Technological Innovations in Ghana
Technological Innovations and Banking in Ghana: An Evaluation of Customers’ Perceptions
JOSHUA ABOR
University of Ghana, Legon
Abstract In Sub-Saharan Africa, developments in information and communication technology are radically changing the way business is done. These developments in technology have resulted in new delivery channels for banking products and services such as Automated Teller Machines (ATMs), Telephone Banking, PC-Banking, and Electronic Funds Transfer at Point of Sale (EFTPoS). This study evaluates the perceptions of banking customers regarding the effect of technological innovations on banking services in Ghana. The study focused on customers with banks that have at least one form of technological innovation. The results of the study generally indicate that, technological innovation or electronic delivery channels have contributed positively to the provision banking services and the growth of the Ghanaian banking industry.
Keywords: Information Technology, Electronic Delivery Channels, Banking, Ghana
1.0 Introduction
In Sub-Saharan Africa, developments in information and communication technology (ICT) are radically changing the way business is done. Electronic commerce is now thought to hold the promise of a new commercial revolution by offering an inexpensive and direct way to exchange information and to sell or buy products and services. This revolution in the market place has set in motion a revolution in the banking sector for the provision of a payment system that is compatible with the demands of the electronic marketplace (Balachandher et al, 2001).
Innovations in information processing, telecommunications, and related technologies – known collectively as “information technology” (IT) – are often credited with helping fuel strong growth in the many economies (Coombs et al, 1987). It seems apparent then that, technological innovation affects not just banking and financial services, but also the
JOSHUA ABOR
University of Ghana, Legon
Abstract In Sub-Saharan Africa, developments in information and communication technology are radically changing the way business is done. These developments in technology have resulted in new delivery channels for banking products and services such as Automated Teller Machines (ATMs), Telephone Banking, PC-Banking, and Electronic Funds Transfer at Point of Sale (EFTPoS). This study evaluates the perceptions of banking customers regarding the effect of technological innovations on banking services in Ghana. The study focused on customers with banks that have at least one form of technological innovation. The results of the study generally indicate that, technological innovation or electronic delivery channels have contributed positively to the provision banking services and the growth of the Ghanaian banking industry.
Keywords: Information Technology, Electronic Delivery Channels, Banking, Ghana
1.0 Introduction
In Sub-Saharan Africa, developments in information and communication technology (ICT) are radically changing the way business is done. Electronic commerce is now thought to hold the promise of a new commercial revolution by offering an inexpensive and direct way to exchange information and to sell or buy products and services. This revolution in the market place has set in motion a revolution in the banking sector for the provision of a payment system that is compatible with the demands of the electronic marketplace (Balachandher et al, 2001).
Innovations in information processing, telecommunications, and related technologies – known collectively as “information technology” (IT) – are often credited with helping fuel strong growth in the many economies (Coombs et al, 1987). It seems apparent then that, technological innovation affects not just banking and financial services, but also the
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