a. The effect of modern technological advancement on bank transactions is increased efficiency, speed, and security, reducing costs and enabling 24/7 services. In Ghana, mobile banking apps post-2020 have minimized branch visits, complying with BoG’s Cyber and Information Security Directive 2020.

b. Two advantages provided to the banks by the Automatic Teller Machine (ATM) are:

• Cost reduction: By automating cash withdrawals, lowering staff needs.
• Enhanced customer convenience: Boosting loyalty and deposit growth, as seen in Stanbic Bank Ghana’s ATM networks.

c. The primary sources of bank funds are customer deposits (savings, current accounts), interbank borrowings, and equity capital. In Ghana, deposits form the bulk, regulated under Act 930 for liquidity.

d. Institutions that provide services which directly promote economic growth include commercial banks (lending for businesses), development banks (e.g., Ghana Exim Bank for exports), and the central bank (BoG for monetary stability).

e. The factor that has forced banks to adopt universal banking is increased competition from fintech and globalization, allowing diversified services like investment banking alongside retail, as per BoG’s 2003 universal banking license regime for resilience post-cleanup.