Vol. I (2020), No. 1

Petra Kelecic
Privredna banka Zagreb d.d., Croatia

Preliminary communication
DOI: https://doi.org/10.47954/ijcbe.1.1.4
JEL Classification: G00, G20, G21


The coronavirus situation is causing widespread concern and economic hardship for society, consumers and businesses worldwide. As for entire world, COVD-19 is the most serious challenge to financial institutions in long time. Banks are called upon to manage this new phase with urgency and aptness, to help deflect a worldwide recession. Until recently, majority of banks were focused on empowering both the psychical and digital distribution models. The “new normal” calls for reassessing of priorities and pushes new distribution model where psychical and digital are combined and act as one, with interconnected capabilities. This paper highlights importance of long-term positioning in post covid world, as market forces and customer behavior potentially change coming out of this crisis. In order to manage revenue and customer expectations, new customer-centric and digital-based ecosystem should be established, leveraging on the latest technologies, aiming at increasing remote sales and market penetration. Having that in mind, article aims to shed light on key factors important for retail banking success in this “new future”.

Key words: retail banking, coronavirus crisis response, digital technology, reshaping banking industry, customer experience

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