Internet Banking in Ghana: Challenges and Benefits
Bright Kwame Ameme

Bright Kwame Ameme, Department of Information Technology, Ghana Technology University College, Accra, Ghana, West Africa.
Manuscript received on October 06, 2015. | Revised Manuscript received on October 09, 2015. | Manuscript published on October 25, 2015. | PP: 40-47 | Volume-3 Issue-12, October 2015. | Retrieval Number: L10411031215
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Abstract: One of the most important competitive tools and strategic strengths of banks today is information technology. Technological investments in banks enhance customer experience and satisfaction through operational excellence, improved and convenient product and service offerings. This notwithstanding, customers face some challenges with these technological innovations. The ability of banks to compete effectively on these technological innovations depends largely on ensuring that the benefits outweigh the challenges faced by customers. This study used both qualitative and quantitative approach to investigate the benefits and challenges of internet banking in Ghana, with specific emphasis to a commercial bank. The study employed Kendall’s Coefficient of Concordance to establish the degree of agreement among the respondents on internet banking challenges. Kruskal-Wallis ranking method was also employed to analyse respondents rating of reduction in banking hall transactions, as a result of using internet banking services. The results of the study revealed frequent breakdown of websites, high service charges, low limit on funds transfer and slowness of transactions as key challenges facing internet banking customers in Ghana. On the other hand, customers will be more satisfied when internet banking platforms are enhanced with other banking services. The study concluded that there was a significant effect of the use of internet banking services on the volume of banking hall transactions. In addition, there was a weak-to-moderate level of evidence of agreement among the respondents on the internet banking challenges. It was therefore recommended for banks in Ghana to invest in alternate banking channels in order to remain competitive, satisfy and retain their customers and reduce the long queues that often characterise the banking halls. Equally, banks need to take steps to mitigate challenges affecting customers in the use of internet banking services.
Keywords: Banking, Innovation, Service, Technology.