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The Covid-19 Pandemic and Digitalization in Financial Markets

Year 2022, , 1025 - 1038, 18.01.2023
https://doi.org/10.26650/ISTJECON2022-1127590

Abstract

The COVID-19 pandemic, which began in China at the end of 2019, quickly spread worldwide. Since the emergence of the coronavirus (Covid-19), all countries have faced unprecedented challenges in many areas such as health, the economy, supply chains, and finance. In addition to all these problems caused by the pandemic, it has accelerated digitalization in many areas and has led to new global trends. One of the areas affected by the acceleration of digital transformation is the financial markets. The development of technologies such as Big Data, Cloud Computing, the Internet of Things (IoT), Artificial Intelligence (AI), Super Computing, Blockchain, and Virtual Reality (VR) has a crucial role in increasing digitalization. This article examines how Covid-19, which affects the whole world, accelerates digitalization in financial markets. According to the research results, digitalization, in other words, the dehumanization of work and processes, has become a top priority for companies during the Covid-19 pandemic. The rapid increase in digital payment systems and the increasing investments of businesses in technological infrastructure and cybersecurity are just a few of the changes that Covid-19 has accelerated in the financial markets

References

  • Auer, R., Cornelli, G. & Frost, J. (2020) Covid-19, cash, and the future of payments. Bank For International Settlements (BIS) Bulletin. Retrived from https://www.bis.org/publ/bisbull03.pdf google scholar
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  • Juniper Research (2021). Over half of global population to use digital banking in 2026; Driven by banking digital transformation. Retrieved from https://www.juniperresearch.com/press/over-half-global-population-digital-banking google scholar
  • Kahraman, D. (2020). Serathon-in capital markets software marathon. TSPB Gösterge, Winter, 31-42. google scholar
  • KPMG Turkey (2020). Technology and cybersecurity in the time of COVID-19. Retrieved from https:// home.kpmg/tr/tr/home/gorusler/2020/04/covid-19-doneminde-teknoloji-siber-guvenlik.html google scholar
  • Mbama, C. (2018). Digital banking services, customer experience and financial performance in UK banks. Doctoral, Sheffield Hallam University. Retrived from http://shura.shu.ac.uk/23305/. google scholar
  • Moşteanu, N. R., Faccia, A., Cavaliere, L. P. L., and Bhatia, S. (2020). Digital technologies’ implementation within financial and banking system during socio distancing restrictions - Back to the future. International Journal of Advanced Research in Engineering and Technology, 11(6), 2020, pp. 307-315, Available at SSRN: https://ssrn.com/abstract=3650810 google scholar
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  • Shahvaroughi Farahani, M., Esfahani, A., Falatouri Moghaddam, M. N., & Ramezani, A. (2022). The impact of Fintech and artificial intelligence on COVID 19 and sustainable development goals. International Journal of Innovation in Management, Economics and Social Sciences, 2(3), 14-31. doi:10.52547/ijimes.2.3.14 google scholar
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  • Theiri, S., & Alareeni, B. (2021). Perception of the digital transformation as a strategic advantage through the Covid 19 crisis? case of Tunisian banks, Journal of Sustainable Finance & Investment, DOI: 10.1080/20430795.2021.1964809 google scholar
  • World Health Organization (2022). Coronavirus (COVID-19) dashboard. Retrieved from https:// covid19.who.int/ Woodside, J. M., Augustine, Fred K. Jr., & Giberson, W. (2017). Blockchain technology adoption status and strategies. Journal of International Technology and Information Management, 26(2), 65-93. Retrieved from https://www.proquest.com/scholarly-journals/ blockchain-technology-adoption-status-strategies/docview/1981609921/se-2?accountid=141837 google scholar
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  • The Interbank Card Center (2020). A story of change and transformation in pursuit of digital. Retrieved from https://bkm.com.tr/dijitalin-pesinde/ google scholar

Covid-19 Salgını ve Finansal Piyasalarda Dijitalleşme

Year 2022, , 1025 - 1038, 18.01.2023
https://doi.org/10.26650/ISTJECON2022-1127590

Abstract

2019 yılının sonunda Çin’de başlayan COVID-19 pandemisi hızla tüm dünyaya yayılmıştır. Covid-19’un ortaya çıkmasıyla birlikte tüm ülkeler sağlık, ekonomi, tedarik zinciri ve finans gibi birçok alanda benzeri görülmemiş zorluklarla karşı karşıya kalmıştır. Salgın yol açtığı tüm bu problemlerin yanı sıra birçok alanda dijitalleşmeyi hızlandırarak yeni küresel trendlere yol açmıştır. Dijital dönüşümdeki ivmeden etkilenen alanlardan biri de finansal piyasalardır. Finansal piyasalarda dijitalleşme pandemiden önce de var olan bir olgudur. Büyük Veri, Bulut Bilişim, Nesnelerin İnterneti (IoT), Yapay Zekâ (AI), Süper Bilgi İşlem, Blok Zinciri ve Sanal Gerçeklik (VR) gibi teknolojilerin gelişmesinin artan dijitalleşmede önemli bir payı vardır. Bu çalışmada, tüm dünyayı etkisi altına alan Covid-19’un finansal piyasalarda dijitalleşmeyi nasıl hızlandırdığı ele alınacaktır. Araştırma sonuçlarına göre dijitalleşme, diğer bir deyişle iş ve süreçlerin insansız hale getirilmesi, Covid-19 salgını sırasında şirketler için en öncelikli konu haline gelmiştir. Dijital ödeme sistemlerinin kullanımında hızlı artış ve işletmelerin teknolojik altyapı ve siber güvenliğe artan yatırımları, Covid-19’un finansal piyasalarda hızlandırdığı değişikliklerden bazılarıdır.

References

  • Auer, R., Cornelli, G. & Frost, J. (2020) Covid-19, cash, and the future of payments. Bank For International Settlements (BIS) Bulletin. Retrived from https://www.bis.org/publ/bisbull03.pdf google scholar
  • Ba, S., & Bai, H. (2020). Covid-19 pandemic as an accelerator of economic transition and financial innovation in China. Journal of Chinese Economic and Business Studies, 18(4), 341-348. doi:http://dx.doi.org/10.1080/14765284.2020.1855394 google scholar
  • Crawley, J. (2021). Bakkt digital wallet, for bitcoin to Starbucks points, goes live after long delay. Retrieved from: https://www.coindesk.com/business/2021/03/30/bakkt-digital-wallet-for-bitcoin-to-starbucks-points-goes-live-after-long-delay/ google scholar
  • Fintech Istanbul (2021). Black swan in financial markets. Retrieved from https://fintechistanbul. org/2021/09/28/finansal-piyasalarda- Siyah-kugu/ google scholar
  • Future Markets Insight. (2021). ePayment system market snapshot. Retrieved from: https://www. futuremarketinsights.com/reports/epayment-system market?utm_source=adwords&utm_ medium=ppc&gclid=Cj0KCQjwheyUBhD-ARIsAHJNM-MtKxnvP_ I3ADeEMJieS9xg0AIrFa4Iq090fXqu7MkIdWK8Sc4YCp8aAqG6EALw_wcB google scholar
  • Digital acceleration in the time of coronavirus (2020). MIT Technology Review, Retrieved from https://www.technologyreview.com/2020/12/15/1013733/digital-acceleration-in-the-time-of-coronavirus-north-america/ google scholar
  • Grima, S., Spiteri, J., & Romanova I. (2020). A STEEP framework analysis of the key factors impacting the use of blockchain technology in the insurance industry. Geneva Papers on Risk & Insurance, 45(3), 398-425. doi: https://doi.org/10.1057/s41288-020-00162-x google scholar
  • Juniper Research (2021). Over half of global population to use digital banking in 2026; Driven by banking digital transformation. Retrieved from https://www.juniperresearch.com/press/over-half-global-population-digital-banking google scholar
  • Kahraman, D. (2020). Serathon-in capital markets software marathon. TSPB Gösterge, Winter, 31-42. google scholar
  • KPMG Turkey (2020). Technology and cybersecurity in the time of COVID-19. Retrieved from https:// home.kpmg/tr/tr/home/gorusler/2020/04/covid-19-doneminde-teknoloji-siber-guvenlik.html google scholar
  • Mbama, C. (2018). Digital banking services, customer experience and financial performance in UK banks. Doctoral, Sheffield Hallam University. Retrived from http://shura.shu.ac.uk/23305/. google scholar
  • Moşteanu, N. R., Faccia, A., Cavaliere, L. P. L., and Bhatia, S. (2020). Digital technologies’ implementation within financial and banking system during socio distancing restrictions - Back to the future. International Journal of Advanced Research in Engineering and Technology, 11(6), 2020, pp. 307-315, Available at SSRN: https://ssrn.com/abstract=3650810 google scholar
  • Natarajan, H., & Guirado, J., C., M. (2021). Domestic payments innovation in the pandemic. Retrived fromhttps://thedocs.worldbank.org/en/doc/ f303bdb29daf1b5e55ad08c44896e121-0350012021/original/210218MI1-Missive-Innovation-Jury-Report-2021-FINAL.pdf google scholar
  • Petersen, T., & Bluth, C. (2020). The coronavirus transformation: How the pandemic is slowing down globalization and accelerating digitalization. Megatrend Brief September, Retrieved from http:// aei.pitt.edu/103221/ google scholar
  • PwC Turkey and GSG Law. Open banking: World and Turkey (2020). Retrived from https://www. pwc.com.tr/acik-bankacilik-dunya-ve-turkiye google scholar
  • Schmidt, E., & Cohen, J. (2013). The new digital age: Reshaping the future of people, nations, and business. United Dtates: Alfred A. Knopf. google scholar
  • Shahvaroughi Farahani, M., Esfahani, A., Falatouri Moghaddam, M. N., & Ramezani, A. (2022). The impact of Fintech and artificial intelligence on COVID 19 and sustainable development goals. International Journal of Innovation in Management, Economics and Social Sciences, 2(3), 14-31. doi:10.52547/ijimes.2.3.14 google scholar
  • Soto-Acosta, P. (2020). COVID-19 pandemic: Shifting digital transformation to a high-speed gear. Information Systems Management, 37(4), 260-266. doi: http://dx.doi.org/10.1080/10580530.20 20.1814461 google scholar
  • Theiri, S., & Alareeni, B. (2021). Perception of the digital transformation as a strategic advantage through the Covid 19 crisis? case of Tunisian banks, Journal of Sustainable Finance & Investment, DOI: 10.1080/20430795.2021.1964809 google scholar
  • World Health Organization (2022). Coronavirus (COVID-19) dashboard. Retrieved from https:// covid19.who.int/ Woodside, J. M., Augustine, Fred K. Jr., & Giberson, W. (2017). Blockchain technology adoption status and strategies. Journal of International Technology and Information Management, 26(2), 65-93. Retrieved from https://www.proquest.com/scholarly-journals/ blockchain-technology-adoption-status-strategies/docview/1981609921/se-2?accountid=141837 google scholar
  • Usta, A., & Dogantekin, S. (2019). Blockchain 101, Istanbul: Capital Media Services Publishing. google scholar
  • The Interbank Card Center (2020). A story of change and transformation in pursuit of digital. Retrieved from https://bkm.com.tr/dijitalin-pesinde/ google scholar
There are 22 citations in total.

Details

Primary Language English
Subjects Business Administration
Journal Section Research Article
Authors

Yeşim Şendur 0000-0003-4695-2181

Publication Date January 18, 2023
Submission Date June 7, 2022
Published in Issue Year 2022

Cite

APA Şendur, Y. (2023). The Covid-19 Pandemic and Digitalization in Financial Markets. İstanbul İktisat Dergisi, 72(2), 1025-1038. https://doi.org/10.26650/ISTJECON2022-1127590
AMA Şendur Y. The Covid-19 Pandemic and Digitalization in Financial Markets. İstanbul İktisat Dergisi. January 2023;72(2):1025-1038. doi:10.26650/ISTJECON2022-1127590
Chicago Şendur, Yeşim. “The Covid-19 Pandemic and Digitalization in Financial Markets”. İstanbul İktisat Dergisi 72, no. 2 (January 2023): 1025-38. https://doi.org/10.26650/ISTJECON2022-1127590.
EndNote Şendur Y (January 1, 2023) The Covid-19 Pandemic and Digitalization in Financial Markets. İstanbul İktisat Dergisi 72 2 1025–1038.
IEEE Y. Şendur, “The Covid-19 Pandemic and Digitalization in Financial Markets”, İstanbul İktisat Dergisi, vol. 72, no. 2, pp. 1025–1038, 2023, doi: 10.26650/ISTJECON2022-1127590.
ISNAD Şendur, Yeşim. “The Covid-19 Pandemic and Digitalization in Financial Markets”. İstanbul İktisat Dergisi 72/2 (January 2023), 1025-1038. https://doi.org/10.26650/ISTJECON2022-1127590.
JAMA Şendur Y. The Covid-19 Pandemic and Digitalization in Financial Markets. İstanbul İktisat Dergisi. 2023;72:1025–1038.
MLA Şendur, Yeşim. “The Covid-19 Pandemic and Digitalization in Financial Markets”. İstanbul İktisat Dergisi, vol. 72, no. 2, 2023, pp. 1025-38, doi:10.26650/ISTJECON2022-1127590.
Vancouver Şendur Y. The Covid-19 Pandemic and Digitalization in Financial Markets. İstanbul İktisat Dergisi. 2023;72(2):1025-38.