Study on the Development of the Banking Industry in Ghana with Evidence to Innovation Technology

Bekoe Bernard Boamah ,Naffixa Afua Dadzie ,Yu Bo

doi:10.7176/rjfa/10-6-11

Abstract

Innovation technology is currently recognized as one of the key factors in the firms’ competitive advantage as well as a critical element in improving the economic and financial results of firms. Increased economic and financial performance have been observed among firms capable of using innovation to improve their processes or differentiate their products and services in relation to their competitors. This study employs both quantitative and qualitative methods in analyzing the Administrated questionnaires. Primary data were collected using the random sampling procedure among Ghana banking workers and customers. Google Forms was used in answering the questionnaires, which automatically generated simple graphs. The data was also interpreted in table forms for easy analysis and reading. The research used SPSS (Statistical Package for Social Sciences) to analyze the correlation statistics that were adopted from the responses of the questionnaire. The Spearman and Kendall’s tau-b was also adopted in this study. The overall study of the research is to identify the influence innovation technology has brought on the banking industry. Emerged from the study were: the ease use of innovation technology products by customers and employees of the bank. The respondents from the survey shows positive significance impact of innovation technology in their daily use of bank services such as Internet Banking, ATM, Mobile Banking, due to this, the banking industry keeps expanding and introducing new varieties of innovation to be able to gain stands in competition with other banks and financial institutions. With this outcome, banks should focus on more innovation technology products to enhance the lives of their workers and customers, which significantly also increases productivity and profit. Keywords : Banking Industry, Innovation, Technology, Banking, Ghana, customer satisfaction. DOI : 10.7176/RJFA/10-6-11 Publication date :March 31 st 2019

Highlights

The increase in customer service delivery, market share, quality and efficient cost of production and developing new products have been necessitated by the kind and quality of innovative technology the organization employs
This study studies the impact of technology innovation on the banking services and customer satisfaction in the Ghanaian banking sector
This is an indication that there is a major difference between men and women when it comes to the patronage innovation technology in the banking industry

Summary

Introduction

The increase in customer service delivery, market share, quality and efficient cost of production and developing new products have been necessitated by the kind and quality of innovative technology the organization employs. Technological innovations are intensely shifting the way things are done, development in Electronic trade is supposed to give rise to the promise of a new commercial insurgence by offering an economical and direct way to transact business This uprising has set in nod a revolution in the banking sector for the provision of a payment system that is compatible with the demands of the electronic marketplace (Balachandher et al 2001). Numerous banks are making what appear like massive investment in technology and innovation to keep and upgrade their infrastructure, in order to provide new electronic information-based services, and to manage their risk positions and pricing. These developments may eventually change the competitive landscape in the financial www.iiste.org services and Banking as a whole. Innovation is a double edged-sword: the right kind of innovation and favorable conditions that may spur banks to invest in new technologies would help the financial system fulfill its functions and, as a consequence, deliver growth; but too much of innovation or innovation which is not properly used can have serious consequences on the overall economy (Stiglitz 2010 ) (Beck et al 2012)

Methods

Results

Conclusion