Yahoo Finance Westpac to close bank branches in these 22 suburbs
Westpac will close 22 bank branches across the country as more customers move online.
The closures comes after it shut 13 branches last year, slashing 63 jobs with them.
“In the past 12 months, less than two per cent of transactions were through our branch network, as an increasing number of customers enjoy the convenience of our online and mobile banking services,” a Westpac spokesperson said.
“When we do make the difficult decision to close a branch, we take into careful consideration factors such as usage, location, proximity to other services and community needs. We also follow Australian Banking Association protocols, including engagement with our employees and customers.”
The closures will all be in metropolitan areas, bar two regional-based branches. Nine of those branches are in New South Wales, with eight also closing in Victoria.
Another three will shut in Queensland and one apiece in South Australia and Western Australia.
These are the locations:
Flemington Market, NSW
Pennant Hills, NSW
591 George Street, NSW
Brookvale, NSW
Sutherland, NSW
52 Martin Place, NSW
The Junction, NSW
Warrawong, NSW
Balgowlah, NSW
Coorparoo, QLD
Broadbeach, QLD
Beaudesert, QLD
Rosanna, VIC
Lalor, VIC
Bulleen, VIC
Corio, VIC
Altona Gate, VIC
Balaclava, VIC
Benalla, VIC
Kangaroo Flat, VIC
Hallett Cove, SA
Osborne Park South, WA
Westpac had 1,032 outlets across its Westpac, BankSA and Bank of Melbourne brands before the bank began the spate of closures.
“We will be investing more than $120 million into our branch and ATM network this year, as part of our continued business strategy to provide our customers with the technology, tools and service to make their banking simpler and faster,” the Westpac spokesperson said.
According to Roy Morgan figures, just 4.73 million Australians visited a bank branch in the six months to October 2018 – down an incredible 27.2 per cent from that same period in 2014, when 6.5 million Australians paid their local branch a visit.
Unsurprisingly, mobile banking has surged over the same period, up 62.2 per cent.
“The switch to mobile banking has been a result of rapid technological change, reinforced by high satisfaction levels with this relatively new way of dealing with banks,” Roy Morgan industry communications director Norman Morris said.
“Satisfaction with mobile banking is the highest of all banking channels with 89.2 per cent, compared to branches with 85.7 per cent, and as a result it is likely to be contributing to the increasing preference for mobile banking.”
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