Global banking market capitalization between Q4 of 2019 and Q2 of 2020 has fallen by 30.32%, with its market dropping from $8.97 trillion to $6.25 trillion, according to a report by Buy Shares.

The largest drop in market capitalization occurred from Q4 of 2019 and Q1 of 2020, when COVID-19 began spreading worldwide. The value during that time dropped by 91.3% of $8.97 trillion to $5.78 trillion.

The report also analyzed total shareholder return among Western European banks. Of these banks, Dutch-based ING GROEP had the highest return of 29.6%, and HSBC Holdings had the worst returns at -16.7%, according to the report.

After the pandemic is over, traditional banks will need to review whether in-person banking is still profitable and whether they should shift to digital-only like fintechs, according to the report.