Abstract

This study seeks to evaluate the use of Business Intelligence for financial crime detection in financial institutions in Ghana. The financial services industry is fast developing and ICT has played a major role in this development. To meet business needs effectively, financial institutions are adopting innovative technologies that can support strategic decision-making based on improved information management-in a manner that will suppress fraud and crime, especially with the large volumes of data they process. In the area of financial crime detection, there has been a growing concern because large amounts of monies are lost to these crimes yearly. In recent years, Business Intelligence has emerged as an innovative information analysis technology for organizations. This study conducts a survey on six financial institutions in the Accra metropolis of Ghana to determine the use of Business Intelligence for financial crime detection in the country. A quantitative, exploratory and descriptive research approach was used and data was collected from both primary and secondary sources. The study population consisted of 120 ICT staff. A sample size of 90 was considered adequate and so 90 questionnaires were sent out and 75 responses received. Data analysis was with SPSS software. The results showed that the prospects of using Business Intelligence for financial crime detection in financial institutions are considerably high in Ghana.

Keywords:

Business intelligence, financial crimes, financial fraud detection, financial institutions, Ghana, ICT tools,

References

Competing interests

The authors have no competing interests.

Open Access Policy

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Copyright

The authors have no competing interests.