Abstract
This study seeks to evaluate the use of Business Intelligence for financial crime detection in financial institutions in Ghana. The financial services industry is fast developing and ICT has played a major role in this development. To meet business needs effectively, financial institutions are adopting innovative technologies that can support strategic decision-making based on improved information management-in a manner that will suppress fraud and crime, especially with the large volumes of data they process. In the area of financial crime detection, there has been a growing concern because large amounts of monies are lost to these crimes yearly. In recent years, Business Intelligence has emerged as an innovative information analysis technology for organizations. This study conducts a survey on six financial institutions in the Accra metropolis of Ghana to determine the use of Business Intelligence for financial crime detection in the country. A quantitative, exploratory and descriptive research approach was used and data was collected from both primary and secondary sources. The study population consisted of 120 ICT staff. A sample size of 90 was considered adequate and so 90 questionnaires were sent out and 75 responses received. Data analysis was with SPSS software. The results showed that the prospects of using Business Intelligence for financial crime detection in financial institutions are considerably high in Ghana.
Highlights
Financial service is one fast developing industry
This study attempts to evaluate the prospects of using Business Intelligence as an ICT tool for financial crime detection in financial institutions, in Ghana (Gyimah, 2012)
To assess the effectiveness of the data analysis processes being used in financial crime detection in financial institutions in Ghana
Summary
Financial service is one fast developing industry. Financial institutions produce millions of transactions daily stored in complex Information Systems. Financial crime is causing economies to lose huge amounts of money; The United Nations Office on Drugs and Crime (2005) has stated that $1.6 trillion ‘dirty’ dollars are floating around the global economy; the latest annual statistics from the UK’s National Fraud Authority show that more than £38 billion has been lost over the last 12 months due to fraud (Sourcingfocus.com, 2012). These days, financial institutions tend to seek means for secured and efficient analysis of their data (Saunders and Cornett, 2008). This study attempts to evaluate the prospects of using Business Intelligence as an ICT tool for financial crime detection in financial institutions, in Ghana (Gyimah, 2012)
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