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

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