Abstract
This study looks at the benefits, challenges and barriers in adopting Internet banking at a major bank in Ghana. The development of the Internet is changing the way financial services are provided in Ghana. The Internet banking facility has resulted in new ways of delivering banking services. The research is a case study based on the staffs that has worked with the bank for more than three years. In evaluating benefits, challenges and barriers to the bank in adopting Internet banking, interviews were conducted with some management staff and twenty other staff who were directly involved with customers with respect to daily banking services. Secondary data on Internet banking was available from the retail banking section of the bank. Literature on aspects of Internet banking (its adoption, benefits, challenges and barriers) was reviewed. The results of the study indicate that there are numerous benefits to the bank in adopting Internet banking, just as there are challenges and barriers. On the whole, however, the benefits outweigh the challenges and the barriers put together. This should encourage other banks to offer Internet banking to all of their retail customers in Ghana.
Highlights
Many banks are making huge investments in technology to maintain and upgrade their infrastructure, in order to provide new electronic informationbased services, and to manage their risk positions and pricing
The banking system in Ghana, until recently, has seen resistance to change as preserving its stability
The purpose of this study is to describe the status of adoption of Internet banking at a bank as a means of analysing its unique role for enhancing business (Dankwah, 2012)
Summary
Many banks are making huge investments in technology to maintain and upgrade their infrastructure, in order to provide new electronic informationbased services, and to manage their risk positions and pricing. New off-the-shelf electronic services such as online retail banking are making it possible for very small institutions to take advantage of new technologies at reasonable costs. These developments may change the competitive landscape in the financial services (Abor, 2004). We believe that the outcome of the study could be used as a help in deciding as to whether or not to offer Internet banking to all retail customers in Ghana, a guide in the setting up of Internet banking at all bank branches and a lead to the review of the challenges that banks would face in adopting and implementing Internet banking
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