The COVID-19 epidemic has accelerated the digital economy’s pervasiveness throughout the Chinese

economy, leading to a sharp rise in demand for “contactless” services in the financial industry. We
analyze banks with superior efficiency in science and technology investment and evaluate their digital
maturity and digital transformation experience. Results show that digitalization investment has
contributed to substantial production efficiency improvement for commercial banks

The technological innovation factors include internet banking, mobile banking, automated teller
machines and investment in computer software. The technological innovation investment in
automated teller machines (ATMs) and internet banking has positive impact on the performance of
Lebanese banks. The results also reveal non-significant impact of mobile banking and investments
in computer software on the performance of Lebanese banks.

Globalization and digitization of the banking and financial market are well known. They are the
trends of this decade-defining the context and efficiency of the banking business. Financial
innovations introduced by new technologies have provided banks with the necessary utilities to seize
the possibilities to tap into efficiency and competitive advantage gains.
(El-Chaarani and El-Abiad 2018)

El-Chaarani, H. and Z. El-Abiad (2018). "The impact of technological innovation on bank performance."
El-CHAARANI H. and El-Abiad(2018).

(Zuo, Strauss et al. 2021)

Zuo, L., et al. (2021). "The Digitalization Transformation of Commercial Banks and Its Impact on
Sustainable Efficiency Improvements through Investment in Science and Technology." Sustainability
13(19): 11028.