COVID-19 Precautions of Pakistani Banks in the Lens of Qualitative Study Approach

Abstract

This research explores the precautions taken by the Pakistani banks listed in the Security Exchange Commission of Pakistan (SECP) to control the spread of the Coronavirus (COVID-19) pandemic. The data was collected from the sample size of Pakistan's 23 Islamic and commercial banks during the pandemic period from 2020 to 2021. The data regarding precautions for the COVID-19 pandemic and its related activities were collected from the websites of the sample banks. The analysis has been generated through NVivo software content analysis to find the precautions taken by banks on their websites. The findings suggest that the sample banks have taken reasonable precautions to curb the spread of the COVID-19 pandemic while providing banking services to their customers. These services included digital banking & online facilities, awareness of COVID-19, Standard Operating Procedures (SOPs) followed by staff and customers during the pandemic, and providing facilitation in COVID-19 Pandemic Relief Funds. The findings offer recommendations and implications for the top management of the banking sector, regulatory bodies, and other stakeholders to control the pandemic and provide non-stop banking operations. The study also offers social implications related to the health and safety of the broader stakeholders. The study is first in its nature to explore the precautionary steps of the financial sector during pandemic situations.