Online banking research paper

Journal of Finance and Investment analysis, 1 3 , Arnaboldi, F. Internet banking in Europe: a comparative analysis. Research Institute of Applied Economics, 8 11 , Hernando, I.

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Internet banking. Journal of Financial Services Research, 22 , Hasan, I. Browse issues Vol.


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There are no charges for publishing with Inderscience, unless you require your article to be Open Access OA. You can find more information on OA here. Submission process All articles for this journal must be submitted using our online submissions system. This has made the transition to electronic banking a necessity for banks in order to be viable. Despite its benefits, developing countries still lag behind in the adoption of electronic banking. This study therefore seeks to examine the adoption of e-banking in the Ghanaian banking industry with Guaranty Trust Bank Ghana Limited GTBank as the case study to identify the benefits, challenges and critical success factors for the adoption of e-banking in the Ghanaian banking industry.

The research made use of questionnaires and interviews to collect data from staff and customers of GTBank. The results of the study indicated that e-banking adoption was a business strategy taken by the bank in response to customer needs and the changing marketing trends in the banking industry. The benefits, challenges and critical success factors of e-banking are also identified and discussed.

From the study it is obvious that tremendous benefitssuch as revenue generation, improvement in productivity and efficiency in service delivery and cost savings were derived from e-banking. The lack of a solid technology infrastructure was identified as a major challenge of e-banking adoption in the country.

The study however revealed that there is a promising future for e-banking in Ghana.

Essay on Internet Banking

Some recommendations to enhance the adoption of e banking in country are made based on this study. The Banking Industry is one of the areas of business that has been influenced the most by technology. Banking operations have evolved from the mere exchange of cash, cheques and other negotiable instruments to the application of Information and Communications Technology ICT to banking transactions. Through technology, banks are now able to offer convenience services to their customers. According to Molla , Information and Communications Technologies ICTs have changed the way of conducting business transactions and meeting the growing demands of customers for most organizations.

The promise of ICTs in the banking sector has been seen in terms of its potential to increase customer base, reduce transaction costs, improve the quality and timeliness of response, enhance opportunities for advertising and branding, facilitate self-service and service customization, and improve customer communication and relationship. Business via the internet or electronic commerce is providing a competitive advantage for banks by lowering operational cost and providing best satisfaction of customer needs. A strong banking industry is important in every country and can have a significant effect in supporting economic development through efficient financial services.

In Ghana the role of the banking industry needs to change to keep up with the globalization movement. This change will include moving from traditional distribution channel banking to electronic distribution channel banking. Given the almost complete adoption of e-banking in developed countries, the reason for the lack of such adoption in developing countries like Ghana is an important research that needs to be addressed. In the world of electronic commerce, it is very important that banks should provide electronic banking services in order to have the long-term survival Burnham, Consequently, most banks in developed and some in developing parts of the world are now offering electronic banking services with various levels of sophistication.

It is expected that banks that do not offer electronic banking services may lose their customers to their competitors Orr, Electronic banking is the automated delivery of new and traditional banking products and services directly to customers through electronic medium.

This system allows customers to access their accounts, transact business, make enquiries and have prompt responses from banks Parisa, Automated Teller Machines ATMs , telephone banking, internet banking, mobile banking, debit cards, credit cards, online bill payment and many others are examples of how technology is changing traditional banking. In a further development, Simpson contends that electronic banking has survived in a number of countries given its ability to increase banks market share and facilitation of business transaction.

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More linkage is therefore drawn on the importance of electronic banking to improve the business environment of any economy. Awareness, information, customer protection, response time, reliability, security, technology readiness all are considered to be important elements for electronic banking. With the help of the internet, banks are providing benefits to their customers.

Customers can use these services anywhere that is homes, offices and so on and anytime without visiting the banks. The banks can use the electronic commerce technology for meeting the competitive advantage and gaining the best level of profitability while providing best services to its customers. The banking system in developing countries is significantly different from that in developed countries such as the United State of America, Britain and South Africa.

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As with most developing countries, Ghana has been undergoing a process of financial sector restructuring and transformation as an integral part of a comprehensive strategy for sometime Acquah According to Bawumia banks in Ghana will need to reinvest themselves in this new conducive but challenging environment. This is important because electronic transactions will continue to grow and only countries that make a move towards embracing electronic business will participate in this revenue generation Akoh, Harold and Jeff contend that financial service providers should modify their traditional operating practices to remain viable in the s and the decades that follow.

Woherem also claimed that only banks that overhaul the whole of their payment and delivery systems and apply ICT to their operations are likely to survive and prosper in the new millennium.

Essay on Internet Banking

He advises banks to re-examine their service and delivery systems in order to properly position them within the framework of the dictates of the dynamism of Information and Communication Technology. Under these conditions, the transition to E-banking has become a necessity for banks as it offers major opportunities in terms of competitive advantage and allows banks on one hand to improve efficiency and operational effectiveness and on the other hand to develop a stronger and more durable business relationship with its customers.

However, the adoption of innovation within an organization in general and the adoption of E-banking specifically is not always an easy thing to bring about as it can be complex and expensive to implement. Through borrowing, lending and related activities, banks facilitate the process of production, distribution, exchange and consumption of wealth. Banks also administer payment systems which are core to an economy. Competition and limitation of resources has placed banks under pressure to lower their transactional cost and improve their services and maintain quality of service.


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  • According to Yasuharu , implementation of information technology and communication networking has brought about a revolution in the functioning of the banks and the financial institutions. The transition to electronic banking has therefore become a necessity for banks as it offers major opportunities in terms of competitive advantage and it also allows banks to develop a stronger and more durable business relationship with its customers. In developed countries, banks engage in vigorous e-banking and this had helped these banks to stay competitive through productivity gains, transaction cost reduction and customer service improvement.

    Despite its benefits, however, developing countries still lag behind developed countries in the adoption of e-banking. GTBank has earned a name as being one of the top technology driven banks in Ghana. The Bank uses its expertise and knowledge in the financial services industry to provide its customers with world class value-adding financial services.

    What did the Bank do for it to have successfully adopted e-banking and be awarded Best Bank in Electronic Banking for two consecutive years?

    It is against this background that the researcher seeks to describe the status of adoption of e-banking in GT Bank as a means of identifying the benefits, challenges and critical success factors for the adoption of e-banking in the Ghanaian banking industry. To identify the services that are being provided through e-banking by GTBank.

    To identify the benefits GTBank and its customers derive from e-banking.

    Money and Banking

    To identify the critical success factors for the introduction of e-banking by GTBank. To identify the challenges encountered in the adoption of e-banking by GTBank. What are the benefits that may be derived by GTBank and its customers in adopting e- banking? What are the critical success factors for the adoption of e-banking by GTBank? What are the challenges GTBank face in introducing e-banking in Ghana? The internet and internet based technologies have revolutionized the way banks operate and interact with their environment.

    The findings of this study would be useful to policy makers in the banking sector in the development ofa national policy framework for electronic banking adoption in Ghana to facilitate economic and social growth. This study would also assist all stakeholders in the banking industry identify and formulate strategies that will promote e-banking.