'Banks Need to Conduct Extensive Research'

By Abeduwaa Lucy Appiah

Mr Kofi Safo Akyea, the Corporate Executive in Residence (CEiR), University of Ghana Business School (UGBS), has suggested the need for banks to conduct extensive research to curb challenges facing the banking sector.

According to the CEiR, the lack of research accounted for the collapse of some banks in the country.

He, has, therefore, urged management of these financial institutions to set up research teams made up of innovative minds to provide solutions to address the challenges of ailing banks.

Mr Akyea made these suggestions at a symposium on the topic, 'Marketing perspectives on the banking crises in Ghana'.

The symposium was to discuss the marketing perspective to the challenges confronting the banking industry and how best the challenges could be resolved.

He said that he was optimistic that the reforms that the Bank of Ghana had introduced would enhance customer value and quality service delivery.

Mr Akyea said marketing practitioners can contribute in terms of formulating strategies in revitalising the marketing system.

An economist, Dr Lord Mensah said there was a strong link between marketing and the shareholder value creation.

He said marketing activities within banks build up into shareholder value creation, adding that "when you market well, you get sales and revenue is generated out of the sales".

Head of Marketing at CalBank Limited, Mr Kofi Siabi said data was useful in making decisions to improve the banking industry.

He indicated that apart from the use of mobile technology, banks would introduce an agent banking adding that "we are not going to expand any more branches".

He advised students venturing into the banking sector to be abreast with technology in order to be successful.

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