Here’s a rewritten version of the content with a provocative tone:
The Shocking Truth About South Africa’s Biggest IT Spenders: Banks
You think you’re worried about your IT security? Just wait until you see what the banks are shelling out. We’re talking billions, people. Billions.
The latest figures reveal that the parent company of First National Bank, FirstRand Group, spent a whopping R19.3 billion on IT in the year ending June 2024. That’s an 8% increase from the previous year. And let’s be real, that’s a lot of money that could be going towards, say, improving customer service instead of just lining the pockets of IT consultants.
The IT Budget Breakdown: A Scary Sums Game
Here’s where the money’s being spent: 45% of it goes towards staffing costs, which is like saying that almost half the budget is being blown on salaries and benefits. Yeah, that’s a scary thought. The rest of the budget is being used for computer expenses, repairs and maintenance, software amortisation, and professional fees. It’s like trying to solve a puzzle while being attacked by a swarm of bees.
What’s the Return on Investment?
So, is all this spending paying off? Well, FNB’s digital transaction volumes are up 9%, and they’ve got 6.4 million active customers using their e-wallets. But let’s not get too excited, folks. This is the banking industry we’re talking about. They’re basically just using their customers to fund their own IT lavishness.
The Question on Everyone’s Mind
What’s the real value of all this IT spending? Is it just a bunch of fancy technology doing nothing to improve the overall customer experience? We demand answers, FirstRand.
