IMPACT OF ONLINE BANKING IN GHANA (A CASE STUDY OF STANDARD CHARTERED BANK, HARPER ROAD BRANCH)

Abstract

The purpose of the study was to provide relevant information for effective and efficient decision concerning online banking at Standard Chartered Bank(Harper Road Branch) and the objectives were to identify the banks online banking products and services, benefits and problems/challenges involved. The researchers adopted a case study design which provides manageable study area which is represented of other similar areas. Both quantitative and qualitative methods were used in the study. The population was 100 customers of standard chartered bank who provided relevant information that aided our research. Information was also gathered from the bank. Questionnaires were administered to 100 customers to obtain statistical useful information about the topic. Data from the field was sorted, coded, and entered in Statistical Package for Social Scientist (SPSS) which was used to establish the usage, benefits, problems and prospects of online banking. Key findings of the study revealed that there is a paradigm shift in the banking industry from traditional banking system to the modern banking system thus online banking. This modern online banking system seeks to reduce the difficulties involved in banking transactions prevalent in the traditional system. Online banking was also found to be important in attracting students, business men traders and young professionals to banking due to its convenience, flexibility reliability, security and speed .problems identified by customers interviewed in this study included unstable connections, instability of ATMs, security concerns amongst others. Though it has its own short falls, online banking is seen to be a formidable force that will drive the adoption of technology by many banks in order to keep up with competition. The study further provides recommendations on how to improve on online banking systems at Standard Chartered Bank (Harper Road Branch)