Digital Banking

Question 1

What is digital banking?

Answer 1

The delivery of banking services through electronic channels without reliance on physical branches

Question 2

What are the drivers of digital banking in Ghana?

Answer 2

1. mobile penetration
2. cashless agenda
3. customer behavior
4. government digitization drive
5. the rise of fintechs

Question 3

What are some regulations that directly and directly affect banks?

Answer 3

1. The Payment Systems and Services Act, 2019 (987)
2. Bank of Ghana Act, 2002 Act 612
3. Policy Framework for ATM Operations.
4. Other laws:
   * Foreign Exchange Act 2006, Act 723
   * Credit Reporting Act 2007, Act 726
   * Central Securities Depository Act 2007, Act 733
   * Anti-Money Laundering Act 2008, Act 749
   * Electronic Transactions Act 2008, Act 772
5. Rules, Regulations and Guidelines –
   * Cheque Codeline Clearing with Cheque Truncation
   Guidelines and Operational Procedures.
   * Ghana Bankers’ Clearing House Rules.
   * Ghana Automated Clearing House Direct Credits &
   Debits Guidelines and Operational Procedures
   * The Ghana Inter-bank Settlement (GIS) System’s Terms
   and Conditions.

Question 4

What are some digital banking products and services?

Answer 4

1. Automated Teller Machines
2. Unstructured Supplementary Service Data (USSD) Banking
3. Mobile Banking
4. Payment cards (debit or credit cards)
5. mobile money
6. internet/online/ web/ home banking
7. Point of Sale terminal (POS)
8. cash management systems
9. trade finance tools
10. banking chatbots
11. digital wallets in banking
12. wearables in banking
13. QR code payments
14. fintech platforms

Question 5

What are core banking applications?

Answer 5

They are essential systems that enable banks to manage their daily operations, customer data and financial transactions.

Question 6

What are some examples of core banking applications?

Answer 6

1. Oracle flexcube
2. Temenos T24
3. FIS Profile
4. Infosys Finacle
5. Mambu Finastra (Fusion Banking)

Question 7

what are some common cyber threats in digital banking?

Answer 7

1. sim swap fraud
2. theft of sensitive devices like laptops and POS devices
3. Phishing & Spoofing
4. unencrypted data making it easy for hackers and cybercriminals
5. malware
6. third-party services that don’t practice strong cybersecurity measures

Question 8

What are some solutions to cyber threats in digital banking?

Answer 8

1. consumer & staff awareness
2. anti-virus and anti- malware application
3. third-party vendors screening and compliance

Question 9

What are some benefits of digital banking to the customer?

Answer 9

1. Convenience of banking anywhere and anytime.
2. Reduced Cost of Banking.
3. Simplified transactions.
4. Privacy or Secrecy of transactions, even without intervention of bank staff.
5. Innovative products and services offered by banks.
6. Time Saving

Question 10

What are the benefits of digital banking to the bank?

Answer 10

1. increased customer satisfaction
2. Better Customer Focus by harnessing technology that predicts customer demands and preferences
3. Increased Customer Loyalty by offering
   personalized offers and services at the convenience of customers
4. Increased Profitability by reducing
   dependence on physical branch network.
5. increased financial inclusion
6. operational efficiency by maintaining accurate data and reliable management and information systems.