About the Report

Proposed Tax Initiatives & Revenue Measures

The Gh Bankers’ voice is a publication by the Ghana Association of Banks with KPMG as knowledge partner. It is an annual publication that features articles and interviews from key experts in the banking, finance and technology sector.

Banking in Digital Era: Ethics, Risks, Regulation & More

Modern society holds an optimistic view of technology and its increasing variety and sophistication. Digital technology has succeeded in transforming our observation and experience of the world. It is increasingly becoming apparent to businesses worldwide that they operate in digital ecosystems and the constellation of key actors that consistently erase transaction barriers. Businesses, including banks, and other providers of financial products and services rely on these ecosystems to buy and sell their ideas and output.

More importantly, transactions in these ecosystems transcend to both traditional allies and potential competitors. With the immediate requirement for a more digital approach, digital transformation has become a key priority for banks and other financial institutions within the country and across the globe. The COVID-19 pandemic has significantly influenced how businesses and consumers utilise banking products and services; and how they interact with other providers.

This development has urged banks to increasingly manage their services as products; deploy information technology (IT) professionals to oversee their digital strategies; and to take proactive steps towards increasing internal effectiveness to affirm their enviable role in a highly competitive market. The foregoing ensures enhanced efficiency in the delivery of financial products and services; and effectiveness in internal product and operations management.

Information technology services have been identified as an essential component of digital transformation. Realising the digital transformation objective without adequate investment in information technology remains a challenge in many global organisations, including banking institutions.

Generally, customers envisage having exceptional product experience from their respective banks; and banks that are successful in their strides tend to reduce churn; increase loyalty; and have tangible impact on growth. Contemporary digital transformation strategies of banks provide economic support for various business capabilities. Banks that are noted for rigorous pursuit of digital transformation and provision of improved digital services are often characterised by responsiveness and efficiency with its attendant benefit of customer centrism and stickiness.