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Banks invest in IT: Higher fees in pipeline?

South Africa's four major banks, Absa, First National Bank, Nedbank and Standard are to invest R30 billion on upgrading the combined information technology infrastructure over the next three years and this might result in an increase in bank fees charged to consumers, reports IOL.

20 Jul 2011

The investment is needed to improve the functionality of the banks according to various analysts who say it will help the four banks keep up with international standards in the banking sector. It will also include improvements to mobile banking, Internet services, automatic teller machines and point-of-sale equipment used by retailers.

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