This document discusses innovations in bank payment systems among commercial banks in Ghana. It finds that innovations like automated teller machines, telephone banking, internet banking, mobile banking, debit/credit cards, and e-zwich have contributed positively to banking services and growth. However, problems still exist like security issues with new payment methods and losing of customer trust. The document aims to evaluate customer perceptions of these innovative payment systems and their impact on banking behavior and identifies constraints faced by customers.
The Future of Bank Branches Coordinating Physical with DigitalCapgemini
Digital Technologies will Accelerate Branch Transformation, Not Make Them Extinct
Retail banking is evolving at an accelerated pace. Globally, banks are facing disruptions from multiple directions. Business and economic realities have reduced the total number of US bank branches by 3,000 between 2009 and 2012 - a decrease of 3% over the 3-year period. In Spain alone, banks have closed 5,000 branches or 12% of their overall capacity since the financial crisis began in 2008, lowering the total branch count to approximately 40,000 in 2012.
That is not all. Digital technologies have also brought a significant shift in consumer banking behavior. The percentage of US banking customers who prefer to bank online jumped to 62% in 2011, up from 36% the previous year. Today, four of the top five transactional banking activities in North America – bill pay, viewing balances/transactions, viewing statements and money transfer – are happening online.
This brings us to the key question of this paper: do brick-and-mortar branches have a role to play in the future of retail banking?
Banking Disruption in Financial Services: Threats and OpportunitiesDogTelligent
There are three forces shaping the future of banking. Technology innovation is the first. For most traditional financial institutions -- banks and credit unions -- technology innovation is a weakness; instead, they rely on third-party firms ranging from established core providers to startups to provide them with a mix of products that they repackage and resell to their customers. Demographics is the second force. Millennials now account for 25% of the US population with 80 million and growing. The third force is the emergence of new business models on the one hand driven by Millennial demand and communication preferences, and on the other, enabled by new technologies as they are invented.
The report examines data from multiple sources and suggests potential defenses for institutions to fend off competitive threats from technology, retail, and telecom firms that are gaining traction in the payments and banking arenas.
Banking in the Digital Era - Microsoft India PerspectiveMicrosoft India
Authored by Basudev Banerjee, Industry Marketing Lead, Microsoft & Vishnu Bhavaraju, Enterprise Strategy Architect, Microsoft, this document outlines Microsoft’s understanding of the digital and service delivery framework, target operating models and suggested business solution architecture and footprint within the BFSI vertical.
Wearables, payments, data, ROI, agility, non-traditional competitors, and more.
The 2015 landscape is heated. Account holders are demanding digital experiences that meet standards set by Amazon, Netflix, and Google. New entrants like Square and Apple are upending the payments industry, and wearables are set to add a new layer of devices to prepare for.
With so many competing priorities, how can your institution determine where to focus its efforts and budget?
View this presentation to learn what industry experts think banks and credit unions should focus on this year.
The Future of Bank Branches Coordinating Physical with DigitalCapgemini
Digital Technologies will Accelerate Branch Transformation, Not Make Them Extinct
Retail banking is evolving at an accelerated pace. Globally, banks are facing disruptions from multiple directions. Business and economic realities have reduced the total number of US bank branches by 3,000 between 2009 and 2012 - a decrease of 3% over the 3-year period. In Spain alone, banks have closed 5,000 branches or 12% of their overall capacity since the financial crisis began in 2008, lowering the total branch count to approximately 40,000 in 2012.
That is not all. Digital technologies have also brought a significant shift in consumer banking behavior. The percentage of US banking customers who prefer to bank online jumped to 62% in 2011, up from 36% the previous year. Today, four of the top five transactional banking activities in North America – bill pay, viewing balances/transactions, viewing statements and money transfer – are happening online.
This brings us to the key question of this paper: do brick-and-mortar branches have a role to play in the future of retail banking?
Banking Disruption in Financial Services: Threats and OpportunitiesDogTelligent
There are three forces shaping the future of banking. Technology innovation is the first. For most traditional financial institutions -- banks and credit unions -- technology innovation is a weakness; instead, they rely on third-party firms ranging from established core providers to startups to provide them with a mix of products that they repackage and resell to their customers. Demographics is the second force. Millennials now account for 25% of the US population with 80 million and growing. The third force is the emergence of new business models on the one hand driven by Millennial demand and communication preferences, and on the other, enabled by new technologies as they are invented.
The report examines data from multiple sources and suggests potential defenses for institutions to fend off competitive threats from technology, retail, and telecom firms that are gaining traction in the payments and banking arenas.
Banking in the Digital Era - Microsoft India PerspectiveMicrosoft India
Authored by Basudev Banerjee, Industry Marketing Lead, Microsoft & Vishnu Bhavaraju, Enterprise Strategy Architect, Microsoft, this document outlines Microsoft’s understanding of the digital and service delivery framework, target operating models and suggested business solution architecture and footprint within the BFSI vertical.
Wearables, payments, data, ROI, agility, non-traditional competitors, and more.
The 2015 landscape is heated. Account holders are demanding digital experiences that meet standards set by Amazon, Netflix, and Google. New entrants like Square and Apple are upending the payments industry, and wearables are set to add a new layer of devices to prepare for.
With so many competing priorities, how can your institution determine where to focus its efforts and budget?
View this presentation to learn what industry experts think banks and credit unions should focus on this year.
Digital Banking - Industry Trends for Customer ServiceGianluca Ferranti
Consumers’ attitude and benefits of digital banking
Importance of real-time customer interaction in digital banking
Video Banking goes Prime Time
The opportunity for video-enabled interaction to transform retail banking
The Payments Innovation Jury Report, written by John Chaplin, details global trends in payments innovation, and future opportunities and challenges for the industry. The report is based on the expertise of a panel of 40 business leaders in the payments sector from 23 countries across six continents.
Mobile Banking in 2020 - Mobile World Congress ReportNadejda Tatarciuc
Present report was presented at Mobile World Congress this year, showing the outlook for mobile banking by 2020! - how a younger world, more internet, crime, and activist governments will affect mobile banking penetration.
Technology-driven change has become a constant for merchants,
financial institutions, and processors. That reality has created a shifting
landscape of new capabilities, new competitors, new rules, and new
customer expectations. It can all be complicated and confusing, but an
assessment of that landscape indicates several clear trends affecting
the industry. For more info: www.nafcu.org/vantiv
This presentation explores what future of commerce may look like given the current trends in mobile devices, digital payments, social commerce and security including tokenization and new forms of identity verification
Few years before we are using the cash for payments. When a digitalization occurs the way of payments gets changed. It helps our country to move next level of development. It creates more awareness to people about the payment innovation. Umamaheswari K | Santhiya R | Ragavi J"Payments Innovation" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-2 | Issue-3 , April 2018, URL: http://www.ijtsrd.com/papers/ijtsrd11150.pdf http://www.ijtsrd.com/management/innovation-and-product-dev/11150/payments-innovation/umamaheswari-k
We are following John and Jane through a typical day and explore their every day banking needs. The aim of this presentation is to showcase how modern day banking is transforming today and in the future.
We were asked to give a mobile banking planning/education chat with some agency folk here in NYC. This is a version of that deck/convo.
"A growing polarization between leaders and laggards as visionary financial institutions rise to the challenge of calamity and move ahead of their weaker competitors. Mobile represents a necessary step forward for all retail banks."
Carlos Conesa innovations and non-banks in retail paymentsBogdan Stavrev
1.What is the CPMI and what is its role?
2.Recent work of the CPMI in the field of retail
Innovations in retail payments (what?)
Non-banks in retail payments (who?)
3.Some conclusions and future outlook
Potential second round effects (“faster” payment systems?)
And what about virtual currencies?
Banking & Innovation: How Financial Services Can Embrace the Customer RevolutionComrade
Financial services companies are increasingly seeing opportunities to be at the forefront of innovation. Historically, banks have been slow to translate consumer demands into technologies like paperless statements and mobile check imaging. However, they were quick to implement online banking and, today, customers who bank online are typically more satisfied as well as more cost-effective to maintain. Banks have also responded to the shift in consumer demand for mobile banking on tablets and smartphones. The next challenge facing financial services is how to address the rise of consumer trends evolving mainly outside of the industry. We’re pleased to have partnered with Matchi to publish “Banking & Innovation: How Financial Services Can Embrace the Customer Revolution." This paper focuses on three phenomena that will ultimately impact every bank:
- Crowdsourcing
- Wearable Technology
- The Sharing Economy
We explore the state of each these trends, and how they relate to financial services.
Going Digital: The Banking Transformation Road MapSemalytix
The leaders in digital banking are more client-centric, tech-savvy, and inclusive—and are fundamentally changing to deliver the best results.
Most banks today want to become digital banking leaders—after all, that's where the customers are. And for much of the past decade as digital banking has taken hold, most leading traditional banks have incorporated strong digital strategies.
So what separates the digital banking leaders from the laggards? A new A.T. Kearney study on digitization, in conjunction with Efma, seeks the answer and finds three main findings: the leaders understand the importance of mobile in a digital strategy, they are developing more agile operating models, and, most notably, they have tackled the need for internal culture shifts (see sidebar: About the Study).
With top-down implementation, these leaders have set their paths toward becoming more client-centric, more tech-savvy, and more inclusive. As the market evolves even more rapidly through the end of the decade, all banks will have to adapt to a disruptive model in people and IT—the two engines of retail banking—and must fundamentally adapt to deliver the best results.
This paper looks at the trends and the path forward.
The Evolving Digital Journey
Most banks began their digital journey years ago and have clear digital strategies, yet even those are facing major changes. In particular, as more customers use their mobile phones and tablets to do their banking, and omnichannel takes hold in financial services, the mobile experience is becoming a crucial aspect of digital strategy that banks must address.
Secondly, to keep up in this fast-changing market, traditional banks will have to adapt their operating models. In particular, changes in IT, new products and services development, and changing expectations for time-to-market will be key factors going forward.
Perhaps the most important step, however, is that banking in the digital age requires a drastic, profound reset of how banking staff reacts to customer needs. This means thinking customer first, rather than by channel; as one panelist puts it, "Banks think in channels, but customers don't." It means being conscious that small digital players can gain market share faster and in a manner that is more disruptive to traditional banks' models. It means understanding that organizational silos pose significant obstacles to creating new solutions for customers. Most importantly, it means looking inward, changing organizational beliefs and habits to facilitate clients and drive digital innovation.
A new spirit of banking—led by top executives—will lead the way to addressing market changes, becoming more agile, and improving openness in day-to-day business.
- See more at: http://www.atkearney.com/latest-article/-/asset_publisher/lON5IOfbQl6C/content/going-digital-the-banking-transformation-road-map/10192?_101_INSTANCE_lON5IOfbQl6C_redirect=#sthash.oKsJGij3.dpuf
Mobile in Banking and Finance - What Make Sense and What Notr4b
In recent years, the banking & financial services industry has been undergoing rapid changes, reflecting a number of underlying developments. Internet, wireless technology, and global straight-through processing have created a paradigm shift - from brick-and-mortar banks to banking virtually across time zones, geographical locations, access points and delivery channels. Today Mobile revolution has disrupted banking industry and this presentation provides a detailed discussion about issues of Mobile Banking.
THE CONTRIBUTION OF ELECTRONIC BANKING TO CUSTOMER SATISFACTION: A CASE OF GC...IJMIT JOURNAL
Internet banking has the potential to provide fast and reliable services to customers for which they are relatively happy. Due to the technological changes taking place all over the world, many institutions, including the banking sector have taken giant steps to move in tandem with these changes. In this light most
banks, with GCB Bank, Ghana, not being an exception have introduced electronic banking in order to decongest the banking halls of customers who spend time unending in order to transact business. The purpose of this research was to assess the Contribution of Electronic Banking to Customer Satisfaction at
GCB Bank-Koforidua, to this end some objectives were set for the study. These were: To assess the availability of electronic banking facilities at GCB Bank, Koforidua. To assess the knowledge and patronage of internet banking services by customers, to examine the effectiveness of the usage of electronic banking facilities, to examine the problem facing an internet banking in GCB Bank, Koforidua. This is a quantitative study that employed the use of questionnaires as the main tools for data collection. Data was collected from management, staff and customers of GCB Bank, Koforidua Branch. Findings from analysis of data revealed that though there was the existence of internet banking facilities of the bank, respondents of the study were not fully aware of the existence of such facilities. It was also found that the use of internet banking was quite expensive and that though the bank was utilizing the facility, customers were not fully patronizing them. It was concluded that internet banking brings efficiency in the operations of the bank. Finally, the study recommended that all branches of GCB Bank adopt internet banking facilities to help in effective banking operations and transactional purposes. To maximize the operations and potential of the bank management must endeavor to educate the customers about the existence of internet banking facilities since a few customers were aware of the existence of such facilities.
The Contribution of Electronic Banking to Customer Satisfaction: A Case of Gc...IJMIT JOURNAL
Internet banking has the potential to provide fast and reliable services to customers for which they are relatively happy. Due to the technological changes taking place all over the world, many institutions, including the banking sector have taken giant steps to move in tandem with these changes. In this light most
banks, with GCB Bank, Ghana, not being an exception have introduced electronic banking in order to decongest the banking halls of customers who spend time unending in order to transact business. The purpose of this research was to assess the Contribution of Electronic Banking to Customer Satisfaction at
GCB Bank-Koforidua, to this end some objectives were set for the study. These were: To assess the availability of electronic banking facilities at GCB Bank, Koforidua. To assess the knowledge and patronage of internet banking services by customers, to examine the effectiveness of the usage of electronic banking facilities, to examine the problem facing an internet banking in GCB Bank, Koforidua. This is a
quantitative study that employed the use of questionnaires as the main tools for data collection. Data was collected from management, staff and customers of GCB Bank, Koforidua Branch. Findings from analysis of data revealed that though there was the existence of internet banking facilities of the bank, respondents of the study were not fully aware of the existence of such facilities. It was also found that the use of internet
banking was quite expensive and that though the bank was utilizing the facility, customers were not fully patronizing them. It was concluded that internet banking brings efficiency in the operations of the bank. Finally, the study recommended that all branches of GCB Bank adopt internet banking facilities to help in effective banking operations and transactional purposes. To maximize the operations and potential of the bank management must endeavor to educate the customers about the existence of internet banking facilities since a few customers were aware of the existence of such facilities.
Digital Banking - Industry Trends for Customer ServiceGianluca Ferranti
Consumers’ attitude and benefits of digital banking
Importance of real-time customer interaction in digital banking
Video Banking goes Prime Time
The opportunity for video-enabled interaction to transform retail banking
The Payments Innovation Jury Report, written by John Chaplin, details global trends in payments innovation, and future opportunities and challenges for the industry. The report is based on the expertise of a panel of 40 business leaders in the payments sector from 23 countries across six continents.
Mobile Banking in 2020 - Mobile World Congress ReportNadejda Tatarciuc
Present report was presented at Mobile World Congress this year, showing the outlook for mobile banking by 2020! - how a younger world, more internet, crime, and activist governments will affect mobile banking penetration.
Technology-driven change has become a constant for merchants,
financial institutions, and processors. That reality has created a shifting
landscape of new capabilities, new competitors, new rules, and new
customer expectations. It can all be complicated and confusing, but an
assessment of that landscape indicates several clear trends affecting
the industry. For more info: www.nafcu.org/vantiv
This presentation explores what future of commerce may look like given the current trends in mobile devices, digital payments, social commerce and security including tokenization and new forms of identity verification
Few years before we are using the cash for payments. When a digitalization occurs the way of payments gets changed. It helps our country to move next level of development. It creates more awareness to people about the payment innovation. Umamaheswari K | Santhiya R | Ragavi J"Payments Innovation" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-2 | Issue-3 , April 2018, URL: http://www.ijtsrd.com/papers/ijtsrd11150.pdf http://www.ijtsrd.com/management/innovation-and-product-dev/11150/payments-innovation/umamaheswari-k
We are following John and Jane through a typical day and explore their every day banking needs. The aim of this presentation is to showcase how modern day banking is transforming today and in the future.
We were asked to give a mobile banking planning/education chat with some agency folk here in NYC. This is a version of that deck/convo.
"A growing polarization between leaders and laggards as visionary financial institutions rise to the challenge of calamity and move ahead of their weaker competitors. Mobile represents a necessary step forward for all retail banks."
Carlos Conesa innovations and non-banks in retail paymentsBogdan Stavrev
1.What is the CPMI and what is its role?
2.Recent work of the CPMI in the field of retail
Innovations in retail payments (what?)
Non-banks in retail payments (who?)
3.Some conclusions and future outlook
Potential second round effects (“faster” payment systems?)
And what about virtual currencies?
Banking & Innovation: How Financial Services Can Embrace the Customer RevolutionComrade
Financial services companies are increasingly seeing opportunities to be at the forefront of innovation. Historically, banks have been slow to translate consumer demands into technologies like paperless statements and mobile check imaging. However, they were quick to implement online banking and, today, customers who bank online are typically more satisfied as well as more cost-effective to maintain. Banks have also responded to the shift in consumer demand for mobile banking on tablets and smartphones. The next challenge facing financial services is how to address the rise of consumer trends evolving mainly outside of the industry. We’re pleased to have partnered with Matchi to publish “Banking & Innovation: How Financial Services Can Embrace the Customer Revolution." This paper focuses on three phenomena that will ultimately impact every bank:
- Crowdsourcing
- Wearable Technology
- The Sharing Economy
We explore the state of each these trends, and how they relate to financial services.
Going Digital: The Banking Transformation Road MapSemalytix
The leaders in digital banking are more client-centric, tech-savvy, and inclusive—and are fundamentally changing to deliver the best results.
Most banks today want to become digital banking leaders—after all, that's where the customers are. And for much of the past decade as digital banking has taken hold, most leading traditional banks have incorporated strong digital strategies.
So what separates the digital banking leaders from the laggards? A new A.T. Kearney study on digitization, in conjunction with Efma, seeks the answer and finds three main findings: the leaders understand the importance of mobile in a digital strategy, they are developing more agile operating models, and, most notably, they have tackled the need for internal culture shifts (see sidebar: About the Study).
With top-down implementation, these leaders have set their paths toward becoming more client-centric, more tech-savvy, and more inclusive. As the market evolves even more rapidly through the end of the decade, all banks will have to adapt to a disruptive model in people and IT—the two engines of retail banking—and must fundamentally adapt to deliver the best results.
This paper looks at the trends and the path forward.
The Evolving Digital Journey
Most banks began their digital journey years ago and have clear digital strategies, yet even those are facing major changes. In particular, as more customers use their mobile phones and tablets to do their banking, and omnichannel takes hold in financial services, the mobile experience is becoming a crucial aspect of digital strategy that banks must address.
Secondly, to keep up in this fast-changing market, traditional banks will have to adapt their operating models. In particular, changes in IT, new products and services development, and changing expectations for time-to-market will be key factors going forward.
Perhaps the most important step, however, is that banking in the digital age requires a drastic, profound reset of how banking staff reacts to customer needs. This means thinking customer first, rather than by channel; as one panelist puts it, "Banks think in channels, but customers don't." It means being conscious that small digital players can gain market share faster and in a manner that is more disruptive to traditional banks' models. It means understanding that organizational silos pose significant obstacles to creating new solutions for customers. Most importantly, it means looking inward, changing organizational beliefs and habits to facilitate clients and drive digital innovation.
A new spirit of banking—led by top executives—will lead the way to addressing market changes, becoming more agile, and improving openness in day-to-day business.
- See more at: http://www.atkearney.com/latest-article/-/asset_publisher/lON5IOfbQl6C/content/going-digital-the-banking-transformation-road-map/10192?_101_INSTANCE_lON5IOfbQl6C_redirect=#sthash.oKsJGij3.dpuf
Mobile in Banking and Finance - What Make Sense and What Notr4b
In recent years, the banking & financial services industry has been undergoing rapid changes, reflecting a number of underlying developments. Internet, wireless technology, and global straight-through processing have created a paradigm shift - from brick-and-mortar banks to banking virtually across time zones, geographical locations, access points and delivery channels. Today Mobile revolution has disrupted banking industry and this presentation provides a detailed discussion about issues of Mobile Banking.
THE CONTRIBUTION OF ELECTRONIC BANKING TO CUSTOMER SATISFACTION: A CASE OF GC...IJMIT JOURNAL
Internet banking has the potential to provide fast and reliable services to customers for which they are relatively happy. Due to the technological changes taking place all over the world, many institutions, including the banking sector have taken giant steps to move in tandem with these changes. In this light most
banks, with GCB Bank, Ghana, not being an exception have introduced electronic banking in order to decongest the banking halls of customers who spend time unending in order to transact business. The purpose of this research was to assess the Contribution of Electronic Banking to Customer Satisfaction at
GCB Bank-Koforidua, to this end some objectives were set for the study. These were: To assess the availability of electronic banking facilities at GCB Bank, Koforidua. To assess the knowledge and patronage of internet banking services by customers, to examine the effectiveness of the usage of electronic banking facilities, to examine the problem facing an internet banking in GCB Bank, Koforidua. This is a quantitative study that employed the use of questionnaires as the main tools for data collection. Data was collected from management, staff and customers of GCB Bank, Koforidua Branch. Findings from analysis of data revealed that though there was the existence of internet banking facilities of the bank, respondents of the study were not fully aware of the existence of such facilities. It was also found that the use of internet banking was quite expensive and that though the bank was utilizing the facility, customers were not fully patronizing them. It was concluded that internet banking brings efficiency in the operations of the bank. Finally, the study recommended that all branches of GCB Bank adopt internet banking facilities to help in effective banking operations and transactional purposes. To maximize the operations and potential of the bank management must endeavor to educate the customers about the existence of internet banking facilities since a few customers were aware of the existence of such facilities.
The Contribution of Electronic Banking to Customer Satisfaction: A Case of Gc...IJMIT JOURNAL
Internet banking has the potential to provide fast and reliable services to customers for which they are relatively happy. Due to the technological changes taking place all over the world, many institutions, including the banking sector have taken giant steps to move in tandem with these changes. In this light most
banks, with GCB Bank, Ghana, not being an exception have introduced electronic banking in order to decongest the banking halls of customers who spend time unending in order to transact business. The purpose of this research was to assess the Contribution of Electronic Banking to Customer Satisfaction at
GCB Bank-Koforidua, to this end some objectives were set for the study. These were: To assess the availability of electronic banking facilities at GCB Bank, Koforidua. To assess the knowledge and patronage of internet banking services by customers, to examine the effectiveness of the usage of electronic banking facilities, to examine the problem facing an internet banking in GCB Bank, Koforidua. This is a
quantitative study that employed the use of questionnaires as the main tools for data collection. Data was collected from management, staff and customers of GCB Bank, Koforidua Branch. Findings from analysis of data revealed that though there was the existence of internet banking facilities of the bank, respondents of the study were not fully aware of the existence of such facilities. It was also found that the use of internet
banking was quite expensive and that though the bank was utilizing the facility, customers were not fully patronizing them. It was concluded that internet banking brings efficiency in the operations of the bank. Finally, the study recommended that all branches of GCB Bank adopt internet banking facilities to help in effective banking operations and transactional purposes. To maximize the operations and potential of the bank management must endeavor to educate the customers about the existence of internet banking facilities since a few customers were aware of the existence of such facilities.
THE CONTRIBUTION OF ELECTRONIC BANKING TO CUSTOMER SATISFACTION: A CASE OF GC...IJMIT JOURNAL
Internet banking has the potential to provide fast and reliable services to customers for which they are
relatively happy. Due to the technological changes taking place all over the world, many institutions,
including the banking sector have taken giant steps to move in tandem with these changes. In this light most
banks, with GCB Bank, Ghana, not being an exception have introduced electronic banking in order to
decongest the banking halls of customers who spend time unending in order to transact business. The
purpose of this research was to assess the Contribution of Electronic Banking to Customer Satisfaction at
GCB Bank-Koforidua, to this end some objectives were set for the study. These were: To assess the
availability of electronic banking facilities at GCB Bank, Koforidua. To assess the knowledge and
patronage of internet banking services by customers, to examine the effectiveness of the usage of electronic
banking facilities, to examine the problem facing an internet banking in GCB Bank, Koforidua. This is a
quantitative study that employed the use of questionnaires as the main tools for data collection. Data was
collected from management, staff and customers of GCB Bank, Koforidua Branch. Findings from analysis
of data revealed that though there was the existence of internet banking facilities of the bank, respondents
of the study were not fully aware of the existence of such facilities. It was also found that the use of internet
banking was quite expensive and that though the bank was utilizing the facility, customers were not fully
patronizing them. It was concluded that internet banking brings efficiency in the operations of the bank.
Finally, the study recommended that all branches of GCB Bank adopt internet banking facilities to help in
effective banking operations and transactional purposes. To maximize the operations and potential of the
bank management must endeavor to educate the customers about the existence of internet banking facilities
since a few customers were aware of the existence of such facilities.
Perceived benefits of E-Banking and its Relationship on Banking Performance i...AI Publications
Not so long ago, numerous banks in Tanzania have commenced using of digital technologies to influence business transactions; however, there is little understanding on the perceived benefits of these products on the performance of the banks. The study scrutinized the perceived benefits from using E-Banking and its relationship on banking performance in Tanzania taking CRDB and NMB banks as the case study. The specific objectives of the research were three and they include;(i) look on benefits of internet banking and its effect on banking performance, (ii) to assess the perceived benefits of mobile banking and how it impacts the banking performance and (iii) to determine the perceived benefits of ATM services and how it impacts on banking performance. The study adopted a quantitative research design whereby a questionnaire was distributed to 352 banks customers in Mwanza region in an attempt to arrive to a larger sample of respondents. A simple random sampling technique was used in this study so as to allow an equal chance of participants to fill up in the questionnaire and to reduce the elements of bias. The regression results on the overall model showed that the model accounted for adjusted R2 value of 51.3% of the variance explained by the indicator; and the F-statistic of 124.391 which was significant as p = .000. With respect to individual variables, the results of the study brought out forward that the benefits of internet banking were positively related to banks performance although the effect was moderate. Similarly, ATM teller machines and mobile banking had positive and significant effects on the banking performance. In the end it was recommended for commercial banks to improve awareness to customers on some of the e-banking product like internet banking, in addition the commercial banks are supposed to maximize the number of e-banking product so as to minimize congestion on banking premises, and to place banking facilities to various locations to ease access by customers.
The comprehensive development of information and communication technology in the recent decades has made human face wonderfulevolution in all aspects of his life. Indeed, this evolution has had undeniable effects on economy general structure and social and cultural parts at the international level. Also, this evolution includes financial and banking services of the current century economy. They are so efficient that they have created some innovations on the kind, quality and quantity of the presented services. Technological revolutions creating high speed and low cost systems of electronic exchanges have seriously evolved financial and banking market structure. Thus this research considers e-banking fulfillmen.
This study empirically explored the direct effect of e-commerce knowledge and perceived ease of use
on customer acceptance of IT and Migration intention to mobile banking in the province of Aceh, Indonesia. It
also attempted to investigate the indirect effect of the e-commerce knowledge and perceived ease of use on
migration intention to mobile banking through customer acceptance of IT.
The tremendous development in technology and the aggressive blend of
information technology have brought about a phenomenal shift in banking
operations the world over. For the banks, technology has not only emerged
as a strategic resource for achieving higher efficiency, control of operations,
productivity and profitability, but a means for survival. From customers’
perspective, it is the realization of their anywhere, anytime, anyway banking
dream (Balwinder et al., 2004). Consequently, the banks have been
compelled to embrace technology, recognizing that this will enable them to
meet the increasing customer expectation, and also equip them to gain a firm
stand in the highly competitive banking environment.
APPLICATION OF TWO-STAGE MCDM TECHNIQUES IN EVALUATING THE PERFORMANCE OF ELE...IJDKP
Electronic payment systems act as a catalyst in the economic development of many developing countries. However, their evaluation has become a daunting task over the years. This research employed a two-stage multi-criteria decision analysis (MCDA) to evaluate e-payment systems in Ghana. The AHP method was utilized to find the contribution scores of the various criteria for the performance of the e-payment systems.
With the aid of the Probability Linguistic-TOPSIS (PL-TOPSIS) approach, we obtained the performance scores of the e-payment systems and ranked them. Among the six indicators employed in this study, we found cost-effectiveness to be the major indicator of an e-payment system performance. The performance ranking results indicated that credit/debit card has the highest performance score, followed by mobile money, ATM, online banking, and E-zwitch, respectively. We contribute to literature by providing intuitions on how AHP and PL-TOPSIS methods can be applied to evaluate the performance of e-payment systems.
APPLICATION OF TWO-STAGE MCDM TECHNIQUES IN EVALUATING THE PERFORMANCE OF ELE...IJDKP
Electronic payment systems act as a catalyst in the economic development of many developing countries. However, their evaluation has become a daunting task over the years. This research employed a two-stage multi-criteria decision analysis (MCDA) to evaluate e-payment systems in Ghana. The AHP method was utilized to find the contribution scores of the various criteria for the performance of the e-payment systems. With the aid of the Probability Linguistic-TOPSIS (PL-TOPSIS) approach, we obtained the performance scores of the e-payment systems and ranked them. Among the six indicators employed in this study, we found cost-effectiveness to be the major indicator of an e-payment system performance. The performance ranking results indicated that credit/debit card has the highest performance score, followed by mobile money, ATM, online banking, and E-zwitch, respectively. We contribute to literature by providing intuitions on how AHP and PL-TOPSIS methods can be applied to evaluate the performance of e-payment systems.
Effect of Electronic Banking on Financial Performance of Deposit Taking Micro...iosrjce
IOSR Journal of Business and Management (IOSR-JBM) is a double blind peer reviewed International Journal that provides rapid publication (within a month) of articles in all areas of business and managemant and its applications. The journal welcomes publications of high quality papers on theoretical developments and practical applications inbusiness and management. Original research papers, state-of-the-art reviews, and high quality technical notes are invited for publications
Impact of Information Technology on Performance of Banks in NigeriaAJHSSR Journal
Over the last two decades, the Nigerian banking sector has witnessed some upsurge in the use
of technology for service delivery. However, concerns have been expressed as to whether cost and other
challenges of adopting information technology can be justified by performance. Accordingly, this study sought
to examine the relationship between different e-banking channels and the profitability of organisations in
Nigeria. Four e-banking channels,(automatic teller machines, point of sales, internet banking transactions and
electronic mobile banking) were identified and regressed against return on equity (ROE) of Deposit Money
Banks operating in Nigeria between 2006 and 2016. A panel data regression model was formulated and tested
using the generalized method of moment approach. The result revealed that the overall impact of electronic
banking on profitability of Deposit Money Banks operating in Nigeria was significant and positive. The study
recommends that critical stakeholders and beneficiaries of electronic banking – the government, regulatory
authorities and the banks should collaborate to put in place an enabling operating environment and an effective
regulatory framework to bring about optimal deployment of these services to customers
It is evident that financial services industry has been undergoing a profound transformation in Nigeria. Rapid changes in the banking environment, increased competition by new players from non-banking sector, product innovations, globalization and technological advancement-all these have led to a market situation in which the battle for consumers is intense. We look at the prospect and challenges of mobile banking services in Nigeria using four selected' banks as case study, reviewed prior literatures on mobile banking, analyze the different factors that impact the market, and give direction for future research on this emerging field. A framework of four contingency and five competitive factors were proposed to facilitate the analysis. Factors affecting mobile services in Nigeria such interoperability, unstable power supply, network problems etc. were identified. Finally, we recommended that non–bank led model of mobile banking be adopted by Nigeria banks to make the services transformational instead of additives as is currently being practiced.
It is evident that financial services industry has been undergoing a profound transformation in Nigeria. Rapid changes in the banking environment, increased competition by new players from non-banking sector, product innovations, globalization and technological advancement-all these have led to a market situation in which the battle for consumers is intense. We look at the prospect and challenges of mobile banking services in Nigeria using four selected’ banks as case study, reviewed prior literatures on mobile banking, analyze the different factors that impact the market, and give direction for future research on this emerging field. A framework of four contingency and five competitive factors were proposed to facilitate the analysis. Factors affecting mobile services in Nigeria such interoperability, unstable power supply, network problems etc. were identified. Finally, we recommended that non–bank led model of mobile banking be adopted by Nigeria banks to make the services transformational instead of additives as is currently being practiced.
The International Journal of Engineering & Science is aimed at providing a platform for researchers, engineers, scientists, or educators to publish their original research results, to exchange new ideas, to disseminate information in innovative designs, engineering experiences and technological skills. It is also the Journal's objective to promote engineering and technology education. All papers submitted to the Journal will be blind peer-reviewed. Only original articles will be published.
The advent of internet has great impact on the electronic banking. By using internet, banking is no time limit and geographic. Customers worldwide can within 24 days of the week and all have access to their accounts. Internet banking by using internet and web technologies enable customers to finance their activities in a virtual environment to do this is the difference between internet banking and home banking that for achieving banking services via the internet, there is no need to install proprietary software rather banking services but also can be accessed via a internet public network and the customer is linked to your bank account via the internet. This type of banking is partially web-based banking subsidiary with the difference is that web banking services bank was considered first introduced bank and service. Internet banking also expanded with the development of web applications. With increasing internet access to people who provide these services to be developed and banks that are unresponsive to this issue will disappear from the market
Similar to Innovation in bank payment systems and related services among selected commercial bank branches in wa municipality (20)
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• Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
• Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
• In April, both the Tax and Customs Services over-executed the revenue plan. Moreover, the NBU transferred twice the planned profit to the budget.
• The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
• The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
• As in March, annual consumer inflation amounted to 3.2% yoy in April.
• At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
• Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
Latino Buying Power - May 2024 Presentation for Latino CaucusDanay Escanaverino
Unlock the potential of Latino Buying Power with this in-depth SlideShare presentation. Explore how the Latino consumer market is transforming the American economy, driven by their significant buying power, entrepreneurial contributions, and growing influence across various sectors.
**Key Sections Covered:**
1. **Economic Impact:** Understand the profound economic impact of Latino consumers on the U.S. economy. Discover how their increasing purchasing power is fueling growth in key industries and contributing to national economic prosperity.
2. **Buying Power:** Dive into detailed analyses of Latino buying power, including its growth trends, key drivers, and projections for the future. Learn how this influential group’s spending habits are shaping market dynamics and creating opportunities for businesses.
3. **Entrepreneurial Contributions:** Explore the entrepreneurial spirit within the Latino community. Examine how Latino-owned businesses are thriving and contributing to job creation, innovation, and economic diversification.
4. **Workforce Statistics:** Gain insights into the role of Latino workers in the American labor market. Review statistics on employment rates, occupational distribution, and the economic contributions of Latino professionals across various industries.
5. **Media Consumption:** Understand the media consumption habits of Latino audiences. Discover their preferences for digital platforms, television, radio, and social media. Learn how these consumption patterns are influencing advertising strategies and media content.
6. **Education:** Examine the educational achievements and challenges within the Latino community. Review statistics on enrollment, graduation rates, and fields of study. Understand the implications of education on economic mobility and workforce readiness.
7. **Home Ownership:** Explore trends in Latino home ownership. Understand the factors driving home buying decisions, the challenges faced by Latino homeowners, and the impact of home ownership on community stability and economic growth.
This SlideShare provides valuable insights for marketers, business owners, policymakers, and anyone interested in the economic influence of the Latino community. By understanding the various facets of Latino buying power, you can effectively engage with this dynamic and growing market segment.
Equip yourself with the knowledge to leverage Latino buying power, tap into their entrepreneurial spirit, and connect with their unique cultural and consumer preferences. Drive your business success by embracing the economic potential of Latino consumers.
**Keywords:** Latino buying power, economic impact, entrepreneurial contributions, workforce statistics, media consumption, education, home ownership, Latino market, Hispanic buying power, Latino purchasing power.
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
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how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
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USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
Innovation in bank payment systems and related services among selected commercial bank branches in wa municipality
1. Information and Knowledge Management
ISSN 2224-5758 (Paper) ISSN 2224-896X (Online)
Vol.3, No.9, 2013
www.iiste.org
Innovation in Bank Payment Systems and Related Services among
Selected Commercial Bank Branches in Wa Municipality
William Angko
Department of Banking and Finance, School of Business and Law, University for Development Studies,
P. O. Box UPW 36, Wa Campus. Email: angwillie@hotmail.com/wangko@uds.edu.gh
ABSTRACT
Innovation in bank payment systems and related new ways of banking in Ghana is radically changing the face of
banking and its impact on customers and their satisfaction. Underlying this innovative initiative is a general
understanding that ensuring access to the fundamental tools of a digital society is one of the most significant
investments the banking world can make for the future. This main objective of the is to evaluate the perceptions
of banking customers on the use of innovative payment systems 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, innovations in bank payment system through electronic delivery channels have
contributed positively to the provision banking services and the growth of the banking system in Ghana. It also
revealed that, the major innovations in bank payment system includes; Automated Teller Machines (ATMs),
Telephone Banking, PC-Banking, Mobile Banking, SMS Banking, E-zwich, Mobile Money, Internet Banking,
Credit and debit cards, Smart cards, Electronic billing and payment systems
Keywords: Innovation, Banking systems, Payment systems, Electronic payments
1. Background
Innovation in bank payment systems and related new ways of banking in Ghana is radically changing the face of
banking and its impact on customers. Underlying this innovative initiative is a general understanding that
ensuring access to the fundamental tools of a digital society is one of the most significant investments the
banking world can make for the future. Thus, the significance of innovations is not in the technologies as such,
but in the possibilities they open up for access to facilities, knowledge, information, communications and the
elements of ever increasing importance in present economic and social interaction, Annon, (2003), Consequently
innovative banking practices are rapidly taking a centre-stage in development planning and policy making at all
spheres of life in the banking industry. Innovations in bank payments systems and in particular, electronic
payment systems and related new ways of banking in Ghana being developed to support the traditional ways of
banking cannot be examined in isolation
A failure to place these developments into proper context is likely to result in undue focus on the various
initiatives to develop electronic forms of payment without a proper reflection on the broader implications for the
existing payment systems. Cash payments, cheques and other paper credits were mainly the traditional mode of
payment in Ghana until the recent development of alternative methods of payments in the Ghanaian banking
sector. In Ghana, majority of individual payment transactions involve goods and services being exchanged for
cash that are made face to face, i.e. both buyer and seller are physically present.
Furthermore, a high percentage of individual non-cash payments continue to involve the exchange of paper in
some form. Electronic payments occurs when the instructions to pay are generated and received electronically
and remain in the exclusive domain of an electronic network that has been specifically designed for handling
high value payments. Examples of such innovations in the Ghanaian banking systems include; Credit Cards
payments, Debit cards, Stored Value Cards, Automated Teller Machines (ATMs), Telephone banking, personal
computer banking, internet banking, branch banking, the Electronic Funds transfer at point of Sale (EFTPoS),
Electronic Funds Transfer and Inward Remittances such as Western Union and Moneygram (Abor 2004).
Despite the advancement made in banking through innovation in bank payment systems, several problems still
exist in the Ghanaian banking sector. The payment system is currently facing a multiplicity of seemingly
conflicting pressures, creating complex challenges for financial institutions and their IT managers. These have
been compounded by technological changes (especially those provided by the Internet) that have created
opportunities for new entrants to propose new ways of delivering payment services, accelerating the speed of
change while reducing costs. The rapid concern for Internet banking is worth mentioning. Another rapidly
approaching threat is that posed by telecommunications companies as they look for new revenue streams by
exploiting the ubiquity of mobile phones to provide mPayment (popularly known as mobile-banking/services.
Financial institutions are faced with mounting regulatory requirements, from national constraints, card scheme
requirements, bureaucratic procedures, to name but a few. Compliance has become a complex and critical issue,
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absorbing the time and effort of industry experts and requiring continual monitoring. The more the payment
instruments are harmonised, the less those payment instruments are potential differentiators between the banks /
acquirers. In this way, the cards payment business becomes more and more a cost-driven business, based on high
volumes needed to achieve the necessary scale. As a result, some banks will need to reconsider their current
business models in payments and move towards a more industrialized scale and method of processing. Strong
cost pressures in the transaction processing mass-market is leading to a search for added-value services and
niche offerings from banks or merchants.
Banks now have to, within a short time-frame, adapt their new procedures and customer information accordingly
to increase transparency, faster incident management, and withstand the test of competition. While the use of
ATM (with its associated MasterCard, Visa platforms) programs have decrease physical fraud in Ghana, There
are new security challenges for banks in securing remote card payments and online banking operations. The
number of reported fraud cases is increasing and many customers are losing trust for these new methods of bank
payment. There is the need therefore for anti- fraud tools to critically monitor these channels.It is widely
recognized that safe and efficient retail payment systems enhance the effectiveness of the financial system, boost
consumer confidence and facilitate the functioning of commerce (BIS, 2003). Conceptionally, payment systems
are coined as being two-sided markets (Rochet and Tirole, 2006). Virtually every economic transaction involves
the use of a payment instrument, such as cheques, electronic funds transfers, etc. (Berger et al., 1996). Over the
past decades, the payments business has witnessed important ongoing challenges and opportunities, comprising
regulatory changes, increased consolidation and competition and technological advances. As a result, today’s
banking and payments business differs substantially from that in the past. At present, these developments are
being intensified by the recent financial market turmoil, which may trigger fundamental changes in the business
model for retail banking and payments.
According to (Sarpong, 2003), long queues; long distance traveling and time wasting are the major
characteristics of the payment system in Ghana. These usually affect business activities and ultimately economic
development. Banks in Ghana are yet to realize the full benefits of the innovations in bank payment systems and
other related new ways of payments. These innovations may include electronic payment such as the use of cards,
automated teller machines (ATM), the Internet, mobile phones, and etc. (Sarpong, 2003). The payments and
clearing system in Ghana is yet to take advantage of its full potential in developing alternative and innovative
payments systems. There is no central clearing system to clear debit card transactions between banks. Currently,
there are only limited opportunities for commercial banks to undertake inter-bank clearance in Ghana. According
to (Abor, 2004, Sarpong 2003), many people have been holding large sums of money outside the banking system
as a result of the difficulties they expect to go through in either making withdrawals or making payment.
(Sarpong, 2003). This situation is worsened by long queues at the end and beginning of each month as people
come in to collect their monthly wages or salaries.
Advancements in computer technology in Ghana led to the banks networking their branches and operations,
thereby making branch banking fully operational. Barclays Bank (Gh.) and Standard Chartered Bank (Gh.) were
the first to consider such very important electronic innovations in the Ghanaian banking industry, which changed
the bank payments system in the country. ATM has been the major innovation in banks payment systems the
world over. A number of banks have taken up the initiative to offer innovative payment systems. Particularly in
Ghana, the Trust Bank was the first to offer ATM services in 1995. Many more commercial Banks have
followed this innovation process. The Ghana Commercial Bank started its ATM in 2001 in collaboration with
Agricultural Development Bank. Today all banks (including some savings and loans company’s) currently
operate their ATMs in Ghana. The ATM has been the most successful delivery medium for consumer banking in
this county. Customers consider it as important in their choice of banks, and banks that delayed the
implementation of their ATM systems, have suffered irreparably. Other technological innovations that have
taken place in the Ghanaian banking are the various electronic cards, which the banks have developed over the
years. The first major cash card is a product of Social Security Bank, now SG-SSB, introduced in May 1997.
Their card, ‘Sika Card’ is a value card, onto which a cash amount is electronically loaded. Standard Chartered
Bank launched the first ever debit card in this country in 2001.
Study Objectives
Generally, the study seeks to examine the contribution of innovations in bank payment system to the
development of the banking sector in Ghana. Specifically, this will be achieved through achieving the following
objectives;
• Identify the form of innovations in bank payment systems that have taken place among commercial
banks in Ghana.
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Examine how these innovation have affected the banking behaviour of bank customers
Identify the possible constraints faced by customers using the IT innovation
Examine the knowledge of IT innovation in bank payment in Ghana
2. ELECTRONIC BANKING
E-banking can be defined as the deployment of banking services and products over electronic and
communication networks directly to customers. E-banking is about using the infrastructure of the digital age to
create opportunities both local and global transactions. E-banking enables the dramatic lowering of transaction
costs, and the creation of new types of banking opportunities that address the barriers of time and distance.
Banking opportunities are local, global and immediate in E-banking. E-banking also means developing new
relationships with customers, regulatory authorities, suppliers, and banking partners with digital age tools.
Reasons for the adoption of E-banking by banks
Electronic Banking has become attractive and preferred channel of service delivery because of; the increasing
penetration of personal computers has made the cost of procuring ebanking services easy and cheaper. The
availability of broadband internet services through digital Subsciber Lines (DSL), wireless and mobile internet
has made it relatively easier access to the Internet. The wider diffusion of mobile phones with SMS facilities and
also improved communication infrastructure e.g LAN, WAN, Radio, Satellite technologies.
Benefits of E-banking
1. Cost savings for both the bank and the customer
2. Offer convenience and flexibility with online transactions
3. Delivery of banking products to the doorsteps of the customer.
4. Reduction in the use of cash for transactions.
5. Provision of 24/7 Banking Services
6. Prevention of customers from carrying cash which can be an attraction for robbery.
7. Decongestion of Banking Halls
2.1 Electronic Delivery Channels and Products
Electronic delivery channels and products are systems that enable financial institution customers, individuals or
businesses, to access accounts, transact business, or obtain information on financial products and services
through a public or private network. In Ghana, the following channels are mostly used;
•
•
•
•
•
•
•
•
•
•
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Automated Teller Machines (ATMs)
Telephone Banking
PC-Banking
Mobile Banking
SMS Banking
E-zwich
Mobile Money
Internet Banking
Credit and debit cards
Smart cards
Electronic billing and payment systems
Automated Teller Machines (ATMs)
An automated teller machine or automatic teller machine (ATM) (also called cash machine, ATM Scrip to Cash
machine, "bank machine" or "ABM", "autoteller" or guichet) is an electronic computerized telecommunications
device that allows a bank's customers to directly use a secure method of communication to access their bank
accounts, order or make cash withdrawals and check their account balances without the need for a human bank
teller (or cashier). Some ATMs allow withdrawals funded by clerical staff in retail merchant locations. The
clerical staffs are not considered bank tellers. Many ATMs also allow people to deposit cash or cheques, transfer
money between their bank accounts, top up their mobile phones' pre-paid accounts or even buy postage stamps.
Smaller indoor ATMs dispense money inside convenience stores and other busy areas. ATMs rely on
authorization of a transaction by the card issuer or other authorizing institution via the communications network.
Benefits of the ATM Service
• To Ease Congestion at the Banking Halls
• To offer 24hr Banking Services to customers
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• Increase the Profitability of the Bank by charging for the ATM services
• Advertisement of Bank’s own Services as well as Third Party products to generate revenue
• Provision of International Network access to member banks such as Visa, Master Card etc.
• Off-site Banking Through standalone ATMs
• Selling Mobile Top-ups and Tickets
• To keep up with Competition
• Access to National Switch
Services Available on ATMs
• Cash Withdrawal
• Balance Enquiry
• Mini Statement
• PIN Change
• Transfers from one Account to the other
• Cheque Book Requests
• Statement Requests
• Mobile Top Ups – Tigo, Vodafone, MTN
• Utility Payments – ECG, GWCL
Telephone Banking
Telephone banking is a service feature offered by many banking institutions. The process involves using the
keypad on a touch-tone telephone to perform a variety of banking functions. Along with traditional banks, phone
banking is also utilized extensively by online banking institutions, including banks that conduct business
primarily with the use of telephone technology. For telephone banking, telephone software is integrated with the
banking software application. The software picks balances from the banking application and puts it in an
interactive voice response (IVR) system. When you subscribe to this service a pin code is given to you and after
you dial a menu follows in the form of a voice prompt and options like check balance, statement request, cheque
book request etc are given to select the required response.
Advantage
• Bank customers could call any time of the day or night and check the status of their accounts.
• There are several ways that a telephone banking service may be configured e.g voice recognition, use
of login credentials
• customer can use telephone banking to request information on other services the bank offers
•
•
It is also being utilized by virtual banks that rely heavily on telephone and Internet access
to process transactions and provide information to customers.
Convenient for consumers who may not carry handheld devices that are Internet ready, or who are
uncomfortable with using online banking for some reason.
PC-Banking
PC banking is your personal bank branch, open for business day and night. With PC banking you connect over a
secure Internet connection and can do all your banking transactions from your PC: your payments, investments,
savings and so on. PC banking is mostly used by corporate customers with large accounts. The idea is to give
corporate direct access to the bank’s software because of the volume and frequency of their transactions with the
bank to do their transfers themselves and also to avoid delay of processing transactions thereby bringing banking
services to the house of the customer. PC banking is computer specific in that the customer’s computer is
registered on the bank’s network to the network card level, IP address and MAC address, which is the only
machine that will be allowed or accepted on the bank’s network. The difference between PC banking and
internet banking is that, PC banking is computer specific whiles internet banking is computer independent that is
to say you can use any computer anywhere for your transaction.
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Advantages
Anywhere, anytime: access your account where and when you want.
Fast: manage your payments, savings, investment fund subscriptions, etc. in a flash.
Safe: access is only possible with your personal codes and the Internet connection is highly secure.
Cheaper transactions: dedicated connectivity to the banking floor via the bank’s software.
Mobile Banking
Mobile banking (also known as M-Banking, mbanking) refers to provision and availment of banking and
financial services with the help of mobile telecommunication devices. It is the term used for performing balance
checks, account transactions, payments, credit applications and other banking transactions through a mobile
device such as a mobile phone or Personal Digital Assistant (PDA). Mobile banking is a new technology where
the banking application interfaces with software that runs on a mobile phone so that you request for your
balance, get your last 8 transactions and other things on the mobile phone. Mobile banking gives you an
application on your mobile phone with a drop down menu to select the service you want just like you are sitting
in front of your computer
Advantages
• The biggest advantage that mobile banking offers to banks is that it drastically cuts down the costs of
providing service to the customers.
• Additionally, this new channel gives the bank ability to cross-sell up-sell their other complex
banking products and services such as vehicle loans, credit cards etc.
• For service providers, Mobile banking offers the next surest way to achieve growth.
• Mobile banking is helping service providers increase revenues from the now static subscriber base.
• Also service providers are increasingly using the complexity of their supported mobile banking
services to attract new customers and retain old ones.
SMS Banking
SMS banking involves the use of short messaging on mobile phone. It is also a mobile phone service just like
mobile banking but the difference here is that it the bank gives you a short code messages on your mobile device
for example bal. will represent your balance and you send it to a short code which is built into the banking
software and that will return the message in the same short code format. Meaning that between you and the bank
the transaction is by SMS. SMS banking services are operated using both push and pull messages. Push
messages are those that the bank chooses to send out to a customer's mobile phone, without the customer
initiating a request for the information. Typically push messages could be either Mobile marketing messages or
messages alerting an event which happens in the customer's bank account, such as a large withdrawal of funds
from the ATM or a large payment using the customer's credit card, etc. Pull messages on the contrary are
messages initiated by customers making a request or enquiry on a service e.g request for bank statement, account
balance etc
Features
• Balance Enquiries (for book and available balance)
• Statement Enquiries (for the last five Transactions)
• Rates Enquiries
• Rates Equivalent (for the rate equivalent between two different currencies)
• SMS Account Enquires (for receiving a list with all the SMS-enabled accounts and cards).
• SMS alerts
• SMS block account message
• SMS Campaigns.
Benefits of SMS
•
Corporate and Retail clients can have the convenience of banking from their offices without physically
moving to the bank’s premises.
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•
•
•
•
•
•
•
www.iiste.org
Enhances regular monitoring of the customers’ accounts
To Ease Congestion at the Banking Halls
To offer 24hrs Banking Services to customers
Increase the Profitability of Bank by charging for the service.
Advertisement of Banks own Services as well as Third Party products to generate revenue.
Off-Shore customers can easily open accounts with the bank
Differentiation of the Bank from Direct Competition
E-ZWICH
E-ZWICH utilises smart card technology to provide a common fully integrated platform for paying for goods
and services throughout the country based on biometric fingerprint identification. E-ZWICH technology allows
for a secure national payment system that manages the flow of funds between customers, merchants and
financial service providers. Customers are able to perform transactions at any bank no matter where their
traditional accounts are domiciled. All transactions occur between a client card and a merchant or a bank teller
card at a Point Of Sale (POS) terminal rather than through a host mainframe. This allows the e-zwich system to
operate in rural settlements that have very poor network infrastructure. The Ghana Interbank Payment and
Settlement System (GhiPSS) was established by Bank of Ghana to deploy the E-ZWICH technology. GhiPSS is
the legal entity that operates the E-ZWICH System Host.
Facts about E-zwich
•
•
•
•
•
•
•
It is an account on its own right, that is, a personal computer in your pocket.
It is issued by an issuing Bank for existing customers or new customers.
Only one account of a customer’s traditional accounts can be linked to E-Zwich smart card.
It uses automated clearing system for settlement.
The card holder should be issued with the E-zwich smart card free of charge.
Customers do not need to have accounts with a bank before being issued with an e-zwich smartcard.
Only your fingerprint can be used to authorise transactions from your card. Therefore you cannot send
someone to withdraw money or buy something with your e-zwich card for you.
• The card holder pays some fees for his/her transactions.
• Companies cannot be hooked onto the E-Zwich where signatories to the account are more than one.
• E-zwich can perform Online and Offline transactions.
Benefits of E-zwich
•
•
•
•
•
•
•
•
•
•
There is no minimum balance required on a smart card.
The smart card holder can spend and draw cash only when necessary, hence the there is no risk of
money being stolen.
Interest on funds is calculated on the current Savings Wallet balance at the end of each month.
There is an innovative application of technology which allows offline and online processing.
It is a national electronic switch which targets the banked and unbanked.
Due to its interoperability, customers of other banks can use any bank’s ATM or POS devices to
transact business.
Customers are secured as a result of the biometric identification (finger print).
Secure cash movement.
Banks will benefit by charging transaction fees.
Daily sales of merchants will be safe from robbers who might attack the them on their way to the bank.
Mobile Money
Mobile money or payment known also as Mobile wallet is an alternative payment method. Mobile money is
being adopted by the mobile phone companies to make transfers and transactions on account using a mobile
phone. The difference between mobile money and the other mobile technology applications is that there is no
direct integration into any banking software so that it runs independently. It is a prepaid service first you have to
load money on the mobile phone which is outside the banking software and then you later do the transaction.
You can do money transfer, payment for goods and services at merchant stores with mobile money. Instead of
paying with cash, cheque or credit cards, a consumer can use a mobile phone to pay for a wide range of services
and digital or hard goods such as music, videos, ringtones, online game subscription or items, wallpapers and
other digital goods.
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Internet Banking/Online banking
Online banking (or Internet banking) is a term used for performing transactions, payments etc. over the Internet
through a bank, credit union, or a building society’s secure website. This allows customers to do their banking
outside of banking hours and from anywhere Internet access is available. In most cases a web browser is utilized
and any normal Internet connection is suitable. No special software hardware, or connectivity is usually needed
by the user.
Advantages of online banking are
•
•
•
•
•
Providing convenience for customers.
instant access to banking services
Ability to pay bills electronically.
transfer of funds between accounts
providing flexibility for customers
2.2 ELECTRONIC DELIVERY PRODUCTS
Credit and Debit cards
The Credit Card holder is empowered to spend wherever and whenever he wants with his Credit Card within the
limits fixed by his bank. Credit Card is a post paid card. Debit Card, on the other hand, is a prepaid card with
some stored value. Credit card is a small plastic card issued to users as a system of payment. It allows its holder
to buy goods and services based on the holder's promise to pay for these goods and services. The issuer of the
card creates a revolving account and grants a line of credit to the consumer (or the user) from which the user can
borrow money for payment to a merchant or as a cash advance to the user. A debit card (also known as a bank
card or check card) is a plastic card that provides the cardholder electronic access to his or her bank account/s
at a financial institution. Some cards have a stored value with which a payment is made, while most relay a
message to the cardholder's bank to withdraw funds from a designated account in favor of the payee's designated
bank account. The card can be used as an alternative payment method to cash when making purchases. In some
cases, the cards are designed exclusively for use on the Internet, and so there is no physical card. However,
unlike credit cards, the funds paid using a debit card are transferred immediately from the bearer's bank account,
instead of having the bearer pay back the money at a later date. Debit cards usually also allow for instant
withdrawal of cash, acting as the ATM card for withdrawing cash and as a check guarantee card.
Merchants may also offer cash back facilities to customers, where a customer can withdraw cash
along with their purchase.
Smart Cards
Banks are adding chips to their current magnetic stripe cards to enhance security and offer new service, called
Smart Cards. Smart Cards allow thousands of times of information storable on magnetic stripe cards. In addition,
these cards are highly secure, more reliable and perform multiple functions. They hold a large amount of
personal information, from medical and health history to personal banking and personal preferences. Smart cards
can provide identification, authentication, data storage and application processing. A single contact/contactless
smart card can be programmed with multiple banking credentials, medical entitlement, driver’s license/public
transport entitlement, loyalty programs and club memberships to name just a few.
Electronic Bill and Payment Systems
Electronic bill payment is a feature of online banking and mCommerce, allowing a depositor to send money
from his demand account to a creditor or vendor such as a public utility or a department store to be credited
against a specific account. The payment is optimally executed electronically in real time, though some financial
institutions or payment services will wait until the next business day to send out the payment. The bank can
usually also generate and mail a paper cheque to a creditor who is not set up to receive electronic payments.
Most large banks also offer various convenience features with their electronic bill payment systems, such as the
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ability to schedule payments in advance to be made on a specified date, the ability to manage payments from any
computer with a web browser, and various options for searching one's recent payment history: when did I last
pay Company X? To whom did I make my most recent payment? In many cases one can also integrate the
electronic payment data with accounting or personal finance software.
Features Electronic billing and payment systems
•
Bill payment service
•
Fund transfer
•
Credit card customers
•
Investing through Internet banking
•
Recharging your prepaid phone
Shopping EMPIRICAL LITERATURE
Abor (2004) was concerned with technological innovations and banking in Ghana. Additional work by Deutche
Bank Research (2001), Vartanian (2000) and Birch (1998) looks at the future of electronic payments. Several
researchers have addressed the problem of retail payment, Ferguson (2000), Malek (2001), Bank for
International Settlements (2000), Mester (2000) and OECD Information Technology Outlook (2000) studied
various aspects of this subject. Abor (2004) analyses the perception of bank customers pertaining to the effect of
technological innovations on banking services in Ghana. A number of studies have also concluded that
information technology has appreciable positive effects on bank productivity; cashiers’ work, banking
transaction, bank patronage, bank services delivery, and customers’ services (Balachandher et al, 2001; Hunter,
1991; Yasuharu, 2003). In effect, it enhances savings mobilization and financial intermediation. Efficient
payment systems rely on non-cash payments, and that an efficient and reliable payment system facilitates
economic development. Annon, (2003), Carow and Staten (1999) used a logistic regression model to investigate
preferences of consumers in using debit cards, credit cards, and cash for gasoline purchases. Humphrey and
Hancock (1997) have provided an extensive survey of the payments literature. Using the Federal Reserve’s 1995
Survey of Consumer Finances (SCF), Kennickell and Kwast (1997) analyzed the influence of demographic
characteristics on the likelihood of electronic payment instrument usage among households. Payment services
are an important part of the banking industry, accounting for a significant part of its revenues and operational
costs. It is also considered as the backbone of banking activities as it is significantly associated with increased
market share of other bank business, e.g. the provision of credit and the evaluation of associated risks [Boston
Consulting Group (BCG), 2009]. BCG also reports that payments business accounts for 30-50 percent of bank
revenues, and is actually considered the most attractive element of banking business, in terms of income
generation, growth rates, and relatively low capital needs. Hirtle and Stiroh (2007) finds a significant link
between retail focus by the U.S. banks (retail loan and deposit shares and extent of branching network) and bank
stability although such focus also resulted lower return.
Effective payment services are important in helping banks to establish long-term relationships with their
customers, both private individuals and corporate clients. These services are strongly linked to other banking
services, e.g., deposits, as customers prefer to deposit money into a system in which they can obtain a good
payment service (Kemppainen, 2003, 2008). Against this background, banks perform better in countries with a
more developed retail payments business. From an economic perspective, efficient and safe payment systems
are important insofar as they facilitate real and financial transactions in advanced economies. Their production is
subject to economies of scale due to the significant investment in infrastructure needed to start the operation
(large fixed costs) and the relatively small marginal cost of services provided using the existing infrastructure.
Bolt and Humphrey (2007) provide evidence that standardisation of retail payment instruments across the euro
area is likely to result in economies of scale in payment services in Europe. Similar economies of scale effects
are to be gained in the European payment processing industry (Beijnen and Bolt, 2009). Berger and DeYoung
(2006) showed that technological progress has facilitated the geographic expansion of the banking industry.
Specifically, ATMs, POS terminals and similar shares and extent of branching network) and bank stability
although such focus also resulted in technologies that can potentially reduce the costs of asset convertibility for
households over time.(Berger et al., 1996).
Carlton and Frankel (1995) reported higher volumes and lower costs after the merger of competing ATM
systems. Analysing customer switching effects, Massoud et al. (2006) find that higher ATM surcharges result in
a greater market share of deposits of larger banks and a lower market share for smaller banks. The distribution
network of payment services plays a crucial role as it attracts customers to the bank and generates more revenue
in retail banking and other related business lines. At the same time, these retail payment transaction technologies
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reduce the labour cost for banks and have the potential to reduce the costs of handling cash. Columba (2009)
shows that transaction-technology innovation, i.e. the diffusion of ATM and POS technologies, has a negative
effect on the demand for currency in circulation, while the overall effect on M1 is positive. In other words,
transaction technologies and sophistication, e.g. ATM and POS networks, help banks to improve their overall
performance.
Amromin and Charkravorti (2009) show that demand for small-denomination currency decreases with greater
debit card usage and with greater retail market consolidation. Besides the direct impact on bank performance, we
also predict that retail payment transaction technologies have an intensifying effect on the relationship between
retail payment services and bank performance. Advanced retail payment transaction technologies will foster
innovation and growth in the retail banking sector. This will further create more value associated with retail
payment services for banks. On the other hand, if more retail payment transactions have been done through
ATMs or Post Office System instead of retail payments offices, banks can be more cost efficient and obtain more
profit. We believe that retail payment services have a larger impact on bank performance in countries with a
relatively high adoption of retail payment transaction technologies. There are several varieties of retail payment
instruments, like credit transfers, direct debits, card payments, e-money purchases, cheques, etc. Competition in
retail payment markets has commonly been seen as an important contributor to efficiency (BIS, 2003). In a very
competitive retail payment market, consumers have more choices to complete retail payment transactions and to
make transactions more quickly and efficiently. Competition among retail payment instruments may also
encourage retail payment providers to improve their service.
Additionally, a greater variety of retail payment instruments may result in more retail banking innovations.
Therefore, heterogeneity among retail payment instruments helps banks to improve their performance. The
European payments industry has undergone considerable change as electronic payment has increasingly gained
popularity. New payment technologies, particularly newer electronic methods for consumer payments that may
replace older paper-based methods, can potentially speed up settlement and reduce the financial costs of making
payments for bank customers (Berger et al., 1996; Humphrey et al., 2006; Humphrey and Vale, 2004).
Intuitively, the total cost of making payments for society might be expected to be high. In an early study, the
costs have been estimated to amount to as much as three percent of GDP (Humphrey et al. 2003). A number of
recent central bank studies provide more detailed estimates, especially where European countries are concerned.
Depending on the chosen approach and methodology, the estimated total costs in connection with the production
of payment services are in between 0.49 and 0.74 percent of GDP in 2002 (Brits and Winder, 2005; Banque
Nationale de Belgique, 2005; Gresvik and Owre, 2003). Moreover, in general, there is a positive relationship
between the use of electronic payment methods and the efficiency of the payment system. Significant potential
benefits from adopting technological innovations can be expected, but typically there are extraordinary costs
associated with the introduction of new payment methods. Humphrey et al. (1996) find that payment instrument
choices strongly depend on bank customers’ learning costs. In this paper, we examine whether the physical
distribution of 7 according to Scholnick et al. (2007) provides a survey of the literature on credit cards, debit
cards and ATMs.
Constraints to implementing Innovations
The level of bank payment systems modernization varies across countries. In industrial, transitional, and
developing economies, countries have faced a range of obstacles including their existing legal framework,
technical infrastructure, and maturity of banking systems. Payment system strategies undertaken in these
countries often have the involvement of the central bank and commercial banks in diverse ways. These
innovation theories to bank payment systems show how the strategies are developed under unique environments
of advanced and emerging banking systems and compare the involvement of the central bank and the private
sector in payment operations. They illustrate how ownership, pricing policies, and cost recovery may vary, and
how such factors may influence efficiency and innovation in terms of changes in paper-based and electronic
payment market shares. The rapid pace in which these new innovations are introduced may also pose risks to
consumers and the wider financial system if not properly regulated and supervised. Thus, the challenge is to
strike a balance between fostering new innovations and maintaining proper oversight of the associated risks to
avoid stifling innovation itself. The main challenges to the continuing modernisation of payment systems
theoretically are; financial stability, financial integration, trade liberalisation in financial services, and continuous
technological innovation.
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METHODOLOGY
A purposive and convenience sampling design was adopted to obtain participants for the study from the selected
commercial bank branches in the Upper West Region. The sample size was drawn from among Commercial
Banks in Ghana with branches in the Upper Wes Region. The banks in Ghana were sampled on the basis that
they have at least one form of IT innovation channel. In all six commercial banks branches were identified and
studied. The researcher also interviewed banking IT executives in the sampled banks to ascertain the form of IT
innovation introduced by their respective banks. A Sample of fifty (500) questionnaire were administered across
all respondents. The responses were measured with a five-point Likert-type rating scale, where strongly Agree
(SA) = 4; Agree (A) = 3; Strongly Disagree (SD) = 2; Disagree (D) = 1; and Neutral (N) = 0. A three sectional
questionnaire instruments was used to gather data for this study. The first section of the instrument will be a
demographic questionnaire. The second instrument of the questionnaire asked questions about customers’
perception about effects of the forms of innovation in bank payments system on service delivery. The final
section of the questionnaire asked questions about the constraints customers face in using any form of IT
innovation.
RESULTS AND DISCUSSION
Demographic Characteristics of Respondents
For operational purposes, the survey defined six age groups. Young people less than 20 years, range of ages 2029, 30-39, 40-49, 50-59 and 60 year and above. Majority of the respondents 440 representing 88% aged between
20 and 29 years. 30 each representing 6 percent were between the ages of 30-39 and 40-49 respectively. None of
the respondents were less than 20 years, and above 50 years. The survey made conscious efforts to achieve an
equal gender representation. However, the customer response data result that about 370 representing 74 percent
of the respondents were males and the rest of the 26 percent were females. This indicates that majority of the
customers interviewed were male. A large majority of respondents, 88 percent, said they were single while 12
percent described themselves as married. None of the respondents were widowed or divorced. Interestingly, all
the 500 respondents representing 100% of responses had some form of formal education. Occupationally,
majority of respondents, 36% described themselves as students, 10 % as businessmen, and 12% as public/Civil
Servants. Another 6% also described themselves as unemployed. All respondents operate an account with at least
one of the studied bank.
Table 1: Representation in Selected banks Branches?
Customers of Selected Bank
Frequency
Valid Percent
Barclays Bank Ghana Ltd (BBG)
85
17
Stanbic Bank
85
SG-SSB Ltd
85
Agricultural Development Bank (ADB)
85
Ghana Commercial Bank Ltd (GCB)
85
National Investment Bank (NIB)
85
First National Bank
75
Total
500
Source: Field Survey 2013
17
17
17
17
17
15
100
The types of IT innovation in bank payments utilized by customers were identified. Special focus is placed on
three major delivery channels namely ATMs, Telephone Banking, and Internet Banking. The information was
basically from personal interviews with customers of the selected bank branches. It was found that 450 out of
the 500 customers representing 90 percent of recent used at least one of IT innovation. The responses from
customers confirmed that banking innovation takes the form of ATM, Telephone banking, PC banking, Mobile
banking, SMS banking, E-zwich, Mobile banking, internet banking, Credit and debit cards, smart cards as well
as Electronic Billing and payment systems. These innovations in the bank payment system in Ghana reduce the
time involved in bank transactions. 100% of the respondents were aware on ATM as an innovation with majority
having some knowledge about the form of innovation taken place in the banking industry. Majority also agreed
that the time involved in transacting business with their banks can be reduced significantly with ATM, telephone
banking internet banking and the other forms of IT innovation.
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Table 2: Forms of form of IT Innovation in Banks payment system
Innovative Payment System
Frequency
Percent
Automated Teller Machines (ATMs)
500
100
Telephone Banking
400
80
PC-Banking
300
60
Mobile Banking
300
60
SMS Banking
225
45
E-zwich
150
30
Mobile Money
350
70
Internet Banking
300
60
Credit and debit cards
250
50
Smart cards
150
30
Electronic billing and payment systems
100
20
Total
500
100
Source: Field Survey 2013
The responses of customers about the effect of Technological Innovation on quality of products and service
delivery in bank payment system were ascertained. About 390 representing 78% of the customers who
responded agreed that IT Innovations ensures efficient quality products and service delivery. This is against only
22% who disagreed with the view. Another 380 representing 76% agreed that telephone banking improves
product quality and services delivery as against 24% that disagree with the view. 410 representing 82% shows
that internet banking Innovation enables banks to deliver efficient services to their customers. In all, internet
banking improves quality of products and service delivery in bank payments in Ghana. It was also confirmed
that, the advent of IT Innovation has led to increased bank charges. Even though 44% of the respondents
disagreed with this assertion in the case of ATM, 56% agreed that ATM Innovation has resulted in increased
bank charges. A contradictory finding appeared in the case of Telephone banking, SMS banking, PC banking
and internet banking. All the IT innovations in bank payments are viewed by customers to have reduced
transaction cost.
IT innovation and Customer Satisfaction
From table 11, out of a total of 500 respondents, 74%, 56%, 94% and 100% agreed that IT Innovation in the
form of ATM, telephone, internet baking and SMS banking respectively provides adequate responses to their
inquiries of products/services information, as against 26%, 38% and 6% who disagreed respectively. Overall, the
customers are generally satisfied with the IT innovations in bank payment systems. The willingness of customers
to continue saving with their banks was also established. 380 respondents representing 76% of the customers
agreed that they will continue to save with their banks and use ATM. 68% and 58% also believe that IT
Innovation in the form of telephone and internet banking discourages customers from their banks. This implies
most of the respondents, appear to be satisfied with the services and products offered by their respective banks
and so will continue to save with the banks. Specifically, about 60% agreed with varying degree that innovation
in bank payment has a positive effect on customer satisfaction, 20 % are indifferent with Innovation while others
20% disagrees that innovation increases their satisfaction. Majority of the respondents also agreed that
Innovations in bank payment system motivated them to operate with the selected Bank.
Table 3: Effects of IT Innovation on Customer Satisfaction
RESPONSE
FREQUENCY
Strongly Disagree
20
Disagree
80
Neutral
100
Agree
100
Strongly Agree
200
Total
500
Source: Field Survey 2013
50
PERCENTAGE
4
16
20
20
40
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Table 4: Motivated to operate with a Selected Bank due to IT innovation
RESPONSE
FREQUENCY
PERCENTAGE
Strongly Disagree
50
10
Disagree
80
16
Neutral
80
16
Agree
150
30
Strongly Agree
250
50
Total
500
100
Source: Field Survey 2013
Customers were asked to enumerate some of the problems confronting them in using innovations in bank
payment. Customers’ response to this part of the survey was very revealing. Problems range from ineffective
ATMs machines, illiteracy to poor internet access. Of the 500 response received from bank customers, majority
cited their inability to correct errors in ATMS as the major problem that needs a critically look. Other common
problems that the respondents cited includes; Illiteracy, cheating/ expensive bank charges, most ATMs are often
Out of order/Service, No money in ATMs. Out of the 500 customers surveyed, 30 (6. %) cited No money in
ATM and illiteracy as the major problems confronting them.
Table 5: Major constraints on ATM usage
Major ATM constraints
Missing response
cannot correct ATM errors
Costly
Illiteracy
it is a cheat
No money in ATM
Some ATMs are out of order
Total
Frequency
70
80
20
30
20
30
250
500
Valid Percent
14
16
4
6
4
6
50
100
Source: Field Survey, 2013
The major problems that customers encounter in using telephone banking include; expensive bank charges,
inability to access mobile phones, poor networks and ineffective response from banks. Out of the 50 respondents
in the survey, Majority of the respondents, 130 (26%) identified poor access to networks as the major constraints
to the use of Telephone banking in Ghana. Another 70(14%) mentioned expensive bank charges as their major
constraints. 30% of the respondents maintained that Ineffective response from the banks, difficulty in accessing
phones and problem in getting access of network services are their major constraints respectively.
Table 6: Major constraints on Telephone banking
Major Telephone banking constraints
Frequency
Valid Percent
Missing responses
210
42
ineffective response from bank
30
6
Cannot get access to phone
30
6
Expensive charges
70
14
difficult to access service
30
6
poor network
130
26
Total
500
100
Source: Field Survey 2013
Out of the 500 respondents, several constraints have been identified. Difficulty to access internet, illiteracy,
ineffective internet banking in most banks, slow and unreliable internets connection as well internet fraud are
among the major constraints mentioned in regarding the use of internet banking in Ghana. Specifically, majority
of the respondent’s 150 respondents representing 30% identified difficulty in accessing internet as the major
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constraint to the use of internet banking in Ghana. 18% of the respondents also mentioned illiteracy as a major
constraint. Another 6% and 4% found ineffective use of internet banking and internet fraud as the main
constraints hindering the use of internet banking in Ghana.
Table7: Major constraints on Internet banking
Major Internet banking constraints
Frequency
Valid Percent
Missing responses
80
16
difficult to access internet
150
30
Internet Fraud
20
4
Illiteracy
90
18
Ineffective
30
6
No privacy
20
4
Slow internet connection
110
6
Total
500
100
Source: Field Survey 2013
DISCUSSION
Banks have recognized that innovations in bank payments system represent an opportunity to increase profits
and their competitiveness in the banking sector. Currently, only few banks in Ghana are offering internet
banking (i-banking) as well as telephone banking. However, ATM is the most commonly available and used
innovation in bank payments system in Ghana. In the case of Telephone banking, has also taken a big leap with
its convenience and time. The services available with this system are ascertaining credible information about the
bank’s products, the customers’ complaints, bank statements and cheque book request and any other complaints
and inquiry. About 90% of the respondents have used one of three type of banking innovations in payments
system (ATM, telephone banking and/ internet banking.
Automated Teller Machines (ATMs)
Rose (1999), describes ATMs as follows “an ATM combines a computer terminal, record-keeping system and
cash vault in one unit, permitting customers to enter the bank’s book keeping system with a plastic card
containing a Personal Identification Number (PIN) or by punching a special code number into the computer
terminal linked to the bank’s computerized records 24 hours a day”. Once access is gained, it offers several retail
banking services to customers. They are mostly located outside of banks, and are also found at airports, malls,
and places far away from the home bank of customers. Banks tend to utilize this electronic banking device, as all
others for competitive advantage. Though ATMs have enjoyed great success because of their great utility, it has
been recognized that it is possible for banks to improve their competitive stance and profitability by providing
their clients with even more convenience (Abor, 2004). Barclays Bank of Ghana is the first Commercial bnak in
Ghana to introduce an ATM Machine that Accept Deposit electronically. The combined services of both the
Automated and human tellers imply more productivity for the bank during banking hours. Also, as it saves
customers time in service delivery as alternative to queuing in bank halls, customers can invest such time saved
into other productive activities. ATMs are a cost-efficient way of yielding higher productivity as they achieve
higher productivity per period of time than human tellers (an average of about 6,400 transactions per month for
ATMs compared to 4,300 for human tellers (Rose, 1999). Furthermore, as the ATMs continue when human
tellers stop, there is continual productivity for the banks even after banking hours.
Telephone Banking
“Telebanking (telephone banking) can be considered as a form of remote or virtual banking, which is essentially
the delivery of branch financial services via telecommunication devices where the bank customers can perform
retail banking transactions by dialing a touch-tone telephone or mobile communication unit, which is connected
to an automated system of the bank by utilizing Automated Voice Response (AVR) technology” (Balachandher
et al, 2001). According to Leow (1999), telebanking has numerous benefits for both customers and banks. As far
as the customers are concerned, it provides increased convenience, expanded access and significant time saving.
On the other hand, from the banks’ perspective, the costs of delivering telephone-based services are substantially
lower than those of branch based services. It has almost all the impact on productivity of ATMs, except that it
lacks the productivity generated from cash dispensing by the ATMs. For, as a delivery conduit that provides
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retail banking services even after banking hours (24 hours a day) it accrues continual productivity for the bank. It
offers retail banking services to customers at their offices/homes as an alternative to going to the bank
branch/ATM. This saves customers time, and gives more convenience for higher productivity.
Internet Banking
The idea of Internet banking according to Essinger (1999) is: “to give customers access to their bank accounts
via a web site and to enable them to enact certain transactions on their account, given compliance with stringent
security checks”. To the Federal Reserve Board of Chicago’s Office of the Comptroller of the Currency (OCC)
Internet Banking Handbook (2001), Internet Banking is described as “the provision of traditional (banking)
services over the internet”. Internet banking by its nature offers more convenience and flexibility to customers
coupled with a virtually absolute control over their banking. Service delivery is informational (informing
customers on bank’s products, etc) and transactional (conducting retail banking services). As an alternative
delivery conduit for retail banking, it has all the impact on productivity imputed to Telebanking and PCBanking. Aside that it is the most cost-efficient technological means of yielding higher productivity.
Furthermore, it eliminates the barriers of distance / time and provides continual productivity for the bank to
unimaginable distant customers.
CONCLUSION AND RECOMMENDATION
It was also found that banking innovation in payment system in the form of Automated Teller Machines
(ATMs), Telephone Banking, PC-Banking, Mobile Banking, SMS Banking, E-zwich, Mobile Money, Internet
Banking, Credit and debit cards, Smart cards, Electronic billing and payment systems reduces the time involved
in bank transactions. Out of 500 respondents, 450, 480 and 440 representing 90%, 96% and 88% agreed that the
time involved in transacting business with their banks can be reduced significantly with ATM, telephone
banking and internet banking innovation respectively. The results of the study generally indicate that, these new
delivery channels have drastically reduced the time involved in making bank transactions in commercial banks in
Ghana. Responses of customers about the effect of Technological Innovation on quality of products and service
delivery in bank payment system revealed that, 78% of the customers who responded agreed that ATM
Innovations ensures efficient quality products and service delivery. Another 380 representing 76% agreed that
telephone banking improves product quality and services delivery while 82% shows that internet banking
Innovation enables banks to deliver efficient services to their customers. The study therefore established that
internet banking improves quality of products and service delivery in bank payments in Ghana. Overall, the
customers are generally satisfied with the IT innovations in bank payment systems. Out of a total of 500
respondents, over 56% of the respondents agreed that IT Innovation in the form of ATM, telephone and internet
baking respectively provides adequate responses to their inquiries of products/services information. This implies
most of the respondents, appear to be satisfied with the services and products (ATM) offered by their respective
banks and so will continue to save with the banks. The major problems that customers encounter in using these
innovations in the bank payment system in Ghana includes; expensive bank charges, inability to access mobile
phones or internet, poor networks and ineffective response from banks, illiteracy, ineffective machines.
Recommendation
Although this study yielded important results about the perception of customers on innovations in bank payment
system in Ghana, there is much more research to be done. One recommendation is to conduct a further research
using a much larger, randomized sample and more standardized test to measure the level of customer satisfaction
on the various forms of bank innovations. This will help to improve the findings and allow us to generalize the
results to a larger and more diverse population. There are many other studies that could further the study of
innovative banking in Ghana. One would be to do a qualitative study that examines which factors are most
important to the choice of a particular banking innovation over the other.
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