Introduction

Over the last centuries, we have witnessed a remarkable transformation in the

banking industry. The development of technology and the confluence of interrelated
factors (demographic, socio-economic, regulatory, and environmental changes)
contribute most to the banking industry's evolution (KPMG report, 2020). The
transformation in the banking industry was accelerated due to the outbreak of the
new coronavirus SARS-coV-2 (known as Covid-19) that has been declared a
worldwide pandemic by the World Health Organization (WHO). The onset of the
Covid-19 pandemic prompted governments worldwide to shut down a large portion
of their economy and social distancing restrictions to stop the spread of contagious
illnesses (Acharya and Steffen, 2020).

This condition forced the banking industry and other financial service industries to
adapt to the catastrophic effects felt everywhere and, in all directions (social,
economic, financial, and political) (Mosteanu et al., 2021). And, as a result of all of
these societal distancing policies, working and studying from home and using online
financial services, particularly payments for and do economy activities, has become
the new normal. This situation also accelerates the application of technology in the
banking industry.

The purpose of this essay is to outline the changes of bank products and services to
adapt to consumer needs by giving examples from both developed and emerging
countries and evaluating them, and providing suggestions in some aspects to
improve digital banking. In the end, we can suggest that banks need to be improved
in the development of digital banking and to provide better services to the consumer.