Have banks been supportive during the COVID-19 pandemic?

Abstract

The COVID-19 pandemic has had disrupting and negative effects on economies and society. Nevertheless, it seems that it has contributed to increased solidarity, and determined individuals and organizations to be more responsible, at least concerning health-related aspects. Companies around the world have been involved in supporting the health care system and minimizing the impact of the pandemic on economies around the world. During the COVID-19 pandemic, companies were motivated by utilitarianism and deontological factors to get involved in philanthropic CSR actions in the toughest moments of the pandemic. Banks seem to be no exception. Even more, during this pandemic, banks have done much to rehabilitate their reputations, tarnished during the previous financial and economic crises. This paper aims to analyze the perception of the involvement of Romanian banks during the pandemic, especially for overcoming the crises of the healthcare system. The findings could guide banks to be more consistent and better communicate their CSR activities and involvement for the benefit of society, and helps understand how people observe and evaluate the CSR efforts of banks. Keywords: Banking during the COVID-19 pandemic, CSR in the banking sector, Responsible banking, Involvement of banks in healthcare