Financial Technology (FINTEC), its impact on the banking sector in the Ghanaian commercial banks

This research problem is Financial Technology (Fintec), Its Impact on the Banking Sector in the Ghanaian Commercial Banks. The banking sector of Ghana has evolved in several ways. The evolution of the operations of the banking sector in the Ghanaian economy has not come without its challenges. For instance, the introduction of digital currency by several global economies to provide other means of providing financial services, as an option of Traditional Banking (TB) operations is on the increase: This evolvement has had a direct impact on TB sectors to adopt a similar approach, to provide wide range of banking activities to meet different levels of customers requirement. The introduction of blockchain, and its associated technology such as cryptocurrency, provides a generally more secure way of transactions outside the TB operations. In the bid to improve the operations of the banking sector, these sectors may have to compete with the growing acceptance of the different FinTech technologies that may not be associated with mainstream banking activities. Ghana is no exception, as the Central Bank of Ghana has frantically announced the introduction of digital currency into the market. The research investigates the impact of the evolution of the Fintec Technology and its impact on the TB systems in Ghana focusing on the employee in the banking sector. The research employs a quantitative method. The research concluded that in general regulated FinTech has a positive impact on the traditional commercial banks. However, FinTech technologies, which are not within the legal regulatory framework may have a disruptive impact on the traditional commercial banks. However, resolving this requires awareness, training, and a regulatory framework to govern their activities.