IMPACT OF ONLINE BANKING BEHAVIOUR OF MILLENNIALS DURING COVID PANDEMIC

Abstract

Consumer behaviour has been profoundly altered by the COVID-19 pandemic across a number of industries, with the banking sector being particularly affected by the limitations on in-person interactions and the quickening pace of digitalisation. Millennials are a tech-savvy generation that prefers digital solutions, and this study examines how the epidemic has affected their online banking habits. The study explores the ways in which the crisis affected millennials' use of digital payment methods, internet banking platforms, and mobile banking applications. Convenience, security, and social distancing strategies are among of the factors that led to the development and greater dependence on online banking throughout the pandemic. The survey also identifies issues that millennials confront, like limited access to digital tools in some places and cybersecurity worries. The results of a poll of millennial bank clients show that they are increasingly using digital channels to manage their personal finances, prefer contactless payments, and do more online banking activities. The findings imply that in addition to hastening the digital revolution in banking, the epidemic has caused long-lasting shifts in customer behaviour that might extend past the crisis. For financial institutions hoping to improve their digital offerings in the post-pandemic period and adjust to the changing demands of millennial clients, this paper provides insightful information.