Impact of the pandemic COVID - 19 on the digitalization of the banking sector of Serbia

Abstract

This paper examines the consequences of COVID-19 on the digitalization of the banking sector, in order to identify the challenges and opportunities of the banking sector in Serbia. The research consists of two parts. The first part uses statistical data from regulatory and supervisory bodies, and the second part refers to field research, which is based on a survey. Data processing was created using IBM SPSS Statistics software. Survey questionnaires were collected in the period from January to May 2022. The answers of 174 respondents, bank clients, were accepted for analysis. The questionnaire was compiled using a five-point Likert scale. This sample may not be entirely representative, but in any case it is sufficiently informative, as it is possible to draw a conclusion about the contribution of each variable to the development of digital banking. To analyze the relationship between the metric variable and several independent variables, we use multiple or multiple regression. Our assessments reveal the impact of digital products and services on the development of digital banking. In the research, specific goals should be determined, specifically what percentage of respondents are familiar with digital banking services. Also, further analysis should verify the statement that the proportion of respondents who have a negative attitude towards digital banking is less than 45%. In this research, regression analysis was used, as part of the analysis used to form the digital maturity of clients in Serbia. A two-factor analysis was used to research the preferred types of banking products and services. Data analysis using SPSS version 20 for Windows shows that: There is a positive and significant impact of digital banking products on bank customer satisfaction. Analyzed models for researching client preferences indicate that the bank's managerial approach implies real knowledge and monitoring of the wishes and preferences of its clients, as well as adequate key priorities that managers of the banking industry should provide. The research results show that a digital bank can be a unique answer to all challenges, as well as the most effective tool for retaining and attracting clients.