E-Commerce Models: Impact of COVID-19 Pandemic on Retail Banking’s Lending

Nduneche Ezurike
+2348037179146
Nduneche@live.com

Department of Marketing
LIGS University, Honolulu, Hawaii, United States of America

Abstract

The emergence of covid-19 and the eventual lockdown that ensued as a means to curb the spread
of the virus necessitated the need for a change in the modus operandi of organizations and
industries. Prominent among these industries were the electronic commerce and the retail
banking industries. This begs the question, what are E-commerce models? What impact did they
have on retail banks lending during the covid-19 pandemic? These are questions which requires
answers; hence, this paper examines the impact of the coronavirus pandemic on the E-commerce
industry while taking into cognizance the activities of retail banks and the borrowing habits of
customers during this period. This study was anchored on the theory of reasoned actions and the
theory of planned behavior, while case studies and secondary data such as journals, periodicals
and reports were used to explain the crux of this study. The data gathered was analyzed using
tables, pie charts and bar charts. Findings from this study revealed that retail banking during the
covid-19 pandemic was adversely affected as Fin Techs became the dominant players in the
lending space. The study recommends the adoption of the 7cs for retail banks seeking to
maximize the benefits of digital lending.
Keywords: Covid-19, Borrowing, E-commerce, Lending, Retail Banking, Pandemic

Introduction
The digitization of life is progressing at an extremely high pace with routine tasks such as taxi,
shopping, and bill payments being the most affected. Thus, digitalization has become an integral
part of life, simplifying the way we live and do business. One of the fastest growing sectors in
the digitalization of the world is Electronic Commerce commonly referred to as E-commerce.
The whole idea of e-commerce is hinged on conducting commercial transactions electronically
via the internet. Little wonder did Jain et.al (2021) opine that e-commerce “means the electronic
media and the internet for dealing with goods and service”. This implies that through e-
commerce financial transactions between businesses and customers can be conducted all over the
world through the internet.
Through globalization and the advent of technology, most businesses have placed high priority in
the utilization of the internet in making business transactions. This perhaps accounts for the
reason why Domadenik et.al (2018) argues that e-commerce is going to replace offline sales in
the next decade.
Undoubtedly, during the COVID-19 pandemic, the share of e-commerce sales increased
dramatically. The e-commerce web traffic all over the world accounted for 21,96 billion visitors
in June 2020, while in June 2019 the feature accounted for only 16,2 billion visitors. Hence, the
e-commerce usage increased by almost 35% in the year and online turnover more than doubled
during the quarantine. Online services became so popular thereby reducing its likelihood to lose
its advantage in the foreseeable future. This implies that not all people are ready to come back to
offline sales, and even if the pandemic disappears completely, people will continue to purchase
online, as it has become habitual for them. As an outcome, businesses that do not have an e-
commerce system will go bankrupt and give way to competitors that sell online.
It is noteworthy to say that the covid-19 pandemic affected the day to day running of industries
all over the world and the retail banking industry for example, was not excluded from the
adverse effects the pandemic had on the sustainability and stability of businesses. Because of the
need for physical presence to ensure smooth running of business in different branches of retail
banks, the eventual lockdown which ensued as a means to curb the spread of the virus curtailed
the activities of retail banks thereby threatening their existence and stability. This was evident as
customers sought to digital banks in the FinTech sector to provide financial services to them. It is
pertinent to note that digital banks were able to break the barrier of physical engagement which
happened during the lockdown thereby making them a veritable medium for conducting financial
transactions during the covid-19 pandemic.
Also, retail banks had to contend with the issue of lending as it was discovered that during the
pandemic, customers request for lending and credit services increased drastically. This
necessitated the need for retail banks to design a risk management system to identify customers
who are credit worthy and better positioned to ride out the crisis so as to prevent bad debt.
It is noteworthy to say that the Covid-19 pandemic had a domino effect on the retail banking
industry, against this backdrop, this brief research examines the short and long-term impact of
COVID-19 on retail banking services.

An Overview of E-Commerce Models

There are diverse forms of e-commerce models. The umbrella categories of these models are
Business-to-Business (B2B), Business-to-Customer (B2C), Customer-to-Customer (C2C). These
three “super-models” are regarded as the framework for majority of online business transactions
(Yu, 2019). Most of the several models employed in online business derive from these major
models, some of which include drop-shipping, reselling, white labeling, and manufacturing
(Ashraf, 2022). Each of the models has its strengths and weaknesses; they range from being
capital-intensive to requiring more time. There is also some inter-relatability among the models;
some can be deployed together and a business can transition from one model to another (Big
Commerce, 2022).
Drop-shipping
Drop-shipping entails operating without inventory. Typically, drop-shippers operate an online
store through which they take orders. However, they do not ship products directly to customers,
rather, they transfer the orders to a supplier company, which in turn ships directly to the
customers. For instance, Customer A orders a dress from a drop-shipper’s store for ten dollars.
The drop-shipper transfers the order to a supplier who in turn takes the order and sends it to
Customer B for twelve dollars. The drop-shipper as a result makes a margin from the price
difference. Drop-shippers work closely with manufacturers who do not wish to engage in any
form of direct marketing; such manufacturers simply wish to make products and sell to the
customers via drop-shippers or resellers.
Drop-shipping comes with a number of benefits. Prominent among the benefits is low-barrier to
entry with respect to capital (Israfilzade, 2017). An online store could be established with as low
as $30 and a drop-shipper can easily establish virtual relationships with willing suppliers who
will fulfill the orders. Drop-shipping is suitable for business owners who are debt-averse. In
contrast to other models which may require the initial purchase of a few dozens or hundreds of
product units, drop-shipping operates an order-as-need-arises strategy and precludes storage.
Reselling
Reselling is the prototype of e-commerce and retail. A reseller buys products from wholesalers,
distributors, or manufacturers, and resells them in her own store at higher rates. For the purposes
of operation, a website is required, from where orders are accepted and fulfilled. Product storage
is also required. A vivid advantage of this model is that the reseller is selling other people's
products, and does not need to manufacture them.
Reselling comes with some advantages. R&D costs are usually not necessary since the reseller
often tends to have expert judgement on product demands, with an understanding of what sells
(Abishek, Jerath & Zhang, 2016). Money does not need to be spent on building new products and
existing products can be sold. Niche-familiarity enables a quick set up and an easy operation of a
reselling-based business (Teece, 2018). Also, because the reseller is storing products and
fulfilling orders, there is better control on shipping and the associated costs and risks can be
better managed. Upselling and cross-selling can also be easily experimented with, as access to a
wide array of warehoused products can encourage buyers to add more items to cart, hence leading
to profit maximization. Furthermore, when products are sourced at low costs from
manufacturer, for instance for as low as 50% of MSRP (manufacturer’s suggested retail
price), the reseller has enough margin to experiment with, and may choose to offer
discounts, invest in pay-per-click advertising, or other sale tactics. Larger margins imply
flexibility, which can help the business survive and even thrive when the market changes.
Overhead flexibility is also enhanced by reselling. Also, expansion into new areas is easy; the
reseller needs only to find suppliers who offer the new products and stock from them.
White Labeling or Private Labeling
In white labelling, a manufacturer puts the name/label of another entity on the product. It is a step
between reselling and direct manufacturing. Private labeling is similar to reselling, and so shares
most of the benefits and drawbacks. There are some other benefits worth pointing out however.
Ability to do one’s own marketing and branding is one noteworthy benefit. One can create one’s
own name, create one’s own product description, coordinate product photography, etc. This
implies that one can choose a focus or emphasis, either on product price or on the eco-friendly
advantage of the product. Also, private labelling enables one to take advantage of a gap in the
market. A notable benefit that comes with building a brand is the opportunity to grow a fan base
of loyal customers. Reselling makes it hard to build loyalty, but private labelling an already great
product will readily create a following. Moreover, one is not reselling the same product as the
competition, hence potential customers cannot compare prices. Private labelling also affords one
to make one’s SKU or do without one entirely. Reduced cost on advertising and branding also
implies that margins can be kept.
With respect to disadvantages, one difficult issue that private labelling presents is that it forces
one to create a brand, an endeavour which takes time, and therefore likely to prolong the period
of investment yield. Private labelling is also more capital intensive than reselling and one usually
needs to purchase huge quantities.
Manufacturing
Manufacturing is a highly challenging model; it is capital intensive and requires huge investments
in time and money to develop a product from scratch. It is also probably the most defensible of
the models, giving that it is hard to copy or emulate (Kütz, 2016).
One of the major advantages of manufacturing is that one can create anything. This
flexibility affords more control over a lot of product aspects, including colour, size, shape,
packaging, etc. Manufacturing also affords one the privilege to create original ideas in products.
Manufacturing also affords access to all three types of intellectual property, viz copyright,
trademarks, and patents. These can be used to protect one’s brand and product. Copying is really
hard with manufacturing. A competitor who intends to copy may have to reverse engineer the
designs, find a manufacturer, get quotes or samples, select a manufacturer, order the
products, wait for them to arrive, and then finally start selling (Kütz, 2016). The length of time
required for a potential competitor to replicate the idea serves as the period with which one could
further create improvements in product and dominate the market. The long process of
manufacturing can help in protecting what one has built.
One harder part of manufacturing is actually making the product. Creators usually get into a rut
at this step as great product ideas are not usually easy to execute. Prototyping comes into play
here; some industries have professional prototyping services and some manufacturers will help in
prototyping products. This in itself requires time and money.
Handcrafting
Contrary to popular opinion, hand-made products are still very much in vogue (Downes & Nunes,
2014). Several artisans and local manufacturers still make their products by hand. One of the
benefits of the handcrafting model is that one can immediately start making a product with one’s
skill. It is easy to set up tools at home, set up a simple website and immediately begin to take
orders. This approach enables a quick way to test whether there is a market for one’s product. If
initial products sell fast, one can then consider mass-production (Downes & Nunes, 2014).
An interesting dimension to handcrafting is that fewer customers are often needed, since
handmade products are usually more expensive than their mass-produced counterparts. The
implication of this is that ample profits can be made serving fewer customers, which in turn
reduces logistics, lessens management problems and helps maintain cash flow. Handcrafting also
affords offering a custom quote where one gets to build a specific product for a particular
customer. This represents a somewhat better way to conduct customer research as one is
essentially getting paid to do it. For example, rather than making units of products and hoping
they sell, customers specify what they want and pay for the custom work. A few months of
custom work delivery can help derive information on what the market truly wants. The craftsman
or artisan may then go into manufacturing if the data so suggests.
The biggest drawback with handcrafting is that production is highly time intensive. More hours
tend to be spent on making the product than on working on the overall business. The artisan will
need to take this into cognizance in pricing, in order to ensure that production time is actually and
adequately paid for. There should not be much worry about pricing too high as an upscale
market willing to pay for custom products is often readily available.
Retail Banking
Retail banking is the cluster of products and services that banks provide to consumers and small
businesses through branches, the Internet, and other channels.” (Hirtle, 2007). Commercial
banking, can be split into two types: retail and wholesale banking. The key difference between
these two is that retail banking provides its services to consumers and companies, while
wholesale banking involves other banks and governments (Pond, 2017). Retail banking
institutions are widely used for three primary objectives (Omarini, 2015):
 process payments
 deposit savings for the future
 secure funds for emergencies.
Retail activities are therefore based on three different dimensions: customers, products and
services provided, and the delivery channels with which customers are linked to these products
and services (Hirtle, 2007). However, there is a fourth dimension commonly referred to - money.
“Money is anything that is generally accepted as a medium of exchange. A medium of exchange
is something that people are readily willing to accept in payment for purchases of goods,
services, and resources because they know it can be easily used for further transactions.” (Welch,
2009).
The realities of the COVID-19 pandemic and the consequent responses and interventions by
governments world over has led to far-reaching changes in the structure of retail banking, buying
patterns, and the behavior of MSME customers (Deloitte, 2020). The mobility restrictions, social
distancing, and uncertainty that accompany the post-pandemic era, have reinforced the need for
service providers to leverage technology and introduce new innovations that will not only enable
them respond appropriately to the changing landscape, but also position them to thrive in it. This
challenge stands both as a major area of concern and a major area of potential opportunities for
the retail banking sector in the post-COVID era.
Theoretical Framework
The Theory of Planned Behavior
A theory in close association to the Theory of Reasoned Action is the Theory of Planned
Behavior (TPB). Attributed to Ajzen (1991), the theory defined behavioral intent as an
individual’s subjective probability that he or she will do a specific behavior. Ajzen (1991) further
described behavioral intention as the central factor of the TPB with the assumption that
intentions indicate the motivation behind a behavior, and show how far people are willing to go,
or how much effort they are planning to exert, to perform the behavior (Hozebin, 2018).
Intentions are therefore positively correlated with performance. Wang (2008) defined intention to
use online shopping sites as “the favorable attitude of a customer towards an e-commerce system
that results in repeat use/purchase behavior”. Behavioral intention to use internet websites can be
considered as a post-acceptance behavior, which involves repeat purchasing of a product or
service in the future (Brown, 2008; Yen, 2010).
Many previous literature studying e-commerce adoption (Brown, 2008; John, 2012; Wang,
2008; Yen, 2010) have adopted behavioral intention to shop online as a reliable measure of
actual usage of online shopping websites. Based on this, e-commerce adoption in this study is
measured in terms of behavioral intention to use online shopping website.

Trends in Retail Bank Lending During COVID-19

Financial institutions are generally the custodians of consumer loans, and retail banks have been
the primary players over time (Czech and Blandyna, 2021). However, changes and developments
in the financial landscape during COVID-19 presented retail banks with new challenges to deal
with. For one, the growth of FinTech firms during the period implied stiffer competition for
traditional retail banks. More consumers turned to more FinTech firms as the viable alternatives
for financial services, including borrowing/lending. The digital technology model upon which
FinTech firms ride puts them at a position of advantage. Due to automation, FinTech firms can
produce services to consumers at a faster and cheaper rate, with little or no need for physical
engagement. These advantages were especially pronounced especially during the pandemic,
when virtual interactions and transactions became more necessary. Download rates for FinTech
apps increased astronomically, with up to 3.2 million daily downloads globally across 71
countries surveyed (Fu & Mishra, 2022), accompanied by continued increase in the offerings by
the FinTech firms. Figure 3 shows the level of use the various offerings fielded by FinTech firms
within the pandemic period.

Figure 1

Use of FinTech Offerings during COVID-19 Pandemic

The World Bank Global COVID-19 FinTech Market Rapid Assessment Study (2020) reported
that more FinTech firms reported higher performance in retail-related indices wto. Unlike their
Source:
traditional World
retail Bankcounterparts,
banking Global COVID-19 FinTechparticularly
the lockdown Market Rapid Assessment
favored Study
FinTech’s operating in
(2020)
markets/jurisdictions with stricter lockdown rules; the stringency of lockdown positively
correlated with the demand for and adoption of FinTech services, with increasing transaction
volumes. FinTech firms operating in jurisdictions with more stringent lockdown rules
experienced 50% more in volume and number of transactions compared with the other firms
operating in less stringent areas, they also recorded higher levels of customer acquisition (28%
year-on-year increase in first half 2020, compared to 22% increase) (World Bank, 2020).
Emerging and developing economies appeared to account for the highest degree of adoption of
FinTech services e.g. Kenya’s Central Bank reported that over 1.6 million new customers began
to use mobile money platforms (Central Bank of Kenya, 2020).

Figure 2

Transaction Volumes & Number of Transactions under low, medium and high COVID-19
lockdown stringencies, All FinTech Verticals (% change, year-on-year H1)

Source: World Bank Global COVID-19 FinTech Market Rapid Assessment Study (2020)

During the early period of the pandemic, traditional retail banks who were able to offer their
services via digital offerings recorded high levels of growth (Fu & Mishra, 2022). Banks with
already established digital technology adoption were able to process higher volumes of credit
applications and thus granted more credit to consumers (Branzoli, Rainone and Supino, 2021).
However, they were outmatched by their new FinTech and Big-Tech counterparts who were
apparently more innovative, quicker to develop and ship new services, and better at creating and
offering products for targeted markets (Fu & Mishra, 2022). The pattern of technology adoption,
as observed by Fu and Mishra (2022), showed that at the onset of the pandemic, traditional retail
banks who offered digital services saw many new users, simply on account of familiarity and
trust built overtime, however, as the pandemic went on and consumer needs evolved, the more
responsive and nimble new FinTech startups and Big Tech firms like Google, Rakuten and Baidu
soon took over the market and gained way more users, while leveraging their more
comprehensive digital offerings and infrastructure. Credit rationing by traditional retail banks
also implied inability to access credit by many consumers, leading to a resort to lending apps,
either as complementary or as complete substitutes to the banks (Cornaggia, Wolfe and Yoo
2018; Chava, Paradkar and Zhang, 2018). Evidence shows that traditional retail banks and
existing credit card companies fell short in catering to the demand for personal and consumer
loans during the pandemic era, resulting in shifting demands towards non-traditional, digital
alternatives. Some apparently negative notable implications of more access to credit, as afforded
by FinTechs during the pandemic, are the tendency for consumers to become overindebted and
also exposure to inadequate protection, especially by lending apps that are inauthentic.

The rise of digital alternatives aside, retail bank lending during the pandemic was also influenced
by some domestic factors. The financial condition of a bank played a role in its lending
capabilities (Çolak & Öztekin, 2021). Small banks and banks with low assets returns either
experienced detrimental effects from lending or refrained from doing so on account of the
potential detrimental effects lending could have on them. Lending was also negatively impacted
in economies characterized by higher constraints on credit supply, less developed financial
intermediaries and weak credit/bond markets. However, constraints of regulatory nature had little
effect on bank’s credit supply. In actual fact, regulatory constraints were relaxed in most
countries, e.g. in Nigeria, where the Central Bank created a N50 billion credit facility targeted at
households and SMEs, extended the moratorium on principal repayments for intervention
facilities, and directed banks to restructure the terms of their facilities, amidst other regulatory
measures (KPMG, 2020). In addition, capitalization also played a role. For instance, European
banks (with better capitalization) were reported to have reduced their lending much more during
the early period of the pandemic, in comparison with weaker-capitalized banks, operating in
countries with higher exposure to the pandemic (Dursun-de Neef and Schandlbauer, 2021).
Government responses and intervention came to bear in this, as the economic support they
provided helped to resolve insolvency issues of banks with weak capitalization, enabling the
banks to give better credit responses (Dursun-de Neef and Schandlbauer, 2021).

In summary, retail bank lending during the pandemic was impacted chiefly by developments and
growth in the FinTech sector, followed by changes in spending habits of consumers, the financial
conditions of the banks, as well as regulations and government responses/interventions. It
remains to be known if the identified trends will all continue into the future.

E-Commerce Models For Retail Banks Lending During and Post Covid-19

A significant challenge posed to retail lending in the COVID-19 era will be to respond to the
rapidly changing credit situation. Retail banks are hence compelled to be more responsive in
establishing lending policies that answer to the challenges posed by the pandemic. The banks
will also need to broaden their customer offerings, and work more closely with the customers to
educate them about the offerings and offer them necessary support. Furthermore, leveraging
digitization and automation in administering the lending process has become inevitable for retail
banks. Digital lending has globally gained ground as a major financial phenomenon (KMS,
2022), which huge growth estimation in the immediate future. In simple terms, digital lending
“refers to a process of automating the lending process from application to loan disbursal through
mobile apps” (MOBA, 2021). It has also been defined as “the process of offering loans that are
applied for, disbursed, and managed through digital channels, in which lenders use digitized data
to inform credit decisions and build intelligent customer engagement.” (Accion, 2018). The
traditional lending model is fast giving way to digital lending, given the development of the
global digital ecosystem.

Digital Lending Models

A number of digital lending business models have been introduced by banks to suit the varying
needs of customers and the prevailing realities of the digitally driven financial sector. Table 1
below presents some of such models.
Table 1
Digital Lending Models
Type Description
Online lender Financial Service Provider (FSP) that provides end-to-end
digital lending products via a website or mobile application.
Peer to Peer (P2P) lender Digital platforms that facilitate the provision of digital credit
between many borrowers and lenders, typically playing an
ongoing central role in the relationship between these
parties.
e-Commerce and Social Digital platforms wherein credit is not their core business,
Platforms but leverages their digital distribution, strong brand, and
rich customer data to offer credit products to their customer
base.
Marketplace Platforms Digital platforms that originate and match one borrower with
many lenders for an origination fee; the lender and borrower
then enter into a bilateral agreement.
Supply Chain Lender Non-cash digital loans for specific asset financing, invoice
financing, or pay-as-you-go asset purchase within a supply
chain distribution network.
Mobile Money Lender Partnership model wherein lenders work with mobile
network operators (MNOs) to offer mobile money loans to
their customer base, leveraging mobile phone data for
scoring.
Tech-enabled Lender Traditional FSPs that have digitized parts of the lending
process, either in-house or through partnerships.

Source: Accion Global Advisory Solutions

Conclusion
With the outbreak of COVID-19, banks initially attempted to address the financial difficulties
faced by customers who had already been granted loans prior to the outbreak. Some banks
granted forbearances to such customers in order to build trust and relieve customer pressures. In
most cases, this resulted in the establishment of COVID-19 credit policies. Another process to
ensure efficient management of future lending process was to accelerate digitization and smart
lending capabilities. This helped to not only ensure the use of online technology to originate
loans, but also to enable use of new data to make more efficient decisions.
In summary, retail bank lending during the pandemic was impacted chiefly by developments and
growth in the FinTech sector, followed by changes in spending habits of consumers, the financial
conditions of the banks, as well as regulations and government responses/interventions. It
however remains to be known if the identified trends will all continue into the future.
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