Impact of COVID-19 in Albania - How Will Banks Change the Way They Operate Now? Focus on Customer Service Channels

Abstract

The COVID-19 pandemic is continuously spreading all around the world causing an unprecedented human, economic, and social crisis, whose consequences are still unpredictable. Albania is also facing a crisis caused by the lockdown of economic activity and the isolation of the population to control the pandemic. The new normality at the end of the crisis will be very different than before, so the banking system should adapt by implementing innovative strategies. This research paper is concentrated on how will banks change their customer service strategy by implementing omnichannel banking as a competitive strategy for thriving in the future. In the first section is presented the background information about the current economic effects of COVID-19 in the world and Albania focusing in the banking sector, to analyze how omnichannel strategy on customer service will help bank operations to adapt the new normality and to suggest innovative operative solutions on the banking system in Albania. The methodology of this research paper consists of the descriptive methodology using secondary data from case studies and surveys measuring customers’ perceptions about banking service channels. The main findings are: the negative impact of COVID-19 in the global economy and in Albania, the urgent need of the banking system in Albania in implementing new strategies about customer approach such as innovation of branches and digital channels.