During the pandemic we have seen changes in consumer behaviour around use of cash, including significant increases in online transactions. This acceleration of existing global trends is connected with consumers moving away from using banks in a number of ways.
The demand and financial shock group includes the shocks to government consumption, import demand, export demand preferences, monetary policy, as well as the domestic and external risk premium shocks, the shock to the survival rate of the wholesale banks, and the shock to the mark-down parameter of the retail banks.