(EXCERPT FT.LK) A bank in the forthcoming decade will be different from a bank today. The McKinsey Institute in its report quoted above has identified some of the major changes that would be introduced to global banking. Traditionally, it is relatively younger generations that had been prompt to accepting new technology-driven banking services. But today, COVID-19 has changed it. 

According to McKinsey Institute, bank customers in older groups representing those of above 50 years have been using internet and mobile phone banking in the same tempo as the young people to obtain simple and day to day services. It is only for complex and ad hoc banking services that they had faltered. But even the young people have been aversive to receiving those services through internet or mobile phone banking. In addition, customers across all the ages have been relatively reluctant to visit bank branches in person implying that it would be the new normal service delivery by banks even after the effective resolution of the COVID-19 pandemic. What is to be done by banks is to make this digital service delivery their default delivery system.