A study of the impact of ICT on banking activities in Ghana (A case study of selected banks in Ghana)

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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 services that is compatible with the demands of the electronic marketplace (Balachandher at al, 2001). In Ghana however, banking institutions have been subjected to much criticism for not providing their customers with innovative and convenient banking services, with the result that some customers especially businesswomen, find it more convenient keeping their savings at home than hi the banks (Safo and Andoh, 1990). One of the areas of ICT that is of great concern to academics and professionals is the issue of how it has impacted on banking activities. Although there are many previous empirical studies about impact of ICT on large companies, the scientific community has only started to pay attention to similar institutions especially in developing economies. This study examined the impact of ICT on banking activities in Ghana. The issue is of critical significance given the important role ICT play in the banking industry. The study made use of both primary and secondary data sources. Interviews and questionnaires were used to collect primary data from the field. The secondary data included annual reports of banks, journals and articles on ICT, technical papers and library work including the internet. Empirical studies of work done by some other people were also used. Analysis of the study was based on qualitative and quantitative measures. The results of the study suggest that ICT has played an effective and significant role in the banking industry in Ghana. It was observed that though ICT has had a positive impact in the banking industry, there is still mere room for improvement. The findings revealed that there is the urgent need to further strengthen the use of ICT. The bankers should also educate their customers to make use of their ICT services available. In conclusion, there should be further training for the entire staff of the institutions on new developments in the use ICT in the banking industry. This will let them be abreast with latest technologies available in the ICT Industry. Also a mini ICT center may be set up either within the banking hail or outside where customers will be able to access some of their ICT services, provided the necessary procedures are adhered to. This will reduce the queues in the banking halls. Customers can check their accounts and do other businesses without joining the queue.
A dissertation submitted to the-Institute in partial fulfilment of the requirements for the degree of Master of Science (Information & Communication Management)