‘Big Four’ IT spending tops R30 billion a year

South Africa’s ‘Big Four’ retail and commercial banks spent in excess of R30 billion on information technology over the 12 months to 30 June 2016, including the cost of staff involved in this function.

Excluding the cost of people, nearly R15 out of every R100 spent on operations by the country’s big banks is on IT. This includes so-called ‘computer expenses’, professional fees, depreciation, amortisation and a category labelled ‘other’, which is not that insignificant. [1]

[1] Hilton Tarrant for www.moneyweb.co.za


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