role of e-banking as a marketing tool. Innovative Marketing, 14(4), 56-65. https://doi.org/10.21511/im.14(4).2018.05
Nugraha, K., Arief, M., Abdinagoro, S. B., & Heriyati, P. (2022). Factors Influencing Bank Customers’ Orientations toward Islamic Banks: Indonesian Banking Perspective. Sustainability 14(19), 12506. https://doi.org/10.3390/su141912506
Tonković Pražić, I. (2022). Utjecaj pandemije COVID-19 na korištenje internetskih i mobilnih bankarskih usluga u Republici Hrvatskoj. In: Ružić, V. (eds.) Zbornik radova 4. Međunarodna znanstveno-stručna konferencija „Digitalizacija, nove tehnologije i informacijsko
društvo u razvoju ruralnih krajeva”, 105-122.
Turkes (Vînt) M. C. (2010). Concept And Evolution Of Bank Marketing. Annals of Faculty of Economics, University of Oradea, Faculty of Economics, 1(2), 1165-1168.
Wongsansukcharoen, J. (2022). Effect of community relationship management, relationship marketing orientation, customer engagement, and brand trust on brand loyalty: The case of a commercial bank in Thailand. Journal of Retailing and Consumer Services, 64, 102826, https://doi.org/10.1016/j.jretconser.2021.102826
Yan, J., & Jia, P. (2022). The Impact of COVID-19 on Bank Sector Traditional Business Model Sustainability in China: Bank Branch Versus Fintech. Frontiers in Physics, 10. https://doi.org/10.3389/fphy.2022.820646
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www.udekom.org.rs
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