Impact of COVID-19 on the financial sector at the level of cooperatives of segment 1

Abstract

The analysis of the topic: "Impact of COVID-19 in the financial sector at the level of cooperatives of segment 1", aimed to: Determine the socio-economic impact of Covid-19 in the financial sector at the level of cooperatives of segment 1, to that managers make the best decisions. The methodology has a mixed approach, that is, it is quantitative and qualitative, which allows obtaining numerical results and mainly obtaining experience from the study. Correlational research is applied due to its non-experimental typology, bibliographic-documentary research is used and descriptive statistics are applied through the information collection instrument such as: the virtual survey using Google forms, the Cooperatives of Segment 1 were taken as a basis. in their totality there are 36 domiciled in different cities and provinces of Ecuador. In the results, 36% consider that the means used by the financial institution to return the portfolio of its clients in the period of the pandemic was service at the windows; 86% consider that no concessions or refinancing were made during the first months of the pandemic; 61% believe that users partially comply with all the biosafety provisions imposed by the COE; 64% consider the strategy implemented to attract new partners during the COVID-19 pandemic has been to lower interest rates. It is concluded that the portfolio return was minimal, as it was reduced due to the inability of the partners and clients to generate economic income, despite their efforts to maintain the modalities of digital transactions and telephone calls; the economic impact as a result of mobility, production and transportation restrictions led to the suspension of work activities throughout the country for several months, in which citizens could not commit to acquire debts of any kind; the commercial sector turns out to be the most affected, strategic initiatives must be aimed at meeting their needs..