‘Extraordinarily low’ branch usage behind creeping bank closures, ANZ CEO says

In an unexpected twist, Shayne Elliott, the CEO of ANZ bank, appeared to place the blame on customers for numerous bank branch closures across the country.

Under Elliott's leadership, the number of ANZ branches all over Australia plummeted by 42 per cent from 678 in 2017 to a mere 391 as of 2023.



As per the CEO's tally, of the remaining branches, 250 are nestled in large cities, with 75 in inner-regional areas.


ANZ.png
Digital banking has revolutionised the way we manage our finances, offering convenience, speed, and accessibility to a wide range of services. Source: ANZ



As for the outer regional towns and remote locations—they are left with a dwindling number of 47 and 19 branches, respectively.

Put those figures next to our population, and you’ll realise that our banks are now similar to hard-to-find establishments that are often closed when you need them the most.



Now, let's dive into the heart of the matter. During a parliament hearing, Mr Elliott made a surprising statement.

Customers, according to him, often express concerns about bank branch closures, yet the majority of their transactions are conducted online.

Since assuming leadership at ANZ in 2016, Elliott mentioned that as of 2021, only 35 branches have been closed. Astonishingly, 96 per cent of customers have embraced digital transactions.

'Only eight per cent of our customers only use a branch and don't have any sort of digital relationship with us,' he said.

However, it is important to acknowledge that not everyone is well-versed in digital literacy, especially in rural areas where access to reliable internet connectivity is limited.



Considering this, it is worth discussing the potential impact of these closures on the social fabric of these communities. Mr Elliott proposed keeping remote branches open only during morning hours.


compressed-ATM.jpeg
The closure of physical bank branches raises concerns about access for those who rely on in-person assistance, particularly in rural areas or for individuals with limited digital literacy. Image by eduschadesoares from unsplash



He said, 'Remote towns, part of the country, are difficult to service in general whether that's banking or supermarkets or petrol stations or whatever it might be.’

He then added, ‘From a banking perspective, we are fortunate in the fact that generally we provide all those services in an alternative way, as long as there's good internet connection or telephone service.'

Despite ANZ's market performance on a tear—with a cash profit of $6.496 billion in the year to September 2022—its share price of $23.92 struggled to reach the $25.34 level when Elliott sauntered into the CEO role in January 2016.

It’s enough to make someponder: are these branch closures ruffling some investor feathers too?



Another significant point Mr Elliott mentioned was about an experiment in New Zealand, where major banks tried sharing a branch to save on costs.

Ultimately, the experiment was not successful.

Mr Elliott, however, added ANZ could install more smart automatic teller machines that accepted cash deposits to fill the gap due to branch closures.

'Part of the solution is ATMs, again it's not the same but we have smart ATMs, they take deposits, dispense cash, and coin machines and all sorts of things that the industry and ourselves invest in to try and make it as smooth as possible.' Mr Elliott said.

Key Takeaways

  • ANZ's Chief Executive, Shayne Elliott, has blamed customers for bank branch closures, stating that most customers complete their transactions online.
  • Under Shayne Elliott's leadership, the number of ANZ branches in Australia has decreased by 42 per cent from 678 in 2017 to 391.
  • Despite these closures, the bank returned a cash profit of $6.496 billion in the year to September 2022, excluding the Covid lockdown recession of 2020.
  • Mr Elliott suggested alternative solutions to maintain banking services in remote areas, such as smart ATMs that accept cash deposits and more limited banking hours for branches.



It's important to recognise that we contribute tobanks' wealth by pooling our hard-earned money into their coffers and investments.

Whether we are shareholders or regular customers, whether we engage in in-person or online banking, it is crucial to remember our choices as customers—like choosing to go to bank branches in-person, or simply transacting online—can have large-scale implications in the long run.

Do you believe customers bear responsibility for the closure ofbank branches like ANZ’s? Share your thoughts on the impact of digital transactions and online banking on the need for physical bank branches, and whether you think alternative solutions should be explored to maintain banking services in remote areas.
 
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In an unexpected twist, Shayne Elliott, the CEO of ANZ bank, appeared to place the blame on customers for numerous bank branch closures across the country.

Under Elliott's leadership, the number of ANZ branches all over Australia plummeted by 42 per cent from 678 in 2017 to a mere 391 as of 2023.



As per the CEO's tally, of the remaining branches, 250 are nestled in large cities, with 75 in inner-regional areas.


View attachment 25008
Digital banking has revolutionised the way we manage our finances, offering convenience, speed, and accessibility to a wide range of services. Source: ANZ



As for the outer regional towns and remote locations—they are left with a dwindling number of 47 and 19 branches, respectively.

Put those figures next to our population, and you’ll realise that our banks are now similar to hard-to-find establishments that are often closed when you need them the most.



Now, let's dive into the heart of the matter. During a parliament hearing, Mr Elliott made a surprising statement.

Customers, according to him, often express concerns about bank branch closures, yet the majority of their transactions are conducted online.

Since assuming leadership at ANZ in 2016, Elliott mentioned that as of 2021, only 35 branches have been closed. Astonishingly, 96 per cent of customers have embraced digital transactions.

'Only eight per cent of our customers only use a branch and don't have any sort of digital relationship with us,' he said.

However, it is important to acknowledge that not everyone is well-versed in digital literacy, especially in rural areas where access to reliable internet connectivity is limited.



Considering this, it is worth discussing the potential impact of these closures on the social fabric of these communities. Mr Elliott proposed keeping remote branches open only during morning hours.


View attachment 25009
The closure of physical bank branches raises concerns about access for those who rely on in-person assistance, particularly in rural areas or for individuals with limited digital literacy. Image by eduschadesoares from unsplash



He said, 'Remote towns, part of the country, are difficult to service in general whether that's banking or supermarkets or petrol stations or whatever it might be.’

He then added, ‘From a banking perspective, we are fortunate in the fact that generally we provide all those services in an alternative way, as long as there's good internet connection or telephone service.'

Despite ANZ's market performance on a tear—with a cash profit of $6.496 billion in the year to September 2022—its share price of $23.92 struggled to reach the $25.34 level when Elliott sauntered into the CEO role in January 2016.

It’s enough to make someponder: are these branch closures ruffling some investor feathers too?



Another significant point Mr Elliott mentioned was about an experiment in New Zealand, where major banks tried sharing a branch to save on costs.

Ultimately, the experiment was not successful.

Mr Elliott, however, added ANZ could install more smart automatic teller machines that accepted cash deposits to fill the gap due to branch closures.

'Part of the solution is ATMs, again it's not the same but we have smart ATMs, they take deposits, dispense cash, and coin machines and all sorts of things that the industry and ourselves invest in to try and make it as smooth as possible.' Mr Elliott said.

Key Takeaways

  • ANZ's Chief Executive, Shayne Elliott, has blamed customers for bank branch closures, stating that most customers complete their transactions online.
  • Under Shayne Elliott's leadership, the number of ANZ branches in Australia has decreased by 42 per cent from 678 in 2017 to 391.
  • Despite these closures, the bank returned a cash profit of $6.496 billion in the year to September 2022, excluding the Covid lockdown recession of 2020.
  • Mr Elliott suggested alternative solutions to maintain banking services in remote areas, such as smart ATMs that accept cash deposits and more limited banking hours for branches.



It's important to recognise that we contribute tobanks' wealth by pooling our hard-earned money into their coffers and investments.

Whether we are shareholders or regular customers, whether we engage in in-person or online banking, it is crucial to remember our choices as customers—like choosing to go to bank branches in-person, or simply transacting online—can have large-scale implications in the long run.

Do you believe customers bear responsibility for the closure ofbank branches like ANZ’s? Share your thoughts on the impact of digital transactions and online banking on the need for physical bank branches, and whether you think alternative solutions should be explored to maintain banking services in remote areas.
When you go to the bank to withdraw your own money in cash but the teller refuses because the bank DOESN'T have cash! Those CEO's are definitely NOT in tune with their customers.
 
I hold my head in shame reading this knowing I actually worked for these jokers for nearly 7 years. I’m glad I don’t now.
The part that sticks out to me is how Elliot says 96% of customers have embraced digital transactions…. What choice did they have? He’s not in touch with the real world.
My Mum banks ANZ, has done for years…. She’s nearly 85…..there is no branch in our town, she can’t turn on a computer, so she’s fortunate I suppose that I do the digital transactions for her.
It shouldn’t be this way.
 
In an unexpected twist, Shayne Elliott, the CEO of ANZ bank, appeared to place the blame on customers for numerous bank branch closures across the country.

Under Elliott's leadership, the number of ANZ branches all over Australia plummeted by 42 per cent from 678 in 2017 to a mere 391 as of 2023.



As per the CEO's tally, of the remaining branches, 250 are nestled in large cities, with 75 in inner-regional areas.


View attachment 25008
Digital banking has revolutionised the way we manage our finances, offering convenience, speed, and accessibility to a wide range of services. Source: ANZ



As for the outer regional towns and remote locations—they are left with a dwindling number of 47 and 19 branches, respectively.

Put those figures next to our population, and you’ll realise that our banks are now similar to hard-to-find establishments that are often closed when you need them the most.



Now, let's dive into the heart of the matter. During a parliament hearing, Mr Elliott made a surprising statement.

Customers, according to him, often express concerns about bank branch closures, yet the majority of their transactions are conducted online.

Since assuming leadership at ANZ in 2016, Elliott mentioned that as of 2021, only 35 branches have been closed. Astonishingly, 96 per cent of customers have embraced digital transactions.

'Only eight per cent of our customers only use a branch and don't have any sort of digital relationship with us,' he said.

However, it is important to acknowledge that not everyone is well-versed in digital literacy, especially in rural areas where access to reliable internet connectivity is limited.



Considering this, it is worth discussing the potential impact of these closures on the social fabric of these communities. Mr Elliott proposed keeping remote branches open only during morning hours.


View attachment 25009
The closure of physical bank branches raises concerns about access for those who rely on in-person assistance, particularly in rural areas or for individuals with limited digital literacy. Image by eduschadesoares from unsplash



He said, 'Remote towns, part of the country, are difficult to service in general whether that's banking or supermarkets or petrol stations or whatever it might be.’

He then added, ‘From a banking perspective, we are fortunate in the fact that generally we provide all those services in an alternative way, as long as there's good internet connection or telephone service.'

Despite ANZ's market performance on a tear—with a cash profit of $6.496 billion in the year to September 2022—its share price of $23.92 struggled to reach the $25.34 level when Elliott sauntered into the CEO role in January 2016.

It’s enough to make someponder: are these branch closures ruffling some investor feathers too?



Another significant point Mr Elliott mentioned was about an experiment in New Zealand, where major banks tried sharing a branch to save on costs.

Ultimately, the experiment was not successful.

Mr Elliott, however, added ANZ could install more smart automatic teller machines that accepted cash deposits to fill the gap due to branch closures.

'Part of the solution is ATMs, again it's not the same but we have smart ATMs, they take deposits, dispense cash, and coin machines and all sorts of things that the industry and ourselves invest in to try and make it as smooth as possible.' Mr Elliott said.

Key Takeaways

  • ANZ's Chief Executive, Shayne Elliott, has blamed customers for bank branch closures, stating that most customers complete their transactions online.
  • Under Shayne Elliott's leadership, the number of ANZ branches in Australia has decreased by 42 per cent from 678 in 2017 to 391.
  • Despite these closures, the bank returned a cash profit of $6.496 billion in the year to September 2022, excluding the Covid lockdown recession of 2020.
  • Mr Elliott suggested alternative solutions to maintain banking services in remote areas, such as smart ATMs that accept cash deposits and more limited banking hours for branches.



It's important to recognise that we contribute tobanks' wealth by pooling our hard-earned money into their coffers and investments.

Whether we are shareholders or regular customers, whether we engage in in-person or online banking, it is crucial to remember our choices as customers—like choosing to go to bank branches in-person, or simply transacting online—can have large-scale implications in the long run.

Do you believe customers bear responsibility for the closure ofbank branches like ANZ’s? Share your thoughts on the impact of digital transactions and online banking on the need for physical bank branches, and whether you think alternative solutions should be explored to maintain banking services in remote areas.
I try mostly to use cash for general shopping purchases. Online for paying Bills. The small change I get from breaking notes I collect and take to the bank to pay off credit card debt. Every time I do this the Bank tries to get me to use the coin machine and I tell them that's your job, I don't work here.
It seems pretty simple to me why less people go to banks, YOU ARE NOT PROVIDING THE SERVICE OF A BANK ANYMORE, YOU'RE MORE INTERESTED IN RAKING IN THE PROFITS WITHOUT DOING THE WORK.
 
Shayne Elliott, the CEO of ANZ bank only cares about his paycheck and nothing else. He has left so many customers either without or with little to no access to their money. Just think what he did to the town of Lithgow, who now need to travel about 50mins - 62kms to Bathurst or 40mins - 42kms to Katoomba to access their money. And that is only "IF" they have access to a vehicle and can afford the cost of petrol.
This town was majorly ANZ members (personnel & business). They not only shut the doors but also took the only ANZ ATM. Shame you.

Shayne Elliott also forgets what the knock-on effect this will have long term for Lithgow as people will now start planning a full day out (if they can) when they need an ANZ bank. So instead of doing most of their shopping in Lithgow they will be doing it at the town that has either an ANZ ATM or an ANZ Branch. Or like some of the people I have spoken too " We moved our banking need to _._._. as they still have a branch open in Lithgow that I can use".


Shayne Elliot has very little regards to the Country people of Australia.
 
It's not only ANZ who have closed. Other banks have as well. It's easy to blame customers. They seem to disregard that they made the unwanted changes.
My mother is 89 next month. She has no problem paying bills with phone banking. However, trade people and small businesses etc. don't have Bpay for their business, so they email her with their bank details to transfer the payment. Once this wasn't a problem, as she could go to the bank, and give the bank details to the teller to pay it. Her bank is now closed and the nearest one is 30-40 minutes drive. She uses a laptop and a PC, but won't do online banking as it's too daunting. So, I pay those bills for her with my online banking, and she pays me back. Such an inconvenience, that all Australians are subjected to.
 
In an unexpected twist, Shayne Elliott, the CEO of ANZ bank, appeared to place the blame on customers for numerous bank branch closures across the country.

Under Elliott's leadership, the number of ANZ branches all over Australia plummeted by 42 per cent from 678 in 2017 to a mere 391 as of 2023.



As per the CEO's tally, of the remaining branches, 250 are nestled in large cities, with 75 in inner-regional areas.


View attachment 25008
Digital banking has revolutionised the way we manage our finances, offering convenience, speed, and accessibility to a wide range of services. Source: ANZ



As for the outer regional towns and remote locations—they are left with a dwindling number of 47 and 19 branches, respectively.

Put those figures next to our population, and you’ll realise that our banks are now similar to hard-to-find establishments that are often closed when you need them the most.



Now, let's dive into the heart of the matter. During a parliament hearing, Mr Elliott made a surprising statement.

Customers, according to him, often express concerns about bank branch closures, yet the majority of their transactions are conducted online.

Since assuming leadership at ANZ in 2016, Elliott mentioned that as of 2021, only 35 branches have been closed. Astonishingly, 96 per cent of customers have embraced digital transactions.

'Only eight per cent of our customers only use a branch and don't have any sort of digital relationship with us,' he said.

However, it is important to acknowledge that not everyone is well-versed in digital literacy, especially in rural areas where access to reliable internet connectivity is limited.



Considering this, it is worth discussing the potential impact of these closures on the social fabric of these communities. Mr Elliott proposed keeping remote branches open only during morning hours.


View attachment 25009
The closure of physical bank branches raises concerns about access for those who rely on in-person assistance, particularly in rural areas or for individuals with limited digital literacy. Image by eduschadesoares from unsplash



He said, 'Remote towns, part of the country, are difficult to service in general whether that's banking or supermarkets or petrol stations or whatever it might be.’

He then added, ‘From a banking perspective, we are fortunate in the fact that generally we provide all those services in an alternative way, as long as there's good internet connection or telephone service.'

Despite ANZ's market performance on a tear—with a cash profit of $6.496 billion in the year to September 2022—its share price of $23.92 struggled to reach the $25.34 level when Elliott sauntered into the CEO role in January 2016.

It’s enough to make someponder: are these branch closures ruffling some investor feathers too?



Another significant point Mr Elliott mentioned was about an experiment in New Zealand, where major banks tried sharing a branch to save on costs.

Ultimately, the experiment was not successful.

Mr Elliott, however, added ANZ could install more smart automatic teller machines that accepted cash deposits to fill the gap due to branch closures.

'Part of the solution is ATMs, again it's not the same but we have smart ATMs, they take deposits, dispense cash, and coin machines and all sorts of things that the industry and ourselves invest in to try and make it as smooth as possible.' Mr Elliott said.

Key Takeaways

  • ANZ's Chief Executive, Shayne Elliott, has blamed customers for bank branch closures, stating that most customers complete their transactions online.
  • Under Shayne Elliott's leadership, the number of ANZ branches in Australia has decreased by 42 per cent from 678 in 2017 to 391.
  • Despite these closures, the bank returned a cash profit of $6.496 billion in the year to September 2022, excluding the Covid lockdown recession of 2020.
  • Mr Elliott suggested alternative solutions to maintain banking services in remote areas, such as smart ATMs that accept cash deposits and more limited banking hours for branches.



It's important to recognise that we contribute tobanks' wealth by pooling our hard-earned money into their coffers and investments.

Whether we are shareholders or regular customers, whether we engage in in-person or online banking, it is crucial to remember our choices as customers—like choosing to go to bank branches in-person, or simply transacting online—can have large-scale implications in the long run.

Do you believe customers bear responsibility for the closure ofbank branches like ANZ’s? Share your thoughts on the impact of digital transactions and online banking on the need for physical bank branches, and whether you think alternative solutions should be explored to maintain banking services in remote areas.
Well, when banks charge you for a teller to access your own money what do you suppose people will do? When they refuse point blank to change notes for another denomination, or don't stock cash at all where do you think they will go? When the fee over the counter to transfer money is so exorbitant and free online how do you think people will react? And the list goes on and on. The banks initiated this form of banking not the customer, so I believe this CEO's stance is disingenuous.
 
All banks squeeze you into digital use. ATM and EFTPOS use then incurs a fee. To withdraw or deposit over the counter is an even bigger fee. Just rude that they then close branches. All pushing us to CBDC.
 
In an unexpected twist, Shayne Elliott, the CEO of ANZ bank, appeared to place the blame on customers for numerous bank branch closures across the country.

Under Elliott's leadership, the number of ANZ branches all over Australia plummeted by 42 per cent from 678 in 2017 to a mere 391 as of 2023.



As per the CEO's tally, of the remaining branches, 250 are nestled in large cities, with 75 in inner-regional areas.


View attachment 25008
Digital banking has revolutionised the way we manage our finances, offering convenience, speed, and accessibility to a wide range of services. Source: ANZ



As for the outer regional towns and remote locations—they are left with a dwindling number of 47 and 19 branches, respectively.

Put those figures next to our population, and you’ll realise that our banks are now similar to hard-to-find establishments that are often closed when you need them the most.



Now, let's dive into the heart of the matter. During a parliament hearing, Mr Elliott made a surprising statement.

Customers, according to him, often express concerns about bank branch closures, yet the majority of their transactions are conducted online.

Since assuming leadership at ANZ in 2016, Elliott mentioned that as of 2021, only 35 branches have been closed. Astonishingly, 96 per cent of customers have embraced digital transactions.

'Only eight per cent of our customers only use a branch and don't have any sort of digital relationship with us,' he said.

However, it is important to acknowledge that not everyone is well-versed in digital literacy, especially in rural areas where access to reliable internet connectivity is limited.



Considering this, it is worth discussing the potential impact of these closures on the social fabric of these communities. Mr Elliott proposed keeping remote branches open only during morning hours.


View attachment 25009
The closure of physical bank branches raises concerns about access for those who rely on in-person assistance, particularly in rural areas or for individuals with limited digital literacy. Image by eduschadesoares from unsplash



He said, 'Remote towns, part of the country, are difficult to service in general whether that's banking or supermarkets or petrol stations or whatever it might be.’

He then added, ‘From a banking perspective, we are fortunate in the fact that generally we provide all those services in an alternative way, as long as there's good internet connection or telephone service.'

Despite ANZ's market performance on a tear—with a cash profit of $6.496 billion in the year to September 2022—its share price of $23.92 struggled to reach the $25.34 level when Elliott sauntered into the CEO role in January 2016.

It’s enough to make someponder: are these branch closures ruffling some investor feathers too?



Another significant point Mr Elliott mentioned was about an experiment in New Zealand, where major banks tried sharing a branch to save on costs.

Ultimately, the experiment was not successful.

Mr Elliott, however, added ANZ could install more smart automatic teller machines that accepted cash deposits to fill the gap due to branch closures.

'Part of the solution is ATMs, again it's not the same but we have smart ATMs, they take deposits, dispense cash, and coin machines and all sorts of things that the industry and ourselves invest in to try and make it as smooth as possible.' Mr Elliott said.

Key Takeaways

  • ANZ's Chief Executive, Shayne Elliott, has blamed customers for bank branch closures, stating that most customers complete their transactions online.
  • Under Shayne Elliott's leadership, the number of ANZ branches in Australia has decreased by 42 per cent from 678 in 2017 to 391.
  • Despite these closures, the bank returned a cash profit of $6.496 billion in the year to September 2022, excluding the Covid lockdown recession of 2020.
  • Mr Elliott suggested alternative solutions to maintain banking services in remote areas, such as smart ATMs that accept cash deposits and more limited banking hours for branches.



It's important to recognise that we contribute tobanks' wealth by pooling our hard-earned money into their coffers and investments.

Whether we are shareholders or regular customers, whether we engage in in-person or online banking, it is crucial to remember our choices as customers—like choosing to go to bank branches in-person, or simply transacting online—can have large-scale implications in the long run.

Do you believe customers bear responsibility for the closure ofbank branches like ANZ’s? Share your thoughts on the impact of digital transactions and online banking on the need for physical bank branches, and whether you think alternative solutions should be explored to maintain banking services in remote areas.
 
  • ANZ's Chief Executive, Shayne Elliott, has blamed customers for bank branch closures, stating that most customers complete their transactions online. How very interesting because it is the Banks that have encouraged customers to use online banking. It is the banks that have closed branches in the smaller shopping centers to move them to the big ones as they did with the Woodvale 6026 ANZ bank branch. It is the GREED of these parasitical CEOs who have removed service staff at the counters. & then have people directing customers to the ATMs What these overpaid CEOs do not understand is that older people actually enjoy speaking & discussing their money matters with a person they do not want to feel threatened while collecting or depositing their money at an ATM they do not want to be forced to trust some machine I will say that the customers service people are in general extreamly good the branch managers are also good helpful people but those at the top could not lie straight on a narrow board or in bed.
 
In an unexpected twist, Shayne Elliott, the CEO of ANZ bank, appeared to place the blame on customers for numerous bank branch closures across the country.

Under Elliott's leadership, the number of ANZ branches all over Australia plummeted by 42 per cent from 678 in 2017 to a mere 391 as of 2023.



As per the CEO's tally, of the remaining branches, 250 are nestled in large cities, with 75 in inner-regional areas.


View attachment 25008
Digital banking has revolutionised the way we manage our finances, offering convenience, speed, and accessibility to a wide range of services. Source: ANZ



As for the outer regional towns and remote locations—they are left with a dwindling number of 47 and 19 branches, respectively.

Put those figures next to our population, and you’ll realise that our banks are now similar to hard-to-find establishments that are often closed when you need them the most.



Now, let's dive into the heart of the matter. During a parliament hearing, Mr Elliott made a surprising statement.

Customers, according to him, often express concerns about bank branch closures, yet the majority of their transactions are conducted online.

Since assuming leadership at ANZ in 2016, Elliott mentioned that as of 2021, only 35 branches have been closed. Astonishingly, 96 per cent of customers have embraced digital transactions.

'Only eight per cent of our customers only use a branch and don't have any sort of digital relationship with us,' he said.

However, it is important to acknowledge that not everyone is well-versed in digital literacy, especially in rural areas where access to reliable internet connectivity is limited.



Considering this, it is worth discussing the potential impact of these closures on the social fabric of these communities. Mr Elliott proposed keeping remote branches open only during morning hours.


View attachment 25009
The closure of physical bank branches raises concerns about access for those who rely on in-person assistance, particularly in rural areas or for individuals with limited digital literacy. Image by eduschadesoares from unsplash



He said, 'Remote towns, part of the country, are difficult to service in general whether that's banking or supermarkets or petrol stations or whatever it might be.’

He then added, ‘From a banking perspective, we are fortunate in the fact that generally we provide all those services in an alternative way, as long as there's good internet connection or telephone service.'

Despite ANZ's market performance on a tear—with a cash profit of $6.496 billion in the year to September 2022—its share price of $23.92 struggled to reach the $25.34 level when Elliott sauntered into the CEO role in January 2016.

It’s enough to make someponder: are these branch closures ruffling some investor feathers too?



Another significant point Mr Elliott mentioned was about an experiment in New Zealand, where major banks tried sharing a branch to save on costs.

Ultimately, the experiment was not successful.

Mr Elliott, however, added ANZ could install more smart automatic teller machines that accepted cash deposits to fill the gap due to branch closures.

'Part of the solution is ATMs, again it's not the same but we have smart ATMs, they take deposits, dispense cash, and coin machines and all sorts of things that the industry and ourselves invest in to try and make it as smooth as possible.' Mr Elliott said.

Key Takeaways

  • ANZ's Chief Executive, Shayne Elliott, has blamed customers for bank branch closures, stating that most customers complete their transactions online.
  • Under Shayne Elliott's leadership, the number of ANZ branches in Australia has decreased by 42 per cent from 678 in 2017 to 391.
  • Despite these closures, the bank returned a cash profit of $6.496 billion in the year to September 2022, excluding the Covid lockdown recession of 2020.
  • Mr Elliott suggested alternative solutions to maintain banking services in remote areas, such as smart ATMs that accept cash deposits and more limited banking hours for branches.



It's important to recognise that we contribute tobanks' wealth by pooling our hard-earned money into their coffers and investments.

Whether we are shareholders or regular customers, whether we engage in in-person or online banking, it is crucial to remember our choices as customers—like choosing to go to bank branches in-person, or simply transacting online—can have large-scale implications in the long run.

Do you believe customers bear responsibility for the closure ofbank branches like ANZ’s? Share your thoughts on the impact of digital transactions and online banking on the need for physical bank branches, and whether you think alternative solutions should be explored to maintain banking services in remote areas.
Very sad for the elderly all those lot text savvy people. Shame on you INZ, only thinking of yourselves.
 
In an unexpected twist, Shayne Elliott, the CEO of ANZ bank, appeared to place the blame on customers for numerous bank branch closures across the country.

Under Elliott's leadership, the number of ANZ branches all over Australia plummeted by 42 per cent from 678 in 2017 to a mere 391 as of 2023.



As per the CEO's tally, of the remaining branches, 250 are nestled in large cities, with 75 in inner-regional areas.


View attachment 25008
Digital banking has revolutionised the way we manage our finances, offering convenience, speed, and accessibility to a wide range of services. Source: ANZ



As for the outer regional towns and remote locations—they are left with a dwindling number of 47 and 19 branches, respectively.

Put those figures next to our population, and you’ll realise that our banks are now similar to hard-to-find establishments that are often closed when you need them the most.



Now, let's dive into the heart of the matter. During a parliament hearing, Mr Elliott made a surprising statement.

Customers, according to him, often express concerns about bank branch closures, yet the majority of their transactions are conducted online.

Since assuming leadership at ANZ in 2016, Elliott mentioned that as of 2021, only 35 branches have been closed. Astonishingly, 96 per cent of customers have embraced digital transactions.

'Only eight per cent of our customers only use a branch and don't have any sort of digital relationship with us,' he said.

However, it is important to acknowledge that not everyone is well-versed in digital literacy, especially in rural areas where access to reliable internet connectivity is limited.



Considering this, it is worth discussing the potential impact of these closures on the social fabric of these communities. Mr Elliott proposed keeping remote branches open only during morning hours.


View attachment 25009
The closure of physical bank branches raises concerns about access for those who rely on in-person assistance, particularly in rural areas or for individuals with limited digital literacy. Image by eduschadesoares from unsplash



He said, 'Remote towns, part of the country, are difficult to service in general whether that's banking or supermarkets or petrol stations or whatever it might be.’

He then added, ‘From a banking perspective, we are fortunate in the fact that generally we provide all those services in an alternative way, as long as there's good internet connection or telephone service.'

Despite ANZ's market performance on a tear—with a cash profit of $6.496 billion in the year to September 2022—its share price of $23.92 struggled to reach the $25.34 level when Elliott sauntered into the CEO role in January 2016.

It’s enough to make someponder: are these branch closures ruffling some investor feathers too?



Another significant point Mr Elliott mentioned was about an experiment in New Zealand, where major banks tried sharing a branch to save on costs.

Ultimately, the experiment was not successful.

Mr Elliott, however, added ANZ could install more smart automatic teller machines that accepted cash deposits to fill the gap due to branch closures.

'Part of the solution is ATMs, again it's not the same but we have smart ATMs, they take deposits, dispense cash, and coin machines and all sorts of things that the industry and ourselves invest in to try and make it as smooth as possible.' Mr Elliott said.

Key Takeaways

  • ANZ's Chief Executive, Shayne Elliott, has blamed customers for bank branch closures, stating that most customers complete their transactions online.
  • Under Shayne Elliott's leadership, the number of ANZ branches in Australia has decreased by 42 per cent from 678 in 2017 to 391.
  • Despite these closures, the bank returned a cash profit of $6.496 billion in the year to September 2022, excluding the Covid lockdown recession of 2020.
  • Mr Elliott suggested alternative solutions to maintain banking services in remote areas, such as smart ATMs that accept cash deposits and more limited banking hours for branches.



It's important to recognise that we contribute tobanks' wealth by pooling our hard-earned money into their coffers and investments.

Whether we are shareholders or regular customers, whether we engage in in-person or online banking, it is crucial to remember our choices as customers—like choosing to go to bank branches in-person, or simply transacting online—can have large-scale implications in the long run.

Do you believe customers bear responsibility for the closure ofbank branches like ANZ’s? Share your thoughts on the impact of digital transactions and online banking on the need for physical bank branches, and whether you think alternative solutions should be explored to maintain banking services in remote areas.
As a small family run business, living in a significant but regional inland outback centre, plagued with severely limited staffing in our local banking branches, last year, we spent more than 4 months going through the frustrating process of organising a business over draft extension with A certain bank. We were forced to effectively deal with a sadly ignorant remotely appointed & probably contracted banking ' customer loans officer' who lived over 800km away near their head office and whom had absolutely no idea of what the Mining Industry was all about. It also transpired that this person was obviously trying to handle an excessive number of similar cases sitting on his desk(top) and probably from all over the country. We initially tried to go through A Local Bank Branch but were told that they no longer had the capacity to handle such things locally and we had to do this remotely by 'communicating' 'on line' and by phone with one of their assigned officers. After countless long emails and telephone calls and umptene badly designed and at times quite ambiguous forms plus a huge amount of input and documentation from our local accountant and after almost a half a year said overdraft extension (for a lousy $30,000) was finally approved and came through and a short time just prior to having to sell the house in order to keep the business viable. Initially some 40 years ago, when we first set up the business there existed a far more efficient Local Branch because it was staffed mainly by locally trained banking people or at least those who had moved into town and lived there and they knew something of the inland and the Mining Industry. In those days our first and mauch larger overdraft was organised in a matter of a week or two together with excellent personal service provided by the bank as one would expect. Sadly this situation has now changed particularly in our so-called 'fast moving' modern society. The real truth of the matter is that banks in general have sacrificed customer satisfaction and most personally helpful services for the false business philosophy of having to keep making obscene profits no matter what and no matter whom they need to sacrifice along the way. Excessively well paid well healed upper echelon executives of these organisations mostly live in another world from you and I. They appear mainly driven by an annual exponentially increasing economic greed which is heavily dictated by and in effect driven by the roller coaster rides of the international stockmarkets. Therefore, they look primarily to their much larger major institutional shareholders and certainly not to the middle to lower investment classes. The Mums and Dads and the Kids are becoming a much smaller part of their core business and it's obvious they are being thrown out onto the streets. In this fast evolving literally millisecond and soon to be AI driven share trading age, they (like us) are probably in a state of over dependence and reliance upon a planet wide plethora of similar poorly controlled and other even less scrupulose money making institutions and thus they must increasingly dance to their tunes. It is actually an unsustainable economic model as was graphically shown by the last world wide economic crisis before the current one. Banks now days have no real idea of what a LOYAL customer actually represents let alone any idea of what most of them actually need and seriously want from their banks. The words CUSTOMER SERVICE in their eyes seem to translate into 'let's find the cheapest way in which we can provide the bare minimum whilst charging you the maximum for the privelage'. No real ethics in such business. The unfortunate thing is that most of them are tarred with the same economic brush , so there is little choice left for the average person, particularly for anyone from the middle to low income part of society, nor for smaller Australian owned or family driven businesses which usually cop the consequent and likely repeated economic mismanagement brunt. Most of the time the Governments we elect appear to have a similar philosophy or are hell bent on propping up this system and their ethics probably aren't much better either... so what hope is there..? Well things will probably get worse before they get better. The next tragic monetary disaster being steadily foisted upon the general population (apart from AI control) is I suspect already upon us and in a pretty clandestine way. Pushed heavily by the banks and their economic cohorts and most of our head-in-the-sand political class this will probaly be the final social and economic destructive act ...by getting entirely rid of cash in our 'free' society. A very exclusive discriminatory move in this so-called democratic political system. Is it either unknowingly or unwittingly designed to have far greater if not just about complete control of our economic freedoms and therefore other remaining freedoms?
 
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In an unexpected twist, Shayne Elliott, the CEO of ANZ bank, appeared to place the blame on customers for numerous bank branch closures across the country.

Under Elliott's leadership, the number of ANZ branches all over Australia plummeted by 42 per cent from 678 in 2017 to a mere 391 as of 2023.



As per the CEO's tally, of the remaining branches, 250 are nestled in large cities, with 75 in inner-regional areas.


View attachment 25008
Digital banking has revolutionised the way we manage our finances, offering convenience, speed, and accessibility to a wide range of services. Source: ANZ



As for the outer regional towns and remote locations—they are left with a dwindling number of 47 and 19 branches, respectively.

Put those figures next to our population, and you’ll realise that our banks are now similar to hard-to-find establishments that are often closed when you need them the most.



Now, let's dive into the heart of the matter. During a parliament hearing, Mr Elliott made a surprising statement.

Customers, according to him, often express concerns about bank branch closures, yet the majority of their transactions are conducted online.

Since assuming leadership at ANZ in 2016, Elliott mentioned that as of 2021, only 35 branches have been closed. Astonishingly, 96 per cent of customers have embraced digital transactions.

'Only eight per cent of our customers only use a branch and don't have any sort of digital relationship with us,' he said.

However, it is important to acknowledge that not everyone is well-versed in digital literacy, especially in rural areas where access to reliable internet connectivity is limited.



Considering this, it is worth discussing the potential impact of these closures on the social fabric of these communities. Mr Elliott proposed keeping remote branches open only during morning hours.


View attachment 25009
The closure of physical bank branches raises concerns about access for those who rely on in-person assistance, particularly in rural areas or for individuals with limited digital literacy. Image by eduschadesoares from unsplash



He said, 'Remote towns, part of the country, are difficult to service in general whether that's banking or supermarkets or petrol stations or whatever it might be.’

He then added, ‘From a banking perspective, we are fortunate in the fact that generally we provide all those services in an alternative way, as long as there's good internet connection or telephone service.'

Despite ANZ's market performance on a tear—with a cash profit of $6.496 billion in the year to September 2022—its share price of $23.92 struggled to reach the $25.34 level when Elliott sauntered into the CEO role in January 2016.

It’s enough to make someponder: are these branch closures ruffling some investor feathers too?



Another significant point Mr Elliott mentioned was about an experiment in New Zealand, where major banks tried sharing a branch to save on costs.

Ultimately, the experiment was not successful.

Mr Elliott, however, added ANZ could install more smart automatic teller machines that accepted cash deposits to fill the gap due to branch closures.

'Part of the solution is ATMs, again it's not the same but we have smart ATMs, they take deposits, dispense cash, and coin machines and all sorts of things that the industry and ourselves invest in to try and make it as smooth as possible.' Mr Elliott said.

Key Takeaways

  • ANZ's Chief Executive, Shayne Elliott, has blamed customers for bank branch closures, stating that most customers complete their transactions online.
  • Under Shayne Elliott's leadership, the number of ANZ branches in Australia has decreased by 42 per cent from 678 in 2017 to 391.
  • Despite these closures, the bank returned a cash profit of $6.496 billion in the year to September 2022, excluding the Covid lockdown recession of 2020.
  • Mr Elliott suggested alternative solutions to maintain banking services in remote areas, such as smart ATMs that accept cash deposits and more limited banking hours for branches.



It's important to recognise that we contribute tobanks' wealth by pooling our hard-earned money into their coffers and investments.

Whether we are shareholders or regular customers, whether we engage in in-person or online banking, it is crucial to remember our choices as customers—like choosing to go to bank branches in-person, or simply transacting online—can have large-scale implications in the long run.

Do you believe customers bear responsibility for the closure ofbank branches like ANZ’s? Share your thoughts on the impact of digital transactions and online banking on the need for physical bank branches, and whether you think alternative solutions should be explored to maintain banking services in remote areas.

Banks blaming their customer base is the FINAL INSULT!
 
I hold my head in shame reading this knowing I actually worked for these jokers for nearly 7 years. I’m glad I don’t now.
The part that sticks out to me is how Elliot says 96% of customers have embraced digital transactions…. What choice did they have? He’s not in touch with the real world.
My Mum banks ANZ, has done for years…. She’s nearly 85…..there is no branch in our town, she can’t turn on a computer, so she’s fortunate I suppose that I do the digital transactions for her.
It shouldn’t be this way.
Exactly. Many Customers do not CHOOSE to take on Digital Banking. They are FORCED to by Banking actions.
 
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