Cybersecurity remains a critical banking industry concern, despite continued investments by industry players to mitigate cyber risks.

According to the 2024 KPMG Africa CEO Outlook, cybersecurity is the second biggest threat to Chief Executive Officers and their businesses.

This concern is further underscored by the 2023 Bank of Ghana Fraud Report, which revealed a total loss of GH¢63 million due to fraud – a 21% increase from 2022.

“Understanding and addressing the emotional toll of cyber threats on customers is just as critical as implementing technical solutions”, 2024 West Africa Banking Industry Customer Experience Survey by KPMG.

Ghanaians Remain Cautious to Migrate to Fully Digital Banking

While the adoption of digital channels continues to grow steadily, the survey said Ghanaians remain cautious of migrating to a fully digital banking model with no physical presence.

When asked whether they would consider using a banking service that operates entirely online, with no physical branches, 23% of respondents indicated they do not trust a bank without physical locations.

This scepticism highlights the importance of a physical presence and human touch in building trust and confidence among Ghanaian customers.

Although digital banking offers convenience and efficiency, customers still value the reassurance and accessibility provided by physical branches, particularly when addressing complex issues or seeking personalised support.

Furthermore, security and data privacy remain paramount, with 62% of respondents indicating it is extremely important for banks to protect their personal information.

For banks looking to accelerate the adoption of fully digital services, it is vital to bridge this trust gap. Strategies such as offering robust customer support systems, enhanced security measures and user-friendly digital experiences can help address customer concerns.

Additionally, providing a hybrid model – blending digital services with selective physical touchpoints – may serve as a transitional approach to encourage broader acceptance of fully digital banking solutions.