As Australian banks continue to funnel their efforts in encouraging the adoption of digital banking, recently revealed data has shown that customers are “devastated” that this would mean more and more ATMs and bank branches across the country are shutting down for good.

Does this move mark the end of ATMs and cash machines in Australia?

Four of Australia’s largest banks have shut down many of their branches and cash machines. Credit: NCA NewsWire / Nicki Connolly.
​

Over the last few years, CBA, Westpac, ANZ and NAB – four of Australia’s biggest banks – have permanently closed 459 of their branches. At the same time, around 3800 ATM machines were shut down and removed as well.

Among the states affected, NSW was hit the hardest. During the same time, around 140 bank branches were shut down, with 20 of those being in Sydney. The rest were previously located across smaller cities and regional areas in the state.

It was reported that hundreds of suburbs in NSW are now feeling the “devastating impacts” of losing an essential service, especially now that cash transactions are slowly making their way back after the pandemic.

The state of Victoria suffered as well, with around 120 bank branches closing to make way for digital banking.

Thousands of customers across different states are said to be currently “clueless”, now that they are left with no branches to visit, and no machines to procure cash with.

Julia Angrisano, Finance Sector Union’s national secretary, said that physical bank branches and cash machines are considered essential services, especially for people living in regional and rural communities.

She also calls for the government to have a “better assessment of community needs” before giving the go-signal to close down several bank branches and ATMs.

Reports are saying that while 80 percent of Aussies already prefer digital banking, the remaining 20 per cent still visit physical stores to sort out and manage their finances.

Meaning, the loss of these bank branches and cash machines affect one in every five Aussies in the country, particularly those who have disabilities or low levels of digital literacy.

The majority of customers are reported to prefer online banking over in-person bank appearances. Credit: NCA Newswire/Gaye Gerard.
​

The decision to close down several bank branches across the country comes as a move to financially balance the bank company’s profits.

“To stay profitable, [banks] will reduce their biggest costs which are wages and overheads like buildings,” Ms Angrisano explained.

She followed by saying that banks are hoping to bring branch-level services to the digital world, allowing customers to have access to them anywhere, any time.

However, the decision also sees hundreds of bank employees unemployed.

Kath Bray, head of distribution at ANZ, said that digital transactions would replace in-person bank processes in the near future. More people are switching to digital, given the convenience of online banking at the tip of their fingertips.

However, Ms Bray also recognised that while the numbers of physical stores are dwindling over the years, they will never be gone as they are vital to a bank company’s network. The officer sees physical bank branches as means to deal with more complex banking issues, such as home loans and financial hardship.

What are your thoughts? Let us know in the comments below!

 

[Gillham]

I am disgusted by the actions of banks in shutting down. Where is the responsibility to previously valued clients. There again the service you get these days can be likened to Russia’s strongman bully boy antics. On affect to transact several larger transactions of MY MONEY I was made out to be the criminal and account stopped without notice, unable to use ATM, Credit cards, over the counter transactions for 6 weeks. Also unable to find out why, but eventually told they didn’t know why but with no apology!!

 

[Pattycake]

I recently went to pay my health insurance at my local medibank private, was told by the ladies that they were not going to be able to process my request soon as this service will not be available. Go digital as the alternative. But, The office was not closing.

 

[Ricci]

The big banks are longer interested in family commerce. The reality to them is that Mum and Dad banking is more trouble than it's worth. Maybe we should all take our business to the smaller banks and credit unions and see how they fare with such a huge reductions of fees etc. It's not as if they even pay a reasonable amount of interest or give us much for our hard earned dollar.

If the four big banks say they can't afford the buildings anymore why can't they share? One building, eight tellers, two from each bank. Most banks you go in have empty teller windows, let another bank use them I say.

 

[glennm257]

Banks across the country are now going digital – are physical branches and ATMs obsolete?​

As Australian banks continue to funnel their efforts in encouraging the adoption of digital banking, recently revealed data has shown that customers are “devastated” that this would mean more and more ATMs and bank branches across the country are shutting down for good.

Does this move mark the end of ATMs and cash machines in Australia?

Four of Australia’s largest banks have shut down many of their branches and cash machines. Credit: NCA NewsWire / Nicki Connolly.
​

Over the last few years, CBA, Westpac, ANZ and NAB – four of Australia’s biggest banks – have permanently closed 459 of their branches. At the same time, around 3800 ATM machines were shut down and removed as well.

Among the states affected, NSW was hit the hardest. During the same time, around 140 bank branches were shut down, with 20 of those being in Sydney. The rest were previously located across smaller cities and regional areas in the state.

It was reported that hundreds of suburbs in NSW are now feeling the “devastating impacts” of losing an essential service, especially now that cash transactions are slowly making their way back after the pandemic.

The state of Victoria suffered as well, with around 120 bank branches closing to make way for digital banking.

Thousands of customers across different states are said to be currently “clueless”, now that they are left with no branches to visit, and no machines to procure cash with.

Julia Angrisano, Finance Sector Union’s national secretary, said that physical bank branches and cash machines are considered essential services, especially for people living in regional and rural communities.

She also calls for the government to have a “better assessment of community needs” before giving the go-signal to close down several bank branches and ATMs.

Reports are saying that while 80 percent of Aussies already prefer digital banking, the remaining 20 per cent still visit physical stores to sort out and manage their finances.

Meaning, the loss of these bank branches and cash machines affect one in every five Aussies in the country, particularly those who have disabilities or low levels of digital literacy.

The majority of customers are reported to prefer online banking over in-person bank appearances. Credit: NCA Newswire/Gaye Gerard.
​

The decision to close down several bank branches across the country comes as a move to financially balance the bank company’s profits.

“To stay profitable, [banks] will reduce their biggest costs which are wages and overheads like buildings,” Ms Angrisano explained.

She followed by saying that banks are hoping to bring branch-level services to the digital world, allowing customers to have access to them anywhere, any time.

However, the decision also sees hundreds of bank employees unemployed.

Kath Bray, head of distribution at ANZ, said that digital transactions would replace in-person bank processes in the near future. More people are switching to digital, given the convenience of online banking at the tip of their fingertips.

However, Ms Bray also recognised that while the numbers of physical stores are dwindling over the years, they will never be gone as they are vital to a bank company’s network. The officer sees physical bank branches as means to deal with more complex banking issues, such as home loans and financial hardship.

What are your thoughts? Let us know in the comments below!

I do not do internet banking. It just shows that another big company does not care about there customers.
they want our money but do not want to give any service

 

[Alexander]

Be modern. Go digital. WHY? Less personal bank contacts and reduced trust. Giving access to the possibility of hackers getting at your money. No customer care. You are just a number and because you come into the bank you are a pest. Phone up and you eventually get the response "We are sorry but all our customer representatives are busy. We will be with you as soon as possible. Thank you for waiting." They are not making any money out of you so why bother? They don't care. Change your bank and go somewhere else where they do care. I did a long time ago and have no regrets.

 

[Robyn M for Mary]

What happens to the elderly who are not computer literate. I had this problem with my husband before he passed and so we would go to the bank each week to take out money for the week and one staff member was extremely rude and told us to use the ATM. I reported her to the manager and explained the problem. He was very nice and caring and spoke to the teller. That's all fine but if they remove the ATM"s as well as the Banks. WHAT THEN???????

 

[Jan S]

In Perth they aren’t necessarily taking the ATMs out yet… they are taking them inside large shopping centres (so less access due to their opening hours) then they have outsourced the ’hole in the wall’ ATMS to other service providers eg, Armaguard … who charge you for getting your money out of your bank (doubling dipping by the banks as most people pay a fee anyway for having ‘free‘ access to use them). Don’t even get me started on how difficult they have made it to have an interest only investment property loan!! We are having to sell ours due to having to pay an extra $650 per month. Less bank robbers …. More robbing banks

 

[MotherGoose]

When they closed down all the banks in our residential area, I was forced to bank near my workplace (hospital) instead. Then they closed all those near my workplace as well. I now have to get my spouse to do it because he works in the city. Prior to the nearest branch ("Which bank?") closing down, I went in there to conduct some business, I had three transactions that I wanted to make - nothing out of the ordinary. On each transaction, I was told, "Sorry, we don't do that here." A bit sarcastically, I asked the teller, "Is there any bank business that I CAN conduct here?" and he told me, "No, not much".

 

[Dwal]

Banks across the country are now going digital – are physical branches and ATMs obsolete?​

As Australian banks continue to funnel their efforts in encouraging the adoption of digital banking, recently revealed data has shown that customers are “devastated” that this would mean more and more ATMs and bank branches across the country are shutting down for good.

Does this move mark the end of ATMs and cash machines in Australia?

Four of Australia’s largest banks have shut down many of their branches and cash machines. Credit: NCA NewsWire / Nicki Connolly.
​

Over the last few years, CBA, Westpac, ANZ and NAB – four of Australia’s biggest banks – have permanently closed 459 of their branches. At the same time, around 3800 ATM machines were shut down and removed as well.

Among the states affected, NSW was hit the hardest. During the same time, around 140 bank branches were shut down, with 20 of those being in Sydney. The rest were previously located across smaller cities and regional areas in the state.

It was reported that hundreds of suburbs in NSW are now feeling the “devastating impacts” of losing an essential service, especially now that cash transactions are slowly making their way back after the pandemic.

The state of Victoria suffered as well, with around 120 bank branches closing to make way for digital banking.

Thousands of customers across different states are said to be currently “clueless”, now that they are left with no branches to visit, and no machines to procure cash with.

Julia Angrisano, Finance Sector Union’s national secretary, said that physical bank branches and cash machines are considered essential services, especially for people living in regional and rural communities.

She also calls for the government to have a “better assessment of community needs” before giving the go-signal to close down several bank branches and ATMs.

Reports are saying that while 80 percent of Aussies already prefer digital banking, the remaining 20 per cent still visit physical stores to sort out and manage their finances.

Meaning, the loss of these bank branches and cash machines affect one in every five Aussies in the country, particularly those who have disabilities or low levels of digital literacy.

The majority of customers are reported to prefer online banking over in-person bank appearances. Credit: NCA Newswire/Gaye Gerard.
​

The decision to close down several bank branches across the country comes as a move to financially balance the bank company’s profits.

“To stay profitable, [banks] will reduce their biggest costs which are wages and overheads like buildings,” Ms Angrisano explained.

She followed by saying that banks are hoping to bring branch-level services to the digital world, allowing customers to have access to them anywhere, any time.

However, the decision also sees hundreds of bank employees unemployed.

Kath Bray, head of distribution at ANZ, said that digital transactions would replace in-person bank processes in the near future. More people are switching to digital, given the convenience of online banking at the tip of their fingertips.

However, Ms Bray also recognised that while the numbers of physical stores are dwindling over the years, they will never be gone as they are vital to a bank company’s network. The officer sees physical bank branches as means to deal with more complex banking issues, such as home loans and financial hardship.

What are your thoughts? Let us know in the comments below!

Digital world meaning what exactly?

 

[Ricci]

Digital world meaning what exactly?

Don't darken their doors with your presence. They don't want to see or hear you. Just send them your money and allow them the time to sit comfortably and count their profits

 

[Dwal]

I understand that! I mean, in practical terms what does it mean, where access your account and funds, how get cash out, etc?

 

[Ricci]

I understand that! I mean, in practical terms what does it mean, where access your account and funds, how get cash out, etc?

You are not expected to deal in cash any more. That's why they have put out several high interest credit cards. I think the whole idea is to do away with real money eventually whether we like it or not.

 

[Chrissy R]

Banks across the country are now going digital – are physical branches and ATMs obsolete?​

As Australian banks continue to funnel their efforts in encouraging the adoption of digital banking, recently revealed data has shown that customers are “devastated” that this would mean more and more ATMs and bank branches across the country are shutting down for good.

Does this move mark the end of ATMs and cash machines in Australia?

Four of Australia’s largest banks have shut down many of their branches and cash machines. Credit: NCA NewsWire / Nicki Connolly.
​

Over the last few years, CBA, Westpac, ANZ and NAB – four of Australia’s biggest banks – have permanently closed 459 of their branches. At the same time, around 3800 ATM machines were shut down and removed as well.

Among the states affected, NSW was hit the hardest. During the same time, around 140 bank branches were shut down, with 20 of those being in Sydney. The rest were previously located across smaller cities and regional areas in the state.

It was reported that hundreds of suburbs in NSW are now feeling the “devastating impacts” of losing an essential service, especially now that cash transactions are slowly making their way back after the pandemic.

The state of Victoria suffered as well, with around 120 bank branches closing to make way for digital banking.

Thousands of customers across different states are said to be currently “clueless”, now that they are left with no branches to visit, and no machines to procure cash with.

Julia Angrisano, Finance Sector Union’s national secretary, said that physical bank branches and cash machines are considered essential services, especially for people living in regional and rural communities.

She also calls for the government to have a “better assessment of community needs” before giving the go-signal to close down several bank branches and ATMs.

Reports are saying that while 80 percent of Aussies already prefer digital banking, the remaining 20 per cent still visit physical stores to sort out and manage their finances.

Meaning, the loss of these bank branches and cash machines affect one in every five Aussies in the country, particularly those who have disabilities or low levels of digital literacy.

The majority of customers are reported to prefer online banking over in-person bank appearances. Credit: NCA Newswire/Gaye Gerard.
​

The decision to close down several bank branches across the country comes as a move to financially balance the bank company’s profits.

“To stay profitable, [banks] will reduce their biggest costs which are wages and overheads like buildings,” Ms Angrisano explained.

She followed by saying that banks are hoping to bring branch-level services to the digital world, allowing customers to have access to them anywhere, any time.

However, the decision also sees hundreds of bank employees unemployed.

Kath Bray, head of distribution at ANZ, said that digital transactions would replace in-person bank processes in the near future. More people are switching to digital, given the convenience of online banking at the tip of their fingertips.

However, Ms Bray also recognised that while the numbers of physical stores are dwindling over the years, they will never be gone as they are vital to a bank company’s network. The officer sees physical bank branches as means to deal with more complex banking issues, such as home loans and financial hardship.

What are your thoughts? Let us know in the comments below!

This move is a disgusting and blatant attempt to disrupt services to the elderly and the computer illiterates. I know lots of people who have no clue about the internet or internet banking… I use internet banking because I prefer that but you need to give others options too This is totally not fair on them.

 

[margie]

no good we rely on the banks and the atms not happy jan

 

[Jennie]

This move is a disgusting and blatant attempt to disrupt services to the elderly and the computer illiterates. I know lots of people who have no clue about the internet or internet banking… I use internet banking because I prefer that but you need to give others options too This is totally not fair on them.

I use internet banking, but still need cash for the carton of milk or other small item. $2-3 items are not what I put on a card. You can't get cash out of your computer (not yet ). The number of transactions on your card mount up then the bank hits you with a charge.

 

[JudyC]

How will the tooth fairy conduct her business when it'sall digital???

 

[Heathert]

Not only the big 4…..Bendigo Bank is shutting branches as well.

 

[MotherGoose]

How will the tooth fairy conduct her business when it'sall digital???

True! If cash is made unobtainable, or obsolete, there'll be lot of transactions that cannot occur. No more garage sales. Kids won't be able to sell fundraising items such as chocolates, and they won't be able to earn a bit of pocket money by doing odd jobs for people outside their family. No more raffle tickets. No more cash gifts to family members or friends. The inability to make a spontaneous cash donation to charity money boxes or people with collecting tins. Fundraising activities such as quiz nights depend on people paying with coins to play games such as "Heads and Tails". Also, some people prefer the privacy of a cash transaction - there are plenty of legitimate reasons why privacy may be required – for example, buying a surprise birthday gift for a partner when you have a joint credit card account. And what do you fall back on when technology fails?