THE INFLUENCE OF COVID ON DIGITALIZATION IN THE BANKING SECTOR

Univerzitet u Novom Sadu, Ekonomski fakultet Subotica, Srbija
Serbia

Institut za ratarstvo i povrtarstvo, Novi Sad, Srbija
Serbia


Abstract

Banks have never faced so much competition, especially in the field of digitalization. New entrants such as fintech startups, large technology companies and non-traditional short-sighted competitors are quickly meeting growing customer expectations. More than a third of banks in the world see no reason to accelerate their organization's digital transformation strategy due to the pandemic. Instead, these institutions remain focused on more predictable priorities and goals such as cost reduction and revenue growth. The subject of this research is to consider the impact that the Covid 19 pandemic had on digitalization in the banking sector. The aim of the research is to indicate the impact of the pandemic on the accelerated digitalization in the banking sector, caused on the one hand by increased competition from fintech companies and on the other hand by changed consumer habits, under the influence of Covid. Although much has been done during the aggressive growth in the use of digital banking channels during the Covid period, the increase in digital traffic and the constant desire to be able to visit branches are not contradictory.

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