Assessing the impact of COVID-19 pandemic on the use of digital technologies in the banking industry

The COVID-19 pandemic significantly accelerated the adoption of digital technologies by bank customers, highlighting the need for remote banking services. This study aims to assess the impact of the pandemic on key indicators of innovation in the banking sector, using the European Union countries as a case study. A modified Delphi method was employed to identify relevant indicators, specifically the volume of transactions through digital platforms and the share of the population using online banking. A comparative analysis of the dynamics from 2019 to 2022 revealed a 243% increase in transaction volume and a 16% rise in online banking usage. Correlation analysis demonstrated strong relationships between these indicators and pandemic-related variables, with correlation coefficients exceeding 70% in most EU countries. Two regression models with high R² values (0.965 and 0.938) confirmed these relationships. The findings suggest that the pandemic served as a catalyst for rapid digital transformation in the banking industry, enabling financial institutions to adapt effectively to crises characterized by restricted customer mobility. The practical significance of this research lies in its potential to inform the development of strategies and recommendations for banks and financial institutions aimed at optimizing digitalization processes and implementing innovative technologies.