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The effect of Covid-19 on digital banking explored under business model approach
Date
2023-01-01
Author
Yıldırım, Ahmet Coşkun
Erdil, Erkan
Metadata
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Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License
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Purpose: This study aims to understand the impacts of Covid-19 on the progression of digitalization of banks in an emerging market. For this purpose, business model canvas (BMC) is used as a theoretical framework to explore these effects on each business elements of Turkish Banks’ business strategies. Design/methodology/approach: Data are collected through structured interviews with the top managers of seven diversified banks. Interview questions are designed based on BMC. Findings: The results show that the onset of the Covid-19 is a shock that has made digitalization a strategic issue that necessitates an urgent change in many business elements of banks such as customer relationships, communication channels, resource allocation, partnerships and financing. Further, it has stimulated redefining value proposition and collaboration/interaction among all financial institutions through digital platforms. Practical implications: BMC can be used to explain decision-making and business processes of banks for exploring the effect of recent and/or unexpected developments in the business environment of an emerging economy. The results provide insights and recommendations to managers of financial institutions into the impacts of Covid-19 on banks’ operational and strategic processes. That allows financial institutions, including Fintechs, to use this information for taking precautions and proactive actions against shocks. Originality/value: This study is an initial attempt to explore the impacts of the Covid-19 on banks in an emerging economy by using BMC. With that, this study contributes to the literature by explaining the effect of progression of digitalization in banking from a strategic business model perspective using a qualitative research method.
Subject Keywords
Business model canvas
,
Covid-19 pandemic
,
Digitalization
,
Turkish banking sector
URI
https://www.scopus.com/inward/record.uri?partnerID=HzOxMe3b&scp=85152372701&origin=inward
https://hdl.handle.net/11511/102878
Journal
Qualitative Research in Financial Markets
DOI
https://doi.org/10.1108/qrfm-08-2021-0142
Collections
Department of Economics, Article
Citation Formats
IEEE
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MLA
BibTeX
A. C. Yıldırım and E. Erdil, “The effect of Covid-19 on digital banking explored under business model approach,”
Qualitative Research in Financial Markets
, pp. 0–0, 2023, Accessed: 00, 2023. [Online]. Available: https://www.scopus.com/inward/record.uri?partnerID=HzOxMe3b&scp=85152372701&origin=inward.