EFFECT OF BANK INNOVATIONS ON FINANCIAL PERFORMANCE OF UNIVERSAL BANKS IN GHANA By William Yeboah Sampong (BBA) A thesis submitted to the department of Accounting and Finance, Kwame Nkrumah University of Science and Technology, in partial fulfillment of the requirement for the award of MASTER OF BUSINESS ADMINISTRATION IN FINANCE August, 2015 DECLARATION I hereby declare that this submission is my own work towards the MBA and that, to the best of my knowledge, it contains no material previously published by another person nor material which has been accepted for the award of any other degree of the University, except where due acknowledgement has been made in the text William Yeboah Sampong …………………… Signature ……………… Date Certified by: Dr Kwame Mireku …………………… Signature ……………… Date Certified By: Dr K O Appiah …………………… Signature ii ……………… Date ACKNOWLEDGEMENT My sincere gratitude and appreciation goes to my research assistants, especially Rita Kyiraa and all the bank officials whose help contributed to the success of this study I am also very grateful to all lecturers of KSB especially DR Kwame Mireku for his guidance and supervision of this theses I very much appreciate the effort of my wife, (Mrs Evelyn Sampong), my children (Kendra Sampong and Jeffery Sampong Senibour) and my mother, Mrs Beatrice Sampong, whose players and support keeps spurring me on to this height Finally, I thank the almighty God for giving me the strength, knowledge, wisdom and understanding to go through this course successfully iii DEDICATION To the Almighty God be the glory for making my dreams come into reality iv ABSTRACT The Ghanaian Banking industry is witnessing a revolution as a result of technological innovations that have become a common feature of banking in the contemporary business environment The arrival of the Internet and the proliferation of mobile telecommunication companies in Ghana present both an opportunity and a challenge to banks in Ghana The test for the banking sector has been how to profitably formulate a new service delivery means in such a way that its clients will enthusiastically learn to use and trust The purpose of this work is to identify the effect of bank innovations on the financial performance of universal banks in terms of their income or revenue generation, liquidity, efficiency, profitability and the general patronage of banking services in Ghana This work is a survey of bank executives from fifteen (15) universal banks in Accra and Kumasi Questionnaires were administered to find out the opinions of bank executives on the effect of bank innovations on financial performance It was discovered that most of the innovations have positive effect on the income generating potentials of the banks, they also improves efficiency, liquidity and profitability of the banks This study also found out that E-zwich as an innovation in the financial sector has no direct effect on financial performance of the universal banks in Ghana It is recommended that corporate banks must make it a policy to establish an efficient and effective marketing department to oversee the publicity of all bank innovative products The Government through Bank of Ghana must continue to invest in researching into innovations in the financial sector, and the universal banks whose operations are affected by any national innovative products or platforms such as E-zwich should be consulted and their concerns factored in the product before implementation v TABLE OF CONTETS DECLARATION ii ACKNOWLEDGEMENT iii DEDICATION iv ABSTRACT v LIST OF TABLES ix CHAPTER ONE INTRODUCTION 1.0 Background of the Study 1.1 Statement of the Problem 1.2 Objective of the Study 1.3 Research Questions 1.4 Significance of the Study 1.5 Scope and Limitations of the Study 1.6 Organization of the Study CHAPTER TWO LITERATURE REVIEW 2.0 Introduction 2.1 Definition of Key Terms 2.1.1 Financial Performance 2.1.2 Return on Asset 2.1.3 Universal Bank 2.1.4 Innovation 2.1.5 Return on Equity 2.2 Bank Innovation 2.3 Financial Performance of Universal Banks 12 2.4 Bank Innovations and Customer Deposits 13 2.5 Types of Bank Innovation Products 14 2.5.1 Internet Banking 14 2.5.2 E-ZWICH 15 2.5.3 Telephone Banking 15 2.5.4 Automatic Teller Machine (ATM) 16 2.5.5 Mobile Banking 17 vi 2.5.6 Branch Networking 17 2.5.7 Electronic Fund Transfer At Point Of Sale (EFTPOS) 18 2.5.8 Cash Smart Cards 18 2.5.9 The Electronic Funds Transfer System (EFTS) 19 2.6 Critique of Existing Literature 20 CHAPTER TREE 21 RESEARCH METHODOLOGY 21 3.0 Introduction 21 3.1 Research Design 21 3.2 Population of the Study 22 3.3 Sample Size and Sampling Technique 22 3.4 Data Collection 24 3.5 Data Analysis 24 3.6 Reliability and Validity of Data 24 3.7 Ethical Issues 25 CHAPTER FOUR 26 DATA PRESENTATION AND ANALYSIS 26 4.0 Introduction 26 4.1 Demographic Characteristics of Participants 26 4.1.1 Sex of Respondent 26 4.1.2 Age of Participants 27 4.1.3 Departmental Distribution of Respondents 28 4.1.4 Banking Sector Experience of Respondents 28 4.2 Data Analysis of Bank Innovations 29 4.2.1 Effect of Bank Innovations on Total Revenue 29 4.2.1.1 Automated Teller Machines (ATMs) 29 4.2.1.2 E-ZWICH Payment Systems and Bank Revenue 30 4.2.1.3 Mobile/Internet Banking and Bank Revenue 31 4.2.2 Influence of Bank Innovations on Return on Assets 32 4.2.2.1 Automated Teller Machines (ATMs) 32 4.2.2.2 E-ZWICH Payment Systems 33 4.2.2.3 Mobile/Internet Banking 34 4.2.3 Consequence of Bank Innovations on Bank Profitability 35 4.2.3.1 Automated Teller Machines (ATMs) 35 vii 4.2.3.2 E-ZWICH Payment Systems 36 4.2.3.3 Mobile/Internet Banking 37 4.2.4 Impact of Bank Innovations on Patronage of Banking Services 38 4.2.4.1 Automated Teller Machines (ATMs) 38 4.2.4.2 E-ZWICH Payment Systems 39 4.2.4.3 Mobile/Internet Banking 40 CHAPTER FIVE 42 SUMMARY OF FINDINGS, CONCLUSION AND RECOMMENDATIONS 42 5.0 Introduction 42 5.2 Summary of Findings 42 5.3 Conclusion 44 5.4 Recommendations 45 5.5 Areas for Further Studies 45 REFENCES 46 APPENDICES 48 Appendix A Letter of Introduction 48 Appendix B Questionnaire 49 viii LIST OF TABLES Table 3.1 Distribution of Population and Sample Size 23 Table 4.1.1 Sex of participants 26 Table 4.1.2 Ages of Respondents 27 Table 4.1.3 Department of Respondents 28 Table 4.1.4 Experience of Participants 28 Table 4.2.1 Automated Teller Machines (ATMs) and Bank Revenue 30 Table 4.2.2.2 E-Zwich Payment Systems 31 Table 4.2.1.3 Mobile/Internet Banking 32 Table 4.2.2.1Automated Teller Machines (ATMs) 33 Table 4.2.2.2 E-Zwich Payment systems 34 Table 4.2.2.3 Mobile/Internet Banking 35 Table 4.2.3.1 Automated Teller Machines (ATMs) 36 Table 4.2.3.2 E-Zwich Payment systems 37 Table 4.2.3.3 Mobile/Internet Banking 38 Table 4.2.4.1 Automated Teller Machines (ATMs) 39 Table 4.2.4.2 E-Zwich Payment systems 40 Table 4.2.4.3 Mobile/Internet Banking 41 ix CHAPTER ONE INTRODUCTION 1.0 BACKGROUND OF THE STUDY This study is to show how financial innovative products affect the financial performance of the Ghanaian Banking Sector Rose (1999) defines banks as any financial institutions which offer a broad range of financial services, including the provision of credit, deposits and payment systems and employ an extensive variety of financial intermediation functions in any business economy According to Lerner and Tufano (2011), „financial innovation is defined as the „act of creating and then popularizing new financial assets or products, as well as new financial technologies, organizations and markets‟ In recent past, it was possible for banks to satisfy their customers and to meet their own performance targets without the need to develop any new products to enhance service delivery due to the fact that account holders and banks were few, with the low volume of transactions, and luck of competition in the banking industry According to the 2014, Ghana Banking survey by PricewaterhouseCoopers „Ghana has 27 universal banks, 137 rural and community banks, 58 non-bank financial organizations including, leasing firms, mortgage providers, finance houses, and saving and loan institutions‟ These not include the hundreds of „Susu‟ collectors, who serve as informal, small-scale depository financial organizations for market sellers, artisans and commercial transport operators Of the twenty-seven (27) universal banks, 10 are owned by Ghanaians while the remaining is backed by international owners Bank innovations involve the development of new products/services or production process that lead to efficient and effective operations Nofie (2011), described innovations in the banking industry as the entrance of new or improved products or a processes which reduces the operational cost of rendering existing banking services According Agboola (2003), the Table 4.2.4.1 Automated Teller Machines (ATMs) Strongly Statement Agree Agree % % ATM services have brought more 23 59 retail savers to the bank With ATMs bank customers are able 55 41 to access their deposits all the 24 hours in a day for withdrawal Corporate savers could be attracted through ATMs Neutral % Strongly Disagree Disagree % % 63 35 Source: Field Data, 2015 4.2.4.2 E-ZWICH PAYMENT SYSTEMS Table 4.15 below exhibits the outcome of the study on the impact of E-Zwich on customer deposits in commercial banks in Ghana On whether E-Zwich payment systems have attracted more retail depositors, 21% of the respondents were indifferent, 59% disagreed and 20% strongly disagreed On whether with E-Zwich customers are able to access their deposits all the 24 hours in a day for withdrawal, 36% strongly agreed, 61% agreed, 2% neutral and 1% disagreed On whether E-Zwich has attracted more corporate depositors and deposits, 67% of the respondents disagreed and 33% strongly disagreed The impact of E-Zwich on savings has not been favorable as the bank executives totally reject it as a tool for deposit mobilization in Ghana However, on accessibility to deposits, the product has been very effective in this regard 39 Table 4.2.4.2 E-Zwich Payment systems Statement Strongly Agree % E-Zwich have brought more retail savers to the bank With E-Zwich bank customers are 36 able to access their deposits all the 24 hours in a day for withdrawal Corporate savers could be attracted through E-Zwich Agree % 61 Neutral % 21 Strongly Disagree Disagree % % 59 20 67 33 Source: Field Data, 2015 4.2.4.3 MOBILE/INTERNET BANKING Table 4.16 below exhibits the outcome of the study on the impact of internet/mobile banking on customers‟ deposit habit in the Ghanaian universal banks On whether mobile/internet banking has attracted more retail depositors for the bank, 78% agreed in total, 6% were neutral, 16% disagreed in total As to whether mobile banking has enabled customer to access their deposits, 72% agreed in total, 8% were indifferent, and 18% also disagreed in total On the attracting corporate savers, 4% agreed, 1% was neutral and a total of 95% disagreed with the statement The result showed that, though mobile/internet banking is very effective in promoting the patronage of banking services in Ghana, it is only exclusive to retail customers but not applicable to corporate or institutional customers 40 Table 4.2.4.3 Mobile/Internet Banking Strongly Statement Agree Agree % % Mobile/Internet banking have 31 47 brought more retail savers to the bank With Mobile/Internet banking 22 50 customers are able to access their deposits all the 24 hours in a day for withdrawal Corporate savers could be attracted through Mobile/Internet banking Source: Field Data, 2015 41 Neutral % Strongly Disagree Disagree % % 10 12 71 24 CHAPTER FIVE SUMMARY OF FINDINGS, CONCLUSION AND RECOMMENDATIONS 5.0 INTRODUCTION This study sought to find out the effect of bank innovations on the financial performance of universal banks in Ghana There are so many innovations in the financial sector, but this investigation was limited to Automated Teller Machines (ATMs), E-Zwich Payment systems and Mobile/Internet Banking The study throw light on the consequences of these innovations that the banks are coming up with on total income, return on assets, patronage of bank services in Ghana and profitability of the banks This chapter is a composition of the summary, conclusion drawn on all that have been discovered out of the study, the finding thereof and the relevant recommendation made that would lead to clear understanding of the impact of bank innovations on performance of universal banks in Ghana 5.2 SUMMARY OF FINDINGS The arrival of the Internet and the proliferation of mobile telecommunication companies in the Ghanaian economy have offered both an opportunity and a test for the Ghanaian banking sector For years, banks in Ghana have used strong computer networks to mechanize million of daily transactions, but in recent times, frequently the only paper record is the customer‟s receipt at the ATMs or point of sale Now that bank customers can be linked to the internet through personal computers and mobile phones, banks foresee related economic benefits by adapting new and innovative electronic processes for their operations Various findings were made with respect to the four stated objective as follows: The first objective was to ascertain the impact of bank innovations on revenue of universal banks in Ghana It was discovered that most of the innovations have positive effect on 42 income For example, 83% of the bank executives interviewed agreed that ATMs have great influence on income, again 79% of interviewers agreed that mobile banking will increase incomes of the banks, this is indicative for the fact that management will easily be convinced investing in these products Conversely, as much as 94% of the respondents were in disagreement with the accession that E-Zwich had a direct constructive effect on revenue generation of the banks The second objective was to find out the impact of bank innovations on return on assets of the universal banks It was discovered that most of the bank executives agreed that the introduction of ATMs and Internet/mobile banking have a favorable consequences on return on assets, on the other hand, majority of the sampled bank executives rejected the statement that e-zwich has direct impact on return on assets, in effect these bank executives were of the opinion e-zwich does not have direct effect on returns on assets The third objective was to establish the effect that innovations on profits of the universal banks in Ghana The findings discovered that some of the bank innovations have a constructive influence on profitability of the universal banks in Ghana According to the respondents innovations such as ATMs and Mobile banking have influence on profitability The respondents rejected E-zwich innovation as having direct influence on the profit levels of the universal banks in Ghana The fourth objective sought to find out the effect of innovative products on patronage of banking services in Ghana It was revealed that innovation have been helpful in attracting customers to the banks The respondents agreed that online banking is a influential "value added" instrument to attract and maintain new customers while helping to remove costly paper handling and teller interactions in an ever more competitive banking environment Over 82% of the respondents agreed to the assertion that ATMs have brought more 43 depositors to the banks The bank executives also confirmed that the innovation products have made it easier for bank customers to have access their deposits and can withdraw with ease The E-zwich machine in particular, despite its many benefits like convenience, transaction speed, effectiveness in terms of security and easy access to cash did not receive a favorable response from the bank executives 5.3 CONCLUSION The purpose of this work was to identify the effect of bank innovations on the financial performance of universal banks in terms of income generation, liquidity, efficiency, profitability and the general patronage of banking services by Ghanaians This work is a survey of bank executives from fifteen (15) universal banks in Ghana by the use of questionnaires that were administered to find out opinions of bank executives on the effect of bank innovations on financial performance From this study it was found that the performance of banks in Ghana in the near future would greatly be based on factors such as the introduction of efficient and effective innovative products such as ATMs and Mobile/Internet banking to attract customers, who are seeking for ease of banking, “presence everywhere banking”, better customer service, and a convincing image of a strong bank These innovative products have the potential to improve upon the revenue generation and profitability of the universal banks The arrival of the Internet and the proliferation of mobile telecommunication companies in Ghana present both an opportunity and a challenge to banks in Ghana The test for the banking sector has been how to formulate a new service delivery means in such a way that its clients will enthusiastically learn to use and rely on After all, banks have spent many years to achieve customer‟s trust, and they are not prepared to risk that on an internet site that is wearisome, confusing and less secure Most of the universal banks now present completely secure and functional online banking for free or for a small fee to the customers The opportunities presented could be seen in the area of operational cost 44 reduction that could be achieved through these innovative products, increase in customer base or patronage of banking services 5.4 RECOMMENDATIONS From this study it has become clear that by embarking on bank innovation universal Banks in Ghana will consolidate their gains and assets base by becoming more efficient in service delivery and profitable to their shareholders The following suggestions are made to the universal banks and the entire financial market to enhance their customer base and improve upon their profitability It is recommended that corporate banks must make it a policy to establish an efficient and effective marketing department to oversee the publicity of all bank innovative products The Government through Bank of Ghana must continue to invest in researching into innovations in the financial sector The universal banks whose operations are affected by any national innovative products or platforms such as E-zwich should be consulted and their concerns factored in the product before implementation The pricing of innovative products should be reasonable in order not to further drive or scare the prospective customers or users The problem of psychological dissatisfaction as a result of luck of trust in an innovative products‟ security, that most customers are likely to complain of, should be addressed 5.5 AREAS FOR FURTHER STUDIES This research did not cover the satisfaction level of customers on bank innovations which could be found as crucial for the success of these innovative products in Ghana Research should be conducted into the problems faced by users as they make attempt to adopt the financial innovative products 45 REFENCES AbuShanab, E and Pearson, J M, (2007) Internet banking in Jordan: The unified theory of acceptance and use of technology (STAUT) perspective, Journal of Systems and Information Technology, Vol.9, pp 71-97 Acquah, P (2006) „The emerging Ghanaian banking environment‟, BIS Review, vol.75 Agboola, A A (2003) „Information Technology, bank automation, and attitude of works in Nigerian banks‟ Journal of Social Sciences Al-Hawari and Ward (2011), The effect of Automated service quality on Australian banks‟ Financial performance and the mediating role of Customer satisfaction, Marketing Intelligence & Planning Balachandher Krishnan Guru, Santha Vaithilingam, Norhazlin Ismail, and Rajendra Prasad, (2001) “Electronic Banking in Malaysia: A Note on Evolution of Services and Consumer Reactions” Banking Act, 2004, Act 673 of Parliament of Ghana Chorafas, Dimitris N., (1988) “Electronic Funds Transfer”, Butterworths, London, UK Creswell, J W (2003), Research Design: Qualitative, Quantitative and Mixed Methods and Approaches 2nd edition Damanpour, F., Walker, R.M and Avellaneda, C.N (2009) „Combinative effects of Domeher D., Frempong J M., and Appiah T (2014) Adoption of financial innovation in the Ghanaian banking industry Frimpong, J.M (2010) „Investigating efficiency of Ghana banks: A non-parametric approach‟, American Journal of Scientific Research, vol Ghana Banking Survey (2008) „Raising the Bar: Increasing the minimum capital requirements and implication for the industry‟ PriceWaterhouseCoopers, Accra Ghana Banking Survey (2014), „The Future of Banking in Ghana… What‟s next?‟ PriceWaterhouseCoopers, Accra 46 innovation types and organizational performance: A longitudinal study of service Kombo, D K., & Tromp, D L A (2009) Proposal and Thesis Writing: An Introduction Paulines Publications Africa, Don Bosco Printing Press, Nairobi Kenya Kumekpor, T K (2002) Research methods & techniques of social research Accra: Son Life Press & Services Leedy P D (2001) Practical research planning and design 5th Edition New York; Macmillan Publishing Company Leow, Hock Bee (1999), "New Distribution Channels in banking Services." Banker‟s Journal Malaysia, No.110, June 1999, p.48-56 Lerner, J., & Tufano, P (2011) „The consequences of financial innovation: A counterfactual research agenda‟ Mawutor (2014) Impact of E-banking on the profitability of banks in Ghana Nesbary, D K ( 2000) Survey Research and the World Wide Web Massachusetts: Allyn & Bacon Press Ngumi, P M (2013) „Effect of Bank innovations on Financial Performance of Commercial Banks in Kenya‟ Nofie, I (2011) „The diffusion of electronic banking in Indonesia‟, Manchester Business School organizations‟, Journal of Management Studies Polit, D., & Beck, C., (2003) Nursing Research: Principles & Methods, & 7th Edition, Lippincott, Williams & Wilkins, United States of America Rogers, E M (1995) Diffusion of innovations, 4th edition, Free Press, New York, NY Rose, P.S (1999) „Commercial bank management‟, 4thedition, Irwin/McGraw-Hill, Boston, MA 47 APPENDICES Appendix A Letter of Introduction Date…………………… To … ….……… ………… ….……………………… … ……………………… Kumasi Dear Sir, THESIS DATA ON ‘EFFECT OF BANK INNOVATIONS ON FINANCIAL PERFORMANCE OF UNIVERSAL BANKS IN GHANA I am a student of Kwame Nkrumah University of Science and Technology, Kumasi, and pursuing my Masters of Business Administration Degree, Banking & Finance option, I am conducting a research on the topic, „Effect of Bank Innovation on Financial Performance of Universal Banks in Ghana‟ I am in the process of assembly important data for this work You have been recognized as one of the respondents in this study I wish to guarantee that your answers will be handled with utmost good faith and in the greatest confidentiality; the responses will be used exclusively for the reason of this study You are kindly requested for your help which will go a long way in making the study successful I thank you for your immeasurable contribution in terms of time and responses It will be appreciated if you can complete the form within the next days to facilitate early completion of the study Yours Sincerely William Yeboah Sampong Student No 20288141 48 Appendix B Questionnaire SECTION 1: GENERAL INFORMATION This questionnaire is intended to gather data concerning the impact of bank innovations on financial performance of universal banks in Ghana Bank Information Bank Name (Voluntary) ……………………………………… Participant Information Sex: Man Woman Age range (tick as suitable) No a b c d e Age range 20 – 29 30 – 39 40 – 49 50 – 59 60 & Over Mark as suitable Section (tick as suitable) No a b c d e f g i Section Chief Executive Accounting ICT Audit & Assurance Credit Management Liabilities Human Resource Others Mark as suitable Period of you have been working No a b c d this Bank (Mark as suitable) Period Less than year Between – 10 years Between 11 – 20 years More than 21 years 49 (Mark as suitable) SECTION 2: EFFECT OF BANK INNOVATIONS ON TOTAL REVENUE Under this part a statement concerning the effect of bank innovations on revenue generation of the bank is made Please answer with a response that fit your judgment Kindly mark as suitable in the boxes a mark (√) Neither Strongly Strongly Disagree agree not Agree disagree agree No Statement disagree Automated Teller Machines (ATMs) ATMs have had constructive impact of rising commission fee based revenue ATMs have had constructive impact of raising interest based revenue ATMs have raise the revenue creation prospect of the bank E-Zwich Payment systems E-Zwich have had a constructive impact of raising commission fee related revenue E-Zwich have had constructive impact of raising interest related revenue E-Zwich have raised the revenue creation prospect of the bank Mobile/Internet Banking Mobile/internet banking have had constructive impact of raising commission fee related revenue Mobile banking have had constructive impact of raising interest related revenue Mobile banking have raised the revenue creation prospect of the bank 50 SECTION 3: EFFECT OF BANK INNOVATIONS ON RETURN ON ASSETS Under this part a statement concerning the effect of bank innovations on returns on assets of the bank is made Please answer with a response that fit your judgment Kindly mark as suitable in the boxes a mark (√) Strongl Neither Strongly y agree agree Disagree Agree disagre not No Statement e disagree Automated Teller Machines (ATM) 10 ATMs leads to a decrease in cost of banking, and therefore, have higher rate of returns on assets of the bank 11 Cost of ATMs have payback years that is less than four (4) years and therefore, better return on assets 12 Revenue generated through ATMs have had greater effect on income mark-ups E-Zwich Payment systems 13 E-Zwich has lead to a decrease in cost of banking, and therefore, have higher rate of returns on assets of the bank 14 Cost of E-zwich has payback years that is less than four (4) years and therefore, better return on assets 15 Revenue generated through EZwich has had greater effect on income mark-ups Mobile/Internet Banking Mobile/Internet banking have lead 16 to a decrease in cost of banking, and therefore, have higher rate of returns on assets of the bank Cost of Mobile/Internet banking 17 have payback years that is less than four (4) years and therefore, better return on assets Revenue generated through 18 Mobile/Internet banking have had greater effect on income mark-ups 51 SECTION 4: EFFECT OF BANK INNOVATIONS ON BANK PROFITABILITY Under this part a statement relating to the effect of bank innovations on profitability of the bank is made Please answer with a response that fit your judgment Kindly mark as suitable in the boxes a mark (√) Strongl Neither Strongly Disagre y agree not Agree agree e No Statement disagree disagree Automated Teller Machines (ATMs) 19 Revenue from ATMs have high markups and therefore, leading to more profits for the bank annually 20 Operating costs of ATMs are low leading to increase profitability levels of the bank 21 The motive for investing in ATMs is basically making profits to the bank E-Zwich Payment systems 22 Revenue from E-zwich have high mark-ups and therefore, leading to more profits for the bank annually 23 Operating costs of E-zwich are low leading to increase profitability levels of the bank 24 The motive for investing in E-zwich is basically making profits to the bank Mobile/Internet Banking 25 Revenue from Internet Banking have high mark-ups and therefore, leading to more profits for the bank annually 26 Operating costs of Mobile banking are low leading to increase profitability levels of the bank 27 The motive for investing in ATMs is basically making profits to the bank 52 SECTION 5: EFFECT OF BANK INNOVATIONS ON PATRONAGE OF BANKING SERVICES Under this part a statement concerning the effect of bank innovations on patronage of banking services Please answer with a response that fit your judgment Kindly mark as suitable in the boxes a mark (√) Neither Strongly Strongly agree agree Disagree Agree not disagree No Statement disagree Automated Teller Machines (ATMs) 28 ATM services have brought more retail savers to the bank 29 With ATMs bank customers are able to access their deposits all the 24 hours in a day for withdrawal 30 Corporate savers could be attracted through ATMs E-Zwich Payment systems 31 E-Zwich have brought more retail savers to the bank 32 With E-Zwich bank customers are able to access their deposits all the 24 hours in a day for withdrawal 33 Corporate savers could be attracted through E-Zwich Mobile/Internet Banking 34 Mobile/Internet banking have brought more retail savers to the bank Mobile/Internet banking 35 With customers are able to access their deposits all the 24 hours in a day for withdrawal 36 Corporate savers could be attracted through Mobile/Internet banking 53 ... banking industry by the bank of Ghana, and the resultant rise in competition among the banking and non-banking financial institutions in the Ghanaian financial market has brought to the fore the. .. financial organizations in Ghana, is a project undertaken by the Bank of Ghana, in association with other banks to bring the payment systems in Ghana to the best global standards The Ghana interbank... Mobile/Internet banking has many advantages to the customer and the bank or financial institution It increases ease of banking, grants more access to savings and significantly reduces time for banking