Managing business ethics in the banking industry: an essential component for performance
The work sought to ascertain how managing business ethics in the banking industry can ensure business performance. The objectives of the study were to identify and analyze the business ethics strategy practiced at the selected banks, determine the level at which business ethics affects the success of the selected banks, to identify the challenges of implementing business ethics in the operations of the bank and to infer ways by which business ethics principles can be adequately entrenched in banks in Ghana. The scope of the study was some selected banks in the Kumasi metropolis. The survey questionnaire was designed using the literature and pilot survey input. Mean analysis was conducted to derive ethical factors for competitive advantage from the survey data. 200 workers from the various branches of the selected banks constituted the sample size for the research. Convenience sampling was used as the sampling technique. The research was basically analyzed using regression analysis and mean analysis were some of the statistical tools adopted for the research. It was found from the research that the banks activities are guided by ethical principles though not in all aspects of the banks activities. Regression analysis performed indicated that there exists a significantly positive relationship between the business ethics practices at the various banks and the banks’ ability to achieve its stated goals. It was also found that using working hours for personal activities and the banks equipment like telephone for personal use is a major challenge they face in the conduct of their duties. The recommendations given included, discussion of ethical issues in staff meetings should be practiced in the various banks. Also a dedicated person or office must be created to oversee ethical issues relating to the bank since it has been proven to have a positive impact on performance.
A thesis submitted to the Department of Marketing and Corporate Strategy of the Kwame Nkrumah University of Science and Technology (K.N.U.S.T.) in partial fulfillment of the award of the degree of Master of Business Administration (Strategic Management),