Ghana Cyber Series - ICT and Banking Forum

Speakers
Eric Osiakwan of GISPA moderated the programme and introduced the speakers in the following order;

1. Mr. Mark Boateng - Zenith Bank

2. Mr. Stephen Aban - IT Manager, Guaranteed Trust (GT) Bank

The role of ICT in promoting Effective Customer Service in Ghana
The meeting commenced with Mr. Stephen Aban setting the pace with a presentation. The highlight of his presentation focused on the role ICT could play in promoting effective customer service in Ghana. He noted that the introduction of ICT in the delivery of banking services, especially by the new banks, has created a new wave of competition in the banking and investment industries. This he said, affords customers more than enough options to choose the institution to do business with, thereby compelling the banks to stretch beyond normal limits in a bid to satisfy the customer.

He further observed that in introducing ICT in the delivery of banking services, the various institutions should make the customer the focal point of such innovations. From his observation, it was obvious that any financial institution that does not make the customer the central focus of its innovations will be missing the mark, thereby reflecting negatively on the output and overall inflow of the institution's finances.

He again noted that the introduction of ICT has made it easier for the banks to reach a wider clientele within short periods of time, which has largely affected the overall effectiveness of the bank in a very positive way.

Customers having the opportunity to make banking transactions via the internet and with the aid of other ICT facilities have helped decongested the banking hall, resulting in bankers seeing to the needs of customers more quickly and effectively. The decongestion of the banking halls, he said, further saves both the bank and the customer time in order to attend to other businesses.

Other areas Mr. Stephen Aban observed have been accelerated since the introduction of ICT. These areas include:

• Good management.
• A competitive edge over other non-ICT banks.
• Time effectiveness - saving both customer and bank enough time.
• An opportunity to bank at any time of the day.
• Minimizing human error.
• Fewer customers filling the banking halls at any point in time.

Some of the services delivered with the aid of ICT are:

• Internet banking - where customers make transactions outside of the banking hall with the help of a computer with internet access.
• SMS banking - making banking transaction with the support of a cell phone.
• Telephone banking.
• Receiving statement of account via e-mail.
• Slip-free transactions - customers making deposits and withdrawals without filling any forms.
• E-teller - an electronic teller machine for capturing cheque details (minimizing errors).
• Swipe card service - an e-teller for capturing details on an ATM card.

The importance of ICT in delivery of banking services
In a similar presentation, Mr. Mark Boateng of Zenith Bank, emphasized on the importance of ICT in the delivery of banking services in the face of a fast growing global environment. One of the advantages he noted in the use of ICT in the delivery of any banking service was the minimal use of paper work. This he said makes customer data and information more secure and more private as lots of security codes needed to be unlocked before a stranger has access to another customer's bank details.

Another interesting service he mentioned was the transfer of money from a customer to a non-customer, which he said was exclusive to Zenith Bank. With this feature, a customer provides details of his account and how much to transfer. He also needs to provide specific details of the recipient and in return, the recipient (who is not a customer of the bank) is expected to provide the same details at the time of withdrawal.

There is also the transfer of funds from one account to the other - transferring money from a current account to a savings account, and vice versa. All these are done electronically. A customer can also transfer money into the account of another customer in a different town, and within seconds, this is reflected.

To make light the fear of customers, he also emphasized the security advantage of ICT banking, compared to other forms of banking (traditional form of banking).

Some of the features he said will be introduced soon by Zenith Bank are:

• Online stopping of cheque - faster and quicker - happening in real time.
• Transfer of money from one customer to the other using a mobile phone.
• Third party money transfer - transferring money to people without bank accounts.
• Mobile (M) commerce - purchasing of tangible commodities, using the mobile phone as a means of transaction.
• ATM/POS (point of sale) payment.
• Paying utility and cable satellite bills via the internet.

Most concerns raised by participants at the forum had to do with security checks, regulatory bodies and national ICT policies.

Questions/comments and answers

1. A participant wanted to know why the banks were bent on moving from traditional forms of banking to the use of modern technology even though they complain it is expensive.

One of the resource persons responded by saying, the world's economy was moving at a faster pace and the introduction of technological innovations makes the banks stay on the same wavelength with competitor banks. The issue of security and the privacy of the customer also lie in the heart of technological switches.

2. Another participant wanted to know how effective it was to transfer funds to someone without bank accounts.

Mr. Mark Boateng from Zenith Bank responded by saying, with this feature, a customer provides details of his account and how much to transfer, as well as the details of the recipient. In return, the recipient (who is not a customer of the bank and has no account with the bank) is expected to provide the same details at the time of withdrawal.

3. Most participants were concerned about security measures regarding internet and SMS banking.

With particular reference to the SMS banking, participant were assured that SMS transactions were made through short codes and that every transaction was encrypted, making it impossible for even mobile/ telephony companies who provide the services to decipher the content.

4. A participant was also interested in knowing why it was difficult transferring money within the sub-region, than it was making money transfers over seas.

Another participant answered by saying this was more of a Bank of Ghana policy than deficiencies with ICT service delivery. He said the Bank of Ghana was responsible for controlling the movement of money, either going out or coming into the country. The issue of different currencies by all Anglophone countries in the sub-region also made this impossible.

Wrapping up
At the end of the meeting, it was generally agreed that the introduction of ICT in the banking sector was good as it was going to encourage competition among the banks, resulting in the overall satisfaction of the customer's needs. When the meeting was officially closed, a major topic that was going on during the socializing and refreshment time was whether or not most people are being left behind, considering the fact that an overwhelming majority of Ghanaians know nothing about computers, let alone the internet. Officials of GINKS also promised to relay every necessary detail to comrades and associates in decision making positions to enable them take the right actions to ensure the total security and privacy of the customer.

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