Behavioural evolution of consumers of banking services in the COVID-19 pandemic situation

Abstract

Managing customer relations is one of the main contemporary challenges facing banks, especially in terms of new social changes and major changes in human behaviour, generated by the COVID-19 crisis. The currently drifting economic climate affects all of the existing and potential customers and consumer behaviour, being much more demanding on the products and services purchased, their particularities, the conditions proposed by banks, prices and the bankcustomer relationship. The new segmentation generated by the pandemic puts additional pressure on banks, which have a difficult task: to better understand these new behaviours and to meet consumer requirements with relevant products and convenient services. Whatever the options, banks must be receptive to the current needs of consumers of financial products and services and to the behaviour they must adopt in order to remain relevant on the market. The general objective of this study is to provide a practical perspective on the impact of the pandemic crisis on consumer behaviour of banking products and services.