By combining technology with learning and delivers using telecommunication and information technologies, eLearning has become a significant component of training and development within the corporate environment. The review of the literature revealed that there is a lack of comprehensive models and frameworks to summarize the factors causing intention to use eLearning systems of the generationally diverse workforce has not been addressed adequately, particularly in the context of the banking sector, Sri Lanka. Therefore, based on the review of literature, an extended version of Technology Acceptance Model (TAM) was developed as it was found TAM neglected some essential constructs. The model was validated with the survey data which was collected from 400 employees using a structured questionnaire. The study considered only two Generations, Generation X (Gen X) and Generation Y (Gen Y) and excluded Generation Z. A comprehensive two-step modelling approach was used for data analysis where a preliminary single-group Confirmatory Factor Analysis (CFA) was conducted initially and using Structured Equation Model (SEM) multi-group factor analysis was carried out across Gen X and Gen Y simultaneously. Out of nine hypotheses, six hypotheses were supported by the empirical data and it is confirmed that the enjoyment combined with usefulness is a powerful way of enhancing user's intention.