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 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 study employs a qualitative research approach of the Pakistani banking sector through thematic analysis. This research uncovers the multifaceted dimensions of how Pakistani banks responded to the pandemic, focusing on measures related to operational continuity, staff well-being, customer engagement, and compliance with government guidelines. Our findings reveal the comprehensive strategies and actions adopted by Pakistani banks to mitigate the impact of COVID-19. These measures include the rapid implementation of remote working arrangements, enhanced digital services, rigorous sanitization protocols, and financial relief initiatives for customers facing economic hardships. The study concludes by discussing the implications of the COVID-19 experience for the future of Pakistani banking, emphasizing the importance of continued investment in digital infrastructure, risk management, and flexibility to navigate uncertain times. The insights generated from this qualitative research are expected to inform policymakers, banking professionals, and researchers, facilitating a more resilient and adaptive banking industry in Pakistan and beyond.