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    Chapter 1

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    Lawrence Owusu

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    Chapter 1

    Uploaded by

    Lawrence Owusu
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    CHAPTER 1

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    Chapter 1

    Uploaded by

    Lawrence Owusu

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    of 8

    UNIVERSITY OF CAPE COAST

    COLLEGE OF DISTANCE EDUCATION

    THE IMPACT OF INFORMATION COMMUNICATION TECHNOLOGY

    (ICT) IN THE BANKING INDUSTRY. A CASE STUDY AT THE ADB BANK

    MADINA

    RANSFORD KUMAH KWAKU


    BCA/GA/13/22/0053

    PARKER ROBERT
    BCA/GA/13/22/31

    LAWRENCE OPOKU OWUSU


    BCA/GA/13/22/0029

    JENNIFER OPOKU
    BCA/GA/13/22/0055
    CHAPTER ONE

    INTRODUCTION

    This chapter covers the background of the study, statement of the problem, the

    purpose of the study, objectives, research questions, significance of the study, and

    definition of terms.

    Background to the Study

    Information Communication Technology (ICT) comprises of systems, devices

    and services used for data processing and analysis (Aithal & Aithal, 2020). Andal-

    Ancion, Cartwright and Yip (2003) found Information Communication Technology

    (ICT) had changed the traditional way various sectors perform their operations promoting

    operational efficiency. The banking and finance sector had increased efficiently as a

    result of the adoption of Information Communication Technology (Kyeremeh, Prempeh

    & Afful Forson, 2019). According to Yiu, Grant and Edgar (2007), the adoption of

    Information Communication Technology (ICT) had enhanced consumer behaviors and

    had increased competition among banking and finance sector. Electronic payment

    systems, online banking, automated teller machines, mobile money banking has all

    become possible as a results of the banking and finance sector adoption of Information

    Communication Technology (Kessey & Abassah-Wesley, 2020).

    According to Ghelani, Hua and Koduru (2022), banks today are becoming

    increasing aware of both the threat and the opportunity that the Information

    Communication Technology (ICT) presents. To be competitive, there is the need for

    organisations to adopt the ICT; hence it is essential to understand the benefits, barriers

    and challenges related to banking firms adopting of Information Communication

    Technology (ICT) for its operations (Shehata & Montash, 2020).

    1
    Organisations recognize the role that the Information Communication

    Technology (ICT) plays in their organization’s ability to compete in the future). By

    thinking strategically about the adoption of Information Communication Technology

    (ICT), managers can adopt technological solutions that support the company’s business

    strategies and create value for the company and its customers. Banks will need to reinvent

    themselves in this new conducive but challenging environment. This is important

    because electronic transaction will continue to grow and only countries that make a move

    towards embracing electronic banking will participate in this revenue generation.

    Statement of the Problem

    The use of Information Communication Technology to promote operational

    efficiency, effective customer service and innovation is crucial especially within the

    banking and finance sector (Sam, 2022). According Usman (2020), ICT improves

    banking sector efficiency and service delivery and this impacts customers satisfaction,

    productivity, bank patronage, banking services and the efficiency of workers (Usman,

    2020). Olabimtan (2022) argue customers had experienced challenges such as frequent

    faulty Automated Teller Machine, network disruptions during banking hours, customers

    inability to withdraw and make deposit, mobile money fraud and unapproved levy and

    fees on transactions. Some customers of the Agricultural Development Bank besieged

    the bank to vent their anger on bank officials as they were unable to receive their salaries

    because banking hall was overcrowded and their ATMs are also not working

    (Myjoyonline, 2011). There is the need to investigate how information communication

    technology (ICT) can impact on banking.

    Purpose of the Study

    The purpose of this study was to investigate the impact of information

    2
    communication technology (ICT) on banking at the Agricultural Development Bank,

    Madina.

    Objectives of the study

    Specifically, the study seeks to;

    1. Explore the types of ICT based products currently used by Agricultural Development

    Bank, Madina.

    2. Determine the extent of contribution of ICT based products to customer satisfaction

    at Agricultural Development Bank, Madina.

    3. To investigate the Challenges ICT based products by customers of Agricultural

    Development Bank, Madina.

    Research Questions

    1. What are the types of ICT based products currently used by Agricultural

    Development Bank, Madina?

    2. To what extent are customers satisfied with ICT based products of Agricultural

    Development Bank, Madina?

    3. What are some challenges customers face with ICT based products of Agricultural

    Development Bank, Madina?

    Significance of the Study

    The study's results help management of the Agricultural Development Bank

    enhance its existing ICT products and also develop new and modern ICT products for

    customers satisfaction. The results of this study will again help management solve ICT

    challenges. This will enable customers use ICT products of the bank without hurdles. The

    results of this study will provide management with important information for making

    strategic decisions within the Agricultural Development Bank, Madina. The results of the

    3
    study will enlighten management on knowledge regarding the quality of its ICT based

    products in comparison to its competitors. This will help Agricultural Development

    Bank, Madina knows its areas of strength and weakness.

    Delimitation of the Study

    The study covers to investigate the impact of information communication

    technology (ICT) on banking at the Agricultural Development Bank, Madina and

    therefore the findings of the study cannot be generalized to other banking institutions.

    The study will only cover Agricultural Development Bank, Madina’s ICT based

    products, Customer satisfaction levels and Challenges that customers face. Other facets

    such as banking regulations will not be studied.

    Limitation of the Study

    Financial challenges for researchers may limit the study's ability to conduct a

    thorough and comprehensive investigation.

    Definition of terms

    ICT: Information and Communications Technology (ICT) is the use of computing and

    telecommunication technologies, systems and tools to facilitate the way information is

    created, collected, processed, transmitted and stored.

    ICT Products: ICT products in use in the banking industry include Automated Teller.

    Machine, Smart Cards, Telephone Banking, MICR, Electronic Funds Transfer,

    Electronic Data.

    Organization of the Study

    The study is organised into five chapters. Chapter one covered the background of

    the study, statement of the problem, objectives of the study, research questions,

    significance of the study, delimitation, limitations and organisation of the study. Chapter

    two covered the literature, its current relevance and gaps for future research. Chapter

    4
    three consists of the research design, population and sampling strategy, data collecting

    instrument, data collecting procedure, and data processing and analysis. Chapter Four

    consisted of analysis and discussion. Chapter Five also covered summary of results,

    conclusions, and suggestions for further studies.

    5
    Chapter One Reference:

    Aithal, P. S., & Aithal, S. (2020). Information Communication and Computation


    Technology (ICCT) and its Contribution to Universal Technology for Societal
    Transformation. Information, Communications and Computation Technology
    (ICCT) The Pillar for Transformation” edited by PK Paul et al. published by New
    Delhi Publishers, New Delhi, India, 1-28.
    Andal-Ancion, A., Cartwright, P. A., & Yip, G. S. (2003). The digital transformation of
    traditional business. MIT Sloan Management Review, 44(4), 34.
    Ghelani, D., Hua, T. K., & Koduru, S. K. R. (2022). Cyber security threats,
    vulnerabilities, and security solutions models in banking. Authorea Preprints.
    Kessey, K. D., & Abassah-Wesley, M. B. (2020). Financial Electronic technology and
    innovation for banking services delivery in Ghana: Operations of the Automated
    Teller Machine Facility from Customers’ Perspective. International Journal of
    Innovative Finance and Economics Research, 8(2), 24-41.
    Kyeremeh, K., Prempeh, K. B., & Afful Forson, M. (2019). Effect of information
    communication and technology (ICT) on the performance of financial institutions
    (A case study of Barclays Bank, Sunyani Branch).
    MyJoyOnline. (2011, June 6). ADB customers at Wa angry at accessing cash -
    MyJoyOnline. https://www.myjoyonline.com/adb-customers-at-wa-angry-at-
    accessing-cash/
    Olabimtan, A. J. (2022). Electronic Banking Channels, Products Innovation and
    Customer Satisfaction Among Deposit Money Bank’s Customers in Kwara State,
    Nigeria (Doctoral dissertation, Kwara State University (Nigeria).
    Sam, A. K. (2022). Electronic Banking Adoption Among Smes Banking With Gcb Bank
    Limited: Evidence From Accra Metropolis (Doctoral dissertation, University of
    Cape Coast).
    Shehata, G. M., & Montash, M. A. (2020). Driving the internet and e-business
    technologies to generate a competitive advantage in emerging markets: Evidence
    from Egypt. Information Technology & People, 33(2), 389-423.
    Usman, U. M. (2020). The effect of financial technology on financial inclusion in
    Nigeria. A project submitted to the department of accounting Baze University
    Abuja.

    6
    Yiu, C. S., Grant, K., & Edgar, D. (2007). Factors affecting the adoption of Internet
    Banking in Hong Kong—implications for the banking sector. International
    journal of information management, 27(5), 336-351.

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