Banking system indicators drivers#
Banking system indicators software#

4 The new economy belongs to product and services information and communication technology that contributes to good and services.

Banking system indicators software#

The three major components are the hardware (Primarily computers) that processes the information, the communication systems that acquire and distribute the information, and the software which, with human help, manages the entire system. 1 The new economy involves the acquisition, processing and transformation and distribution of information. Online marketplaces, communication and customer relationship management (CRM) and virtual workplaces). Personal Computers (PCs), Personal Digital Assistants (PDAs), and Software), the internet industry (i.e.dot-coms or internet users) and the technology enabled services (e.g. In the current waves of industry phenomena, the critical elements or indicators of the new economy as we become a global market place are the computer industry (i.e. The immense impact of the elements of new economy in Ghana could be direct or indirect in the allocation and distribution of the country’s economic resources. in today’s world, the role of new economy indicators in the allocation and distribution of financial and non-financial resources in the Ghanaian economy are immeasurable. Industry have adapted to changes in technologies, incorporating and often initiating changes to improve productivity, quality and profitability.

Banking system indicators drivers#

Since the emergence of new economy in the late 1990s, the new economy indicators have been the drivers and the central nervous system of the global economy and Ghana as a whole. In view of this, the new economy appears to have positively affected the banking sector's activities in Ghana, and the banks are beginning to equip their operations with the latest technology. After all, even though such difficulties persist, customers and experts mainly use new economy products such as mobile banking, internet banking, and ATM service for ultimate purpose of withdrawing cash, checking account balance and bank statement request. Auditing fraud and forensic banking programs will also contribute immensely to macroeconomic stability. To deal with the challenges of adopting e-banking services, the research paper recommend that the universal banks or commercial banks should undertake rigorous internal control measures to reduce the high charges so as to establish a judicial banking system and also the bank of Ghana should develop a robust regulatory framework to avoid cyber risk and Ponzi banking schemes. The findings of the study shows that in the adoption of the new economy in the banking sector, many challenges such as high charges, e-crime and fraud are of great importance. Within the scope of the survey, bankers and customers from ADB, GCB, Fidelity Bank, Access Bank and Bonzali Rural Bank, as well as experts from the banking industry and entrepreneurs were interviewed. The research employed a research questionnaire from a survey that sought to seek opinion from customers and experts regarding the banking sector and the new economy in Ghana. From this point of view, this research paper contains an effort to critically examine the activities of the banks and make concrete suggestions in the new economy process also at the same time called the information economy, the network economy and the computer age. Electronic banking has been the center-stage of modern banking with enormous benefits. The productivity level of the banking system is of great importance for the whole economy to operate more effectively. The banking sector plays an important role in supporting economic growth especially in allocating funds from savers to borrowers. The revolution of the new economy is contemporaneous with an improvement in the financial sectors all over the world, while financial innovations make the sector more productive.