Change in the uses pattern of banking services by Vietnamese people under the impacts of COVID-19

Abstract

The outbreak of COVID-19 has created massive impacts on different aspects of the economy, including the banking industry. Through surveying behvioural intention towards using banking services among Vietnamese consumers, the research results indicate a sharp decline in the demand for bank loans and bancassurance under the pandemic situation. Besides, the economy also witnessed a marked shift towards adopting cashless payments. In the face of such movements, it is vital that the Vietnamese banking industry make timely changes to overcome difficulties and seize opportunities from the pandemic. Based on detailed assessments of consumer behavioral tendencies, the study offers recommendations for Vietnamese commercial banks in adapting to the new context for developing banking services.