Take a moment and recall your first foray into the world of banking.

Sunny days spent queuing in your local bank, waiting for that friendly teller who knew your name and provided that human touch to an otherwise intimidating transaction.

Now, imagine a virtual queue and a faceless algorithm replacing that pleasant teller. We hate to break it to you, but welcome to the modern age of banking.

Digital banking has experienced a surge in popularity, with a significant increase in the number of people embracing online and mobile banking platforms. This shift towards digital channels has transformed the way customers manage their finances. Image by Kampus Production from pexels

Recently, the Commonwealth Bank, Westpac, and ANZ collectively closed 650 branches across Australia.

You may have noticed your local branch disappearing, replaced by an unfamiliar digital landscape.

These closures have raised many eyebrows, causing a ripple of concern across the country, particularly among older communities.

'The Big Four claim people don't need face-to-face banking anymore. But for many older Australians, this is all they know.' notes 2GB's Mark Levy on traditional banking methods for many Australians.

National Seniors Australia’s Chief Advocate, Ian Henschke, echoes this sentiment, stating, 'While we understand the move towards a “cashless society”, these decisions should consider seniors.'

He went on to promote the importance of cash as a currency and the risk associated with online banking.

Henschke added, 'Some seniors may not be comfortable banking or doing business online because they’re not tech savvy, they’re fearful of potential online scams, cash is what they’ve always known, and they have no other way to make financial transactions.’

The rapid rise of digital banking can be overwhelming and intimidating for those who are not accustomed to managing their finances through online platforms, as they may feel uncertain or unfamiliar with the technical aspects involved. Image by Karolina Grabowska from pexels

Meanwhile, the Australian Banking Association (ABA) insists that banks are obliged to help customers navigate this new banking landscape and justify the specific closures.

This is all well and good, but what does it mean for you and me?

Consider this: a whopping 99 per cent of banking is now digital.

We've migrated from physical notes and coins to plastic cards and sleek gadgets.

This goes hand in hand with data showing a decline in cash payments from 70 per cent in 2007 to a meagre 13 per cent in 2022.

However, this forward march of progress hasn't been without a few stumbles.

Take, for instance, the recent glitch with Commonwealth Bank. Customers were left high and dry, unable to even make purchases with their cards. You can read more about this glitch here.

The incident underlined the pitfalls of over-reliance on online banking and highlighted the potential disruptions we could face.

Cyber-security expert Ben Britton warns of our growing dependency on the internet for financial transactions.

Britton explained, 'If there's no internet, there's no transactions, there's no access to your money...Whereas no one can remotely access the cash in your pocket.'

Key Takeaways

• Over 650 bank branches have closed in Australia since 2020, largely due to the shift towards digital banking, causing concerns for older Australians who rely on physical branches for their banking needs.
  
• New measures have been implemented by the Australian Banking Association, requiring banks to explain why they are closing certain branches and to offer support to customers needing assistance with alternative banking methods.
  
• There are heightened concerns about Australia becoming increasingly cashless, with cash representing only 13 per cent of customer payments in 2022, down from 70 per cent in 2007.
  
• This shift towards digital banking has sparked fears about the vulnerability of online systems, with recent outages demonstrating the potential frustrations and financial risks for customers relying solely on digital transactions.

Now, we're all for making life easier. But we also know some of our members might feel anxious about these banking changes.

We believe in empowerment through knowledge; here are a few tips to help you thrive in the digital banking era:

• Always keep an eye out for phishing scams, and remember your bank will never ask for your password.
• App updates usually bring better security. Always keep your banking app updated to the latest version.
• Keep a backup of important contacts. Having your bank’s customer service number can come in handy during emergencies.
• Lastly, don't hesitate to ask for assistance from your bank or trusted family members when it comes to digital banking. Remember, every expert was once a beginner.

Now, the shift to digital might not be everyone's favourite, b change isn't always a bitter pill to swallow!

The digital world can be intimidating, but with understanding and vigilance, we can conquer it together. Here at the Seniors Discount Club, we work to ensure that none of us will ever face these challenges alone.

Do you prefer traditional or digital banking? Share your thoughts or experiences in the comments section below.

 

[one2one]

Take a moment and recall your first foray into the world of banking.

Sunny days spent queuing in your local bank, waiting for that friendly teller who knew your name and provided that human touch to an otherwise intimidating transaction.

Now, imagine a virtual queue and a faceless algorithm replacing that pleasant teller. We hate to break it to you, but welcome to the modern age of banking.

View attachment 23654

Digital banking has experienced a surge in popularity, with a significant increase in the number of people embracing online and mobile banking platforms. This shift towards digital channels has transformed the way customers manage their finances. Image by Kampus Production from pexels

Recently, the Commonwealth Bank, Westpac, and ANZ collectively closed 650 branches across Australia.

You may have noticed your local branch disappearing, replaced by an unfamiliar digital landscape.

These closures have raised many eyebrows, causing a ripple of concern across the country, particularly among older communities.

'The Big Four claim people don't need face-to-face banking anymore. But for many older Australians, this is all they know.' notes 2GB's Mark Levy on traditional banking methods for many Australians.

National Seniors Australia’s Chief Advocate, Ian Henschke, echoes this sentiment, stating, 'While we understand the move towards a “cashless society”, these decisions should consider seniors.'

He went on to promote the importance of cash as a currency and the risk associated with online banking.

Henschke added, 'Some seniors may not be comfortable banking or doing business online because they’re not tech savvy, they’re fearful of potential online scams, cash is what they’ve always known, and they have no other way to make financial transactions.’

View attachment 23655

The rapid rise of digital banking can be overwhelming and intimidating for those who are not accustomed to managing their finances through online platforms, as they may feel uncertain or unfamiliar with the technical aspects involved. Image by Karolina Grabowska from pexels

Meanwhile, the Australian Banking Association (ABA) insists that banks are obliged to help customers navigate this new banking landscape and justify the specific closures.

This is all well and good, but what does it mean for you and me?

Consider this: a whopping 99 per cent of banking is now digital.

We've migrated from physical notes and coins to plastic cards and sleek gadgets.

This goes hand in hand with data showing a decline in cash payments from 70 per cent in 2007 to a meagre 13 per cent in 2022.

However, this forward march of progress hasn't been without a few stumbles.

Take, for instance, the recent glitch with Commonwealth Bank. Customers were left high and dry, unable to even make purchases with their cards. You can read more about this glitch here.

The incident underlined the pitfalls of over-reliance on online banking and highlighted the potential disruptions we could face.

Cyber-security expert Ben Britton warns of our growing dependency on the internet for financial transactions.

Britton explained, 'If there's no internet, there's no transactions, there's no access to your money...Whereas no one can remotely access the cash in your pocket.'

Key Takeaways

• Over 650 bank branches have closed in Australia since 2020, largely due to the shift towards digital banking, causing concerns for older Australians who rely on physical branches for their banking needs.
• New measures have been implemented by the Australian Banking Association, requiring banks to explain why they are closing certain branches and to offer support to customers needing assistance with alternative banking methods.
• There are heightened concerns about Australia becoming increasingly cashless, with cash representing only 13 per cent of customer payments in 2022, down from 70 per cent in 2007.
• This shift towards digital banking has sparked fears about the vulnerability of online systems, with recent outages demonstrating the potential frustrations and financial risks for customers relying solely on digital transactions.

Now, we're all for making life easier. But we also know some of our members might feel anxious about these banking changes.

We believe in empowerment through knowledge; here are a few tips to help you thrive in the digital banking era:

• Always keep an eye out for phishing scams, and remember your bank will never ask for your password.
• App updates usually bring better security. Always keep your banking app updated to the latest version.
• Keep a backup of important contacts. Having your bank’s customer service number can come in handy during emergencies.
• Lastly, don't hesitate to ask for assistance from your bank or trusted family members when it comes to digital banking. Remember, every expert was once a beginner.

Now, the shift to digital might not be everyone's favourite, b change isn't always a bitter pill to swallow!

The digital world can be intimidating, but with understanding and vigilance, we can conquer it together. Here at the Seniors Discount Club, we work to ensure that none of us will ever face these challenges alone.

Do you prefer traditional or digital banking? Share your thoughts or experiences in the comments section below.

Going cashless is costing us all more when having sorry forced to use our cards , once upon a time we were only charged a service fee on our credit cards but now it credit or debit cards, debit cards are cash straight out of our savings account . Being charged this service fee for having to use our cards is a disgrace buy the merchant providers as were not paying just for the product but they add this service charge . This is ripping us of hard ear to money which over a year can take $100’s out of our accounts when we have no choice ? Shame on the banks and merchants as they are still making big profits especially the banks and we’re no longer getting the service or actual banks to go to it’s all done on line. . These extra fees are taking money out of low income and pensioners who can least afford it . So one we will no longer be getting a coffee at cafes as they charge extra service fees so they will then go out of business then that’s another business closed. Banks should not charge the merchant theses fees just to be able to have an eftpos machine they make enough profits even in this current financial crises . Give your customers a break .

 

[FrankS]

Unless you bank with the ANZ. Post office is useless then.

Agreed, The Government should require the ANZ to have an Agency at the Post Office, it's disgraceful that they can close branches without being required to provide a viable alternative.
And, with the price of petrol these days. I don't class driving 20ks to the nearest branch, spending half an hour driving around looking for a parking spot, then feeding the b****y parking meter and finally driving 20k's home again, A VIABLE ALTERNATIVE !
It's even worse when the Government won't allow you to drive anymore, then you've got to pay for a TAXI both ways ! I can't recall the ANZ inundating my mailbox with offers to reimburse my expenses. Can You ?
Is there anyone out there, who knows If there is anyone we can complain to about the ANZ ? And which banks have agencies at the Post Office ?.

 

[Pink lion]

What's truly disgraceful I feel, is our government does not listen to the voice of society and presents its own judgement based upon often ill-informed advice from paid individuals instead of our country's collective wisdom.

Why is it that politician's do not seek our advice only to rubber stamp theirs after all isn't doing just that, part of their job description AUSTRALIA IS A DEMOCRACY after all.

People understandably, don't like to share great ideas to the opposition, especially if it appears that if the problems got sorted, then they would stay in power. And that's the same for every party. However, change party voting to 60-40% and public opinion, not factions, will be the winner.

I am blessed with the mindset of never having a favorite party. I just want Australia to get better, and care for her citizens, instead of treating us like we are all part of a shop, and the financial target is more important, than us.

like a lot of older aged analytical minded people, I have been listening and gathering information from anywhere for years, and all of us it seems, keep presenting it, hoping that somehow this fixes our countries compass.

Society is our countries compass. We tell politicians where to go all the time its our job. What makes a Democracy, is when public opinions count.

What's truly disgraceful, is the government appears to be deliberately choosing to ignore advice from the public sector, about public sector issues.

That's what is truly disgraceful.

Why is because it doesn't matter what the issue is that our forum, or possibly every other non-funded by government forum,in Australia may discuss. Informed citizens are constantly talking about national problems and how we could often quite easily resolve them. So why don't they listen?

People everywhere in cars, on buses, and in trains, in truck cabs and Utes and swishy cars all coming home after work are concerned. Answers arise to problems, on blue collar and white-collar jobsites, or while farming, picking fruit or working in an assembly line, everywhere so where's the problem?

People from this or other countries, present advice backed by years of experience in resolving specific issues are having their supportive advice dismissed or completely ignored. Everywhere, every day, people lean in and talk across coffee tables, across msn messages, via phone calls and internet platforms, all of us concerned and many offering supportive answers.

It most certainly appears however that no-one in government is smart enough to be considering our advice. After all they have their own corporate sponsored representatives in delegated think tanks, for this. ha ha ha ha

What someone needs to maybe do is subtly suggest, that they monitor our forum and others, if they as matter of factly sensible as our own, and get across the country's advice and bloody fix the problems, and afterwards avoid others before they start,

This is what's disgraceful.

 

[Pommyoz]

Agreed, The Government should require the ANZ to have an Agency at the Post Office, it's disgraceful that they can close branches without being required to provide a viable alternative.
And, with the price of petrol these days. I don't class driving 20ks to the nearest branch, spending half an hour driving around looking for a parking spot, then feeding the b****y parking meter and finally driving 20k's home again, A VIABLE ALTERNATIVE !
It's even worse when the Government won't allow you to drive anymore, then you've got to pay for a TAXI both ways ! I can't recall the ANZ inundating my mailbox with offers to reimburse my expenses. Can You ?
Is there anyone out there, who knows If there is anyone we can complain to about the ANZ ? And which banks have agencies at the Post Office ?.

Frank, maybe check with your p.o. And I will mine. There’s got to be somebody who can change the bank’s attitudes to it‘s customers. Because without them, the bank is not needed.

 

[Pommyoz]

Comedy is a measurement of our life attitude hey.

With all the troubles in the world, my choice is to not get stuck on a person's word use and instead look at why the chosen word was applied.

Words do hold energy in space, this is true. And each word can create a sentence that offers different food for thought to all that read them. this is also true.

Every word can have so many different references, that can change dramatically, due to a person's intention or to how they personally feel about a word, that it's a challenge to use them in a public forum, lest they be taken out of context.

Personally, I merely felt to amuse myself with a response regarding the massive job losses that are to be expected right throughout the business sector soon as the msn link that I posted had recently reported on.

I applied a word that for sure like any other word can be applied negatively if that's the intention, but it wasn't mine.

Negativity was not the essence of my post. that word Rule, is to describe how we humans as carbon based bipedal electromagnetic biomechanical organisms, currently influence our planets evolution, more than cybernetic electromagnetic machines do, though they are coming for millions of human jobs.

I made a joke about how we should make t-shirts to remind corporate executives that we all share similar D.N.A

I merely chucked in one word, as it describes our species current evolutionary standing, cause its faster I guess

Writing all of that on a t-shirt hasn't the same Byte me intention, to the CyberTron's, pushing for cybernetic organisms and high-tech data machines to take away jobs that people need, as this was the post I had responded too.

I personally never thought about it as deep as this, so thank you, I apologize that you found it offensive. however, I really did appreciate your reaction, because it caused me to think about why I may have written it.

When it comes to relating a t-shirt comment about, for me it still has that two-word impact.
Humans sitting hugging dogs and cats with birds on their heads and a menagerie behind really could sell.

I'd wear one.

So would it, no offence taken, just a dash in between vital words, thanks