Managing the Risks of Electronic Banking: A Comparative Study of Local and Foreign Banks in Ghana

Abstract

The purpose of this study was to compare electronic banking risk management practices among local and foreign banks in Ghana. The study employed the mixed-method research approach through the use of questionnaires and interview guides for collecting primary data. With the aid of the Statistical Package for Social Sciences (SPSS Version 25), descriptive statistics tools namely; frequency, percentage, mean scores, standard deviations, variances and coefficient of variation were utilized to analyze the quantitative data. Furthermore, analysis of qualitative data through interviews was done manually to determine the themes in the interview text. From the findings, both local and foreign banks in Ghana have demonstrated a high level of efficacy in managing the risks associated with electronic banking based on the fourteen (14) principles. Nonetheless, the risk management roles by the foreign banks pertaining to EB were more prominent than the local banks. The study was necessary in view of the fact that several people are turning to the adoption of EB services, thus, it is essential that risks associated with EB be identified and effectively managed.