Coronavirus: an empirical study of the pandemic's effect on Albanian online banking services

Abstract

We analyse how the COVID-19 pandemic has influenced online banking usage in Albania. We started with the online banking environment, its features, and the factors that drive it. Secondary data from the Bank of Albania reveals a substantial spike in online banking transactions in the last decade. Based on an empirical analysis with primary data collected from questionnaires issued to banking clients, we utilised several factors from the technology acceptance model (TAM) to indicate the pandemic influence on online banking service adoption and usage among private banking customers in Albania. The pandemic has resulted in a substantial rise in online banking use. We evaluated the impact on the online banking use of the following factors: age, gender, education, income level, perceived security and safety, perceived usefulness, and perceived ease of use. For the age, education, income level, and security perceptions, we found a positive relation. Gender does not seem to be significant. The convenience, speed, and ease of using online services do not impact online banking use during the pandemic. The findings will be useful to both academics and practitioners looking to understand the issues of the pandemic effect.