Consumers’ changing financial behavior during the COVID-19 lockdown: the case of Internet banking use in Greece

Abstract

This paper studies the impact of the 1st COVID-19 lockdown in Greece on the internet banking. Our study relies on a survey conducted, during the first lockdown period between April 13th and May 3rd, 2020 in Greece, among respondents between 18 and 64-years-old. The sample was appropriately weighted with the raking method to accurately reflect the distribution of the real population. The main result is straightforward: more days in a lockdown may be associated with an increased possibility for further i-banking use. We provide important insights to financial services’ providers by pointing out female gender, increasing age, living in a metropolitan area and job security status as the most crucial predictors for shaping changing financial behavior.