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The effect of Covid-19 on digital banking explored under business model approach

Ahmet Coşkun Yıldırım (Department of Banking and Finance, Baskent University, Ankara, Turkey)
Erkan Erdil (Department of Economics, Middle East Technical University, Ankara, Turkey)

Qualitative Research in Financial Markets

ISSN: 1755-4179

Article publication date: 13 April 2023

Issue publication date: 16 January 2024




This study aims to understand the impacts of Covid-19 on the progression of digitalization of banks in an emerging market. For this purpose, business model canvas (BMC) is used as a theoretical framework to explore these effects on each business elements of Turkish Banks’ business strategies.


Data are collected through structured interviews with the top managers of seven diversified banks. Interview questions are designed based on BMC.


The results show that the onset of the Covid-19 is a shock that has made digitalization a strategic issue that necessitates an urgent change in many business elements of banks such as customer relationships, communication channels, resource allocation, partnerships and financing. Further, it has stimulated redefining value proposition and collaboration/interaction among all financial institutions through digital platforms.

Practical implications

BMC can be used to explain decision-making and business processes of banks for exploring the effect of recent and/or unexpected developments in the business environment of an emerging economy. The results provide insights and recommendations to managers of financial institutions into the impacts of Covid-19 on banks’ operational and strategic processes. That allows financial institutions, including Fintechs, to use this information for taking precautions and proactive actions against shocks.


This study is an initial attempt to explore the impacts of the Covid-19 on banks in an emerging economy by using BMC. With that, this study contributes to the literature by explaining the effect of progression of digitalization in banking from a strategic business model perspective using a qualitative research method.



Yıldırım, A.C. and Erdil, E. (2024), "The effect of Covid-19 on digital banking explored under business model approach", Qualitative Research in Financial Markets, Vol. 16 No. 1, pp. 87-107.



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