Innovation in Bank Payment Systems and Related Services among Selected Commercial Bank Branches in Wa Municipality

Abstract

Innovation in bank payment systems and related new ways of banking in Ghana is radically changing the face of banking and its impact on customers and their satisfaction. Underlying this innovative initiative is a general understanding that ensuring access to the fundamental tools of a digital society is one of the most significant investments the banking world can make for the future. This main objective of the is to evaluate the perceptions of banking customers on the use of innovative payment systems on banking services in Ghana. The study focused on customers with banks that have at least one form of technological innovation. The results of the study generally indicate that, innovations in bank payment system through electronic delivery channels have contributed positively to the provision banking services and the growth of the banking system in Ghana. It also revealed that, the major innovations in bank payment system includes; Automated Teller Machines (ATMs), Telephone Banking, PC-Banking, Mobile Banking, SMS Banking, E-zwich, Mobile Money, Internet Banking, Credit and debit cards, Smart cards, Electronic billing and payment systems

Keywords: Innovation, Banking systems, Payment systems,  Electronic payments