Abstract
Competition and reforms in Ghana’s financial sector have brought about a lot of innovation into the Ghanaian banking industry. This study explores how innovative banking products are perceived by consumers. The study used purposive sampling technique to gather data from 288 students from a public university in Ghana. The study revealed that the critical features that influenced customers’ choice of banking products and their adoption were convenience, reliability, security, flexibility, time saving and ease of use. The most popular innovative products were Automated Teller Machines and E-zwich. Telephone banking and credit cards were not very popular. The mean preference for innovative banking products for female (15.0568) was slightly higher than that of male (14.7100). The mean usage of female (8.7955) was slightly higher than that of male (8.350). Due to the low usage of products such as the telephone and internet banking, it is recommended that banks in Ghana should embark on an educational campaign to highlight the benefits of these products to the populace.
Highlights
There have been immense developments in Ghana’s banking sector since the period of financial sector reforms
The financial sector reforms have seen the proliferation of banks in Ghana
The force of technology has led to the introduction of innovations in banking products
Summary
There have been immense developments in Ghana’s banking sector since the period of financial sector reforms. A key development was the entry of private banks into the market and the expansion of branches of existing banks This was followed by the development of new technologies to deliver financial services, such as Automated Teller Machines (ATMs), Electronic Funds Transfer at Point of Sale (EFTPOS) and other stored value cards. These cost-effective innovations and products have the purpose of reducing the pressure on over-the-counter services to bank customers. According to Abor (2004), arguably the most revolutionary electronic innovation in Ghana and the world over has been the ATM Another technological innovation in Ghanaian banking is the various electronic cards, which the banks have developed over the years. The technological wave across the globe, especially the use of information and communication technologies (ICT) has affected the conduct of business generally
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