Covid Impact On Banking Industry: Research Mapping Using R

Evania Herindar(1*), Aam Slamet Rusydiana(2)

(1) IAI Tazkia
(2) Sharia Economics Applied Research & Training (SMART)
(*) Corresponding Author


Introduction/Main Objectives: This study intends to evaluate literature studies and determine the evolution of research pertaining to the impact of Covid-19 on the banking industry by examining 121 documents from the Scopus database, including journals, book chapters, conference papers, and reviews. Background of Problems: The COVID-19 pandemic not only produces a crisis but also has the potential to alter the structure of the global economy, thereby influencing the banking industry and financial system. Novelty:  Conduct a comprehensive literature review by identifying the presence of GAP in research, as well as to assist future researchers in determining the development of research and in exploring further research on the impact of Covid-19 on the banking industry. Research Method : This research employs R-studio and biblioshiny software for text analysis. Findings/Result: The findings indicate that the COVID-19 pandemic has an impact on the banking business, which can be both a threat and an opportunity. In addition, this study includes a summary of the keywords that frequently appear in this topic and a summary of the most pertinent word analysis, word treemap, co-occurrence network, thematic map, and conceptual structure. Conclusion: Our findings inform regulatory authorities concerned with enhancing the financial stability of the banking sector to enhance their policies and banking practitioners to seek innovative tactics to compel banks to better align themselves with risks during the COVID-19 pandemic. In addition, this study reveals the existence of research gaps in order to provide future researchers with useful information.


Covid, Banking Industry, Bibliometrics, R

Full Text:



Adeel Zaffar, A., Kumar, R. and Zhao, K. (2019), “Using agent-based modelling to investigate diffusion of mobilebased branchless banking services in a developing country”, Decision Support Systems, Vol. 117, pp. 62-74.

Agnihotri, D., Kulshreshtha, K., Tripathi, V. (2021). Emergence of social media as new normal during COVID-19 pandemic: a study on innovative complaint handling procedures in the context of banking industry. International Journal of Innovation Science

Ahlgren, P., Jarneving, B., & Rousseau, R. (2003). Requirements for a co-citation similarity measure, with special reference to pearson’s correlation coefficient. Journal of the American Society for Information Science and Technology, 54(6), 550–560.

Aisyah, B. N., Yuliani, N. A., Amelia, E., & Nasiroh, F. (2020). USURY PROHIBITION IN BANKING: IMPACT IN THE PROSPERITY OF WELFARE IN THE COVID-19 PERIOD WELFARE IN THE COVIDͳ19 PERIOD. Jurnal Imara Volume 4, Nomor 1, 1-10.

Alam, M.N., Alam, M.S., Chavali, K., (2020). Stock market response during COVID-19 lockdown period in India: An event study. Journal of Asian Finance, Economics and Business 7(7), pp. 131-137

Alharthi, M., Hanif, I., Ur Rehman, H., Alamoudi, H. (2021). Satisfaction of Pakistan’s Islamic banking system during the COVID-19 pandemic Logistic model-based identification of the determinants to improve customer. Journal of Islamic Marketing

Aria, M., Cuccurullo, C., & Sarto, F. (2017). Foundations and trends in performance management. A twenty-five years bibliometric analysis in business and public administration domains. Scientometrics, 1-18.

Asmoro, A. (2020). Tantangan Perbankan Dan Kesiapan Menghadapi New Normal [Banking Challenges and Readiness for New Normals]. Institut Teknologi Sepuluh Nopember (ITS). (In Indonesian). Retrieved from https:// uploads/sites/71/2020/06/200611- New-Normal-dan-TantanganPerbankan-ITS.pdf

A.Zakaria, B.Ismail, F., HossainLipu, M., & Hannan, M. (2020). Uncertainty models for stochastic optimization in renewable energy applications. Renewable Energy volume 145, 1543-1571.

Baicu, C. G., Gârdan, I. P., Gârdan, D. A., & Epuran, G. (2020). he impact of COVID-19 on consumer behavior in retail banking. Evidence from Romania. Sciendo Vol. 15, No. Special Issue, 534-556.

Banna, H., Alam, M.R., Ahmad, R. and Sari, N.M. (2020a), “Does financial inclusion drive the Islamic banking efficiency? A post-financial crisis analysis”, The Singapore Economic Review, doi:10.1142/s0217590819420050.

Banna, H., & Alam, M. R. (2021). Impact of digital financial inclusion on ASEAN banking stability: implications for the post-Covid-19 era. Studies in Economics and Finance, 1-20.

Barus, A. C., & Erick. (2016). Analysis of Factors affecting NonPerforming Loans of Commercial Banks in Indonesia. Jurnal Wira Ekonomi Mikroskil, 6(2), 113- 122. Retrieved from https://www. jwem/article/view/325/201

Bartoletto, S., Chiarini, B., Marzano, E., & Piselli, P. (2019). Business cycles, credit cycles, and asymmetric effects of credit fluctuations: Evidence from Italy for the period of 1861–2013. Journal of Macroeconomics, 61, 103130.

B.Carnevale, J., & Hatak, I. (2020). Employee adjustment and well-being in the era of COVID-19: Implications for human resource management. Journal of Business Research, 183-187.

BCBS - Basel Committee on Banking Supervision, (2020). Measures to reflect the impact of

Covid-19, Bank for international Settlements, Retrieved from /publ/d498.pdf.

Beck, T., 2020. Finance in the times of coronavirus. In Baldwin, R. and di Mauro, B.W. (Eds.). Economics in the Time of COVID-19. Centre for Economic Policy Research, London. Available at: [Accessed 24 August. 2021].

Bezemer, D., & Zhang, L. (2019). Credit composition and the severity of post-crisis recessions. Journal of Financial Stability, 42, 52-66. https:// Colombo, V., & Paccagnini, A. (2020). Does the credit supply shock have asymmetric effects on macroeconomic variables? Economics Letters, 188, 108958.

Boyack, K. W., Klavans, R., & Börner, K. (2005). Mapping the backbone of science. Scientometrics, 64(3), 351-374.

Cecchetti, S.G., Schoenholtz, K.L., 2020. Contagion: Bank runs and COVID-19. In Baldwin, R. and di Mauro, B.W. (Eds.). Economics in the Time of COVID-19. Centre for Economic Policy Research, London. Available at: [Accessed 30 May. 2020]

Chen, X., You, X., Chang, V. (2021). FinTech and commercial banks' performance in China: A leap forward or survival of the fittest?. Technological Forecasting and Social Change166,120645

Chipeta, C. and Muthinja, M.M. (2018), “Financial innovations and bank performance in Kenya: evidence from branchless banking models”, South African Journal of Economic and Management Sciences, Vol. 21 No. 1, doi: 10.4102/sajems.v21i1.1681.

Christiani, T. A. (2021). Proposed changes to the Bank Indonesia law as a solution to the impact of the COVID-19 spread on banking in Indonesia. Banks and Bank Systems, Volume 16, Issue 2, 127-136.

Coelho, R., Prenio, J., (2020). Covid-19 and operational resilience: addressing financial

institutions’ operational challenges in a pandemic, FSI Briefs, 2, Bank for

International Settlements, Retrieved from

Collier, P., Mayer, C. (2020). Reforming the UK financial system to promote regional development in post-COVID Britain. Oxford Review of Economic Policy 36, pp. S270-S280

Effendi, Ihsan dan Prawidya Hariani RS. (2020). Dampak Covid 19 Terhadap Bank Syariah. EKONOMIKAWAN : Jurnal Ilmu Ekonimi dan Studi Pembangunan Vol.2No.2

Elnahass , M., Trinh, V. Q., & Li, T. (2021). Global banking stability in the shadow of Covid-19 outbreak. J. Int. Financ. Markets Inst. Money 72 , 1-32.

Fakhrunnas, F., Tumewang, Y.K., Anto, M.B.H. (2021). The impact of inflation on Islamic banks' home financing risk: Before and during the COVID-19 outbreak. Banks and Bank Systems 16(2), pp. 78-90

Franceschet, M., Costantini, A. 2011. “The First Italian Research Assessment Exercise – a Bibliometric Perspective”. Journal of Informetrics, Vol. 5, No. 2, April, pp.275 – 291

Fu, X., Lin, Y., Molyneux, P., 2014. Bank competition and financial stability in Asia Pacific. J. Bank. Finan. 38, 64–77.

Hadiwardoyo, W. (2020). KERUGIAN EKONOMI NASIONAL AKIBAT PANDEMI COVID-19. Journal of Business and Entrepreneurship, 83-92.

Hariyani, I. (2013). Restrukturisasi dan Penghapusan Kredit Macet (1st ed.). Kompas Gramedia.

Hariyani, I. (2013). Restrukturisasi dan Penghapusan Kredit Macet (1st ed.). Kompas Gramedia Siamat, D. (2011). Manajemen Lembaga Keuangan, Kebijakan Moneter dan Perbankan (5th ed.). FE UI

Hardiyanti, S. E. (2021). The Case of COVID-19 impact on the level of non-performing loans of conventional commercial banks in Indonesia. Banks and Bank Systems, Volume 16, Issue 1, 62-68.

Hasan, Maher dan Jemma Dridi (2010). The Effects of the Global Crisis on Islamic and Conventional Banks : A Comparative Study. IMF Working Paper JEL Classification Numbers:G20, G21, G28, G32, WP/10/201

Indriyani, F. (2015). “Komparasi Kinerja Perbankan Syariah dengan Bank Konvensional: Suatu Studi Literatur” Volume 6 Nomor 2, hal.110.


Jan, A., Mata , M. N., A. Albinsson, P., Martins, J. M., Hassan , u., & Mata, P. N. (2021). Alignment of Islamic Banking Sustainability Indicators with Sustainable Development Goals: Policy Recommendations for Addressing the COVID-19 Pandemic. Sustainability , 1-38.

Kenny, S., Lennard, J., & Turner, J. D. (2020). Te macroeconomic effects of banking crises: Evidence from the United Kingdom, 1750–1938. Explorations in Economic History, 101357.

Korzeb, Z., Niedziółka, P., & Silva, A. (2021). Impact of the COVID-19 crisis on the Portuguese banking system. Linear ordering. Estudios Gerenciales vol. 37, 226-241.

Li, L., Strahan, P.E. and Zhang, S. (2020), “Banks as lenders of first resort: evidence from the COVID-19 crisis”, The Review of Corporate Finance Studies, Vol. 9 No. 3.

Mardhiyaturrositaningsih dan Muhammad Syarqim Mahfudz (2020). Dampak Pandemi Covid-19 Terhadap Manajemen Industri Perbankan Syariah: Analisis Komparatif. Jurnal Ekonomi dan Manajemen e-ISSN : 2656- 775X.

Mateev, M., Tariq, M. U., & Sahyouni, A. (2021). Competition, capital growth and risk-taking in emerging markets: Policy implications for banking sector stability during COVID-19 pandemic. Plos One, 1-36.

McKibbin, W.J. and Fernando, R. (2020), “The global macroeconomic impacts of COVID-19: seven scenarios”, CAMA Working Paper, Vols 19/2020, doi: 10.2139/ssrn.3547729.

Mckinsey & Company (2016), Cutting through the finTech Noise: Markers of Success, Imperatives for Banks

Narayan, P.K., Phan, D.H.B. and Liu, G. (2020), “COVID-19 lockdowns, stimulus packages, travel bans, and stock returns”, Finance Research Letters, Vol. 38 No. January 2021.

Narayan, P.K., Gong, Q. and Aliahmed, H.J. (2021), “Is there a pattern in how COVID-19 has affected Australia’s stock returns?”, Applied Economics Letters, pp. 1-4, doi:10.1080/


Novalina, A. (2020). Indonesian Economy the Impact of COVID-19 (IHSG by ARDL). Jurnal Kajian Ekonomi dan Kebijakan Publik, 5(2), 247-259.

Phuong, L.C.M. (2021). How COVID-19 impacts Vietnam’s banking stocks: An event study method. Banks and Bank Systems16(1), pp. 92-102

Pfeffer, J., 1972. Size and composition of corporate boards of directors: The organization and its environment. Adm. Sci. Q. 17 (2), 218–228.

Ratnovski, L., et al., 2020. COVID-19 and non-performing loans: lessons from past crises. Res. Bull. 71, 1–7. Wang, G.-J., Jiang, Z.-Q., Lin, M., Xie, C., Stanley, H.E., 2018. Interconnectedness and systemic risk of China’s fnancial institutions. Emerg. Mark. Rev. 35, 1–18.

Rizwan, MS. (2020 ). Systemic risk: The impact of COVID-1. Finance Research Letters

Rughooa, A., & Sarantis, N. (2014). The Global Financial Crisis and Integration in European. Journal of Banking and Finance, 1-43

Shahabi, V., Adel Azar, Razi, F. F., & Shams, M. F. (2020). Simulation of the effect of COVID-19 outbreak on the development of branchless banking in Iran: case study of Resalat Qard–al-Hasan Bank. Review of Behavioral Finance, 85-108.

Sharma, S.S. (2020), “A note on the Asian market volatility during the COVID-19 pandemic”, Asian Economics Letters, Vol. 1 No. 2, p. 17661, doi:10.46557/001c.17661.

Sitinjak, Y., & Ginting, K. (2020). OJK: Terdampak Covid-19, Kinerja Sektor Perbankan Melambat [OJK: Affected by Covid-19, Banking Sector Performance Slows down]. Te Iconomics. Retrieved from


Sutrisno. (2020). Islamic Banks’ Risks and Profitability A Case Study on Islamic Banks in Indonesia. KINERJA Volume 24, No. 1, 57-65.

Tiwu, M. I. H. (2020). Pengaruh Pandemic Covid 19 Terhadap Npl Bank Perkreditan Rakyat Di Indonesia [Te effect of the Covid 19 pandemic on the NPL of BPR in Indonesia]. Jurnal Akuntansi, 8(2), 79-87. Retrieved from https:// view/2869

Wahyudi, R. (2020). Analisis Pengaruh CAR , NPF , FDR , BOPO dan Inflasi terhadap Profitabilitas Perbankan Syariah di Indonesia : Studi Masa Pandemi Covid-19. At-Taqaddum, 9726, 13–24

Wu, D. D. dan D. L. Olson (2020). The Effect of COVID-19 on the Banking Sector. Springer-Verlag Berlin Heidelberg.

Wojcik, D. and Ioannou, S. (2020), “COVID-19 and finance: market developments so far and potential impacts on the financial sector and centres”, Tijdschrift Voor Economische en Sociale Geografie, Vol. 111 No. 3, pp. 387-400, doi:10.1111/tesg.12434.

Yunita, P. (2020). The Future of Indonesia Islamic Banking Industry: Bankruptcy Analyzing the Second Wave of Global Financial Crisis. IJIEF: International Journal of Islamic Economics and Finance Vol. 3(2), 199-226.

Zaman, N., Rahman, M. A., Asyhari, A. T., Al-Turjman, F., Bhuiyan, M. Z., & Zolkiplia, M. (2020). Data-driven dynamic clustering framework for mitigating the adverse economic impact of Covid-19 lockdown practices. Sustainable Cities and Society Volume 62.



  • There are currently no refbacks.

Copyright (c) 2022 Evania Herindar, Aam Slamet Rusydiana

Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.

This Journal Indexed by:




EL BARKA: Journal of Islamic Economics and Business
Faculty of Islamic Economics and Business
Institut Agama Islam Negeri (IAIN) Ponorogo
Kampus II Pintu, Jenangan, Ponorogo, Indonesia