As we navigate through the ever-evolving landscape of banking and finance, many of us have witnessed a significant shift from traditional banking to digital banking.

This transition has been both a boon and a bane, depending on who you ask.

Yet for seniors, they heavily emphasise the importance of personal touch and the bank's physical presence in their communities.

In a move that took many Aussies by surprise, the Bank of Queensland announced the closure of about 16 branches across the country.

This decision left many of the bank's customers in a state of shock and concern, particularly those who rely on in-person banking services.

The closures, which are set to take place in February, were part of the bank's strategy to 'simplify operations' as it responds to the growing trend of digital banking.

Bank of Queensland has over 900,000 customers under their wing. Image Credit: Fairmont Equities

'We are focused on supporting our people throughout this process and are pleased that most team members will transition to new roles across our network,' a Bank of Queensland spokesperson assured.

The bank also shared its excitement about welcoming customers through its digital channels and Bank@Post services.

However, the move sparked concerns about the impact of such closures on local communities, especially in rural areas.

Some customers expressed their dismay about the closures online.

'Fourteen bank branches closed, and Labor has done nothing to make protecting rural branches a priority,' an anonymous customer wrote.

The University of Western Australia shared that over 2,000 bank branches have closed across Australia since 2017.

Many of these closures have affected rural communities where digital services may be limited or customers who prefer face-to-face interactions.

The closure of these branches could pose significant challenges for seniors.

Whether it's dealing with the same teller or simply the lack of comfort with digital banking, these changes could be daunting.

Here are the list of Bank of Queensland branches closing next month. Source: 7News​

If your local branch is on the list, you need to find alternative banking services.

Bank@Post services at local post offices may offer in-person banking services, and other regional banks with physical branches are also an option.

Key Takeaways

• The Bank of Queensland announced it will close 16 branches across multiple states.
• This decision was a response to the increasing adoption of digital banking solutions.
• Most team members from the closing branches will be moved to new roles within the bank's network.
• The closures prompted concern for the impact on rural communities already experiencing reduced banking services.

Is your home bank affected by this closure? Have you found alternative banking solutions that could work for you? Let's talk about it in the comments section below.

 

[Veggiepatch]

Well, the Applecross branch in WA is nowhere a major shopping centre and is only one of ten BOQ branches in the Perth metropolitan area. Its location was probably the reason for its demise.

Convenient though, with its fee free ATM.

Not like that gouging bunch of crooks at the Bendigo Bank and the Armagard run ATMx locations.