Abstract:
Competition and reforms in Ghana’s financial sector have brought about a lot of innovation into the Ghanaian
banking industry. This study explores how innovative banking products are perceived by consumers. The study
used purposive sampling technique to gather data from 288 students from a public university in Ghana. The study
revealed that the critical features that influenced customers’ choice of banking products and their adoption were
convenience, reliability, security, flexibility, time saving and ease of use. The most popular innovative products
were Automated Teller Machines and E-zwich. Telephone banking and credit cards were not very popular. The
mean preference for innovative banking products for female (15.0568) was slightly higher than that of male
(14.7100). The mean usage of female (8.7955) was slightly higher than that of male (8.350). Due to the low usage
of products such as the telephone and internet banking, it is recommended that banks in Ghana should embark on
an educational campaign to highlight the benefits of these products to the populace
