BANKING MARKETING PRACTICES DURING THE COVID-19 PANDEMIC: A SYSTEMATIC LITERATURE REVIEW

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.