Is this 'people power' at work? Major bank reverses initial decision over regional branches
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As technology continues to advance at a rapid pace, digital transactions are becoming the norm.
However, a heartening tale of community action proved that the customers' voice still holds weight in major corporate decisions.
In a surprising turn of events, Westpac has announced the reopening of three regional banking facilities in New South Wales, Victoria, and Tasmania.
This decision marked a significant victory for advocates of a cash-based society.
Westpac's establishment of banking centres in Moree, Leongatha, and Smithton came as a refreshing change to the trend of cashless payments.
Jason Bryce, the founder of the advocacy group Cash Welcome, hailed this development as a testament to the power of collective action.
'Only people power will stop a cashless future from becoming reality,' Bryce stated.
'It was only 18 months ago Westpac was committed to closing regional and rural bank branches, and bank executives were talking about how to help towns go cashless.'
The new service centres would provide face-to-face support for customers.
It would also facilitate cash transactions through their automatic teller machines (ATMs).
Westpac revealed its three-year plan to introduce 150 new business bankers across these sites.
This plan reinforced the bank's commitment to serve regional areas in Australia.
Westpac chief executive Anthony Miller emphasised the importance of regional Australia in the country's economy.
'It's home to a third of the population and contributes 30 per cent to gross domestic product (GDP),' Mr Miller shared.
'We're investing in the regions because we want to support the hardworking Australians who live outside of our capital cities.'
'We have thought long and hard about how we can provide a face-to-face service for our regional customers,' Mr Miller added.
'While most customers prefer to bank online, this new model will allow us to improve the way we help personal, business and agri customers.'
Westpac's initiative was part of a broader commitment by Australia's big four banks.
Westpac, Commonwealth Bank of Australia, ANZ, and National Australia Bank agreed to a moratorium on closing any future regional branches until at least 2027.
The reopening of the Moree Westpac bank branch marked the return of its service.
The branch had been a vital part of the community for over 150 years before Westpac announced its closure in 2023.
Finance and payments expert Brad Kelly shared his thoughts about a 'cashless society' in this interview:
Source: ABC News Australia/YouTube
Last year, Westpac faced sanctions over closing a branch in a remote Northern Territory community, which negatively impacted customers.
Meanwhile, the closures in Leongatha and Smithton in 2022 and 2023 were also met with disappointment and concern from long-term customers.
The Moree centre is set to open later this year, while the Leongatha and Smithton centres will resume operations in early 2026.
Jason Bryce welcomed the news from Westpac with open arms.
Bryce was part of a massive Cash Out Day event last year, which protested against the increasing digitisation of payment systems and the closure of ATMs and bank branches.
Event participants withdrew large sums of cash from banks and ATMs, with claims of more than half a million dollars being withdrawn collectively.
'There's been a change in mood. Two of the big four have agreed cash is here forever, so I am hopeful that we will have at least one bank branch and ATM in every town,' Bryce shared his thoughts about the news.
He expressed the desire for banks to be present in every town and for supermarkets.
He also wanted retailers to support cash transactions, barring exceptional circumstances.
This development became an indication that Australians, especially in regional areas, still demand cash services.
What do you think of this massive update? Have you felt the impact of bank closures in your area? Do you prefer cash transactions over digital ones? Share your thoughts and experiences in the comments section below!
However, a heartening tale of community action proved that the customers' voice still holds weight in major corporate decisions.
In a surprising turn of events, Westpac has announced the reopening of three regional banking facilities in New South Wales, Victoria, and Tasmania.
This decision marked a significant victory for advocates of a cash-based society.
Westpac's establishment of banking centres in Moree, Leongatha, and Smithton came as a refreshing change to the trend of cashless payments.
Jason Bryce, the founder of the advocacy group Cash Welcome, hailed this development as a testament to the power of collective action.
'Only people power will stop a cashless future from becoming reality,' Bryce stated.
'It was only 18 months ago Westpac was committed to closing regional and rural bank branches, and bank executives were talking about how to help towns go cashless.'
The new service centres would provide face-to-face support for customers.
It would also facilitate cash transactions through their automatic teller machines (ATMs).
Westpac revealed its three-year plan to introduce 150 new business bankers across these sites.
This plan reinforced the bank's commitment to serve regional areas in Australia.
Westpac chief executive Anthony Miller emphasised the importance of regional Australia in the country's economy.
'It's home to a third of the population and contributes 30 per cent to gross domestic product (GDP),' Mr Miller shared.
'We're investing in the regions because we want to support the hardworking Australians who live outside of our capital cities.'
'We have thought long and hard about how we can provide a face-to-face service for our regional customers,' Mr Miller added.
'While most customers prefer to bank online, this new model will allow us to improve the way we help personal, business and agri customers.'
Westpac's initiative was part of a broader commitment by Australia's big four banks.
Westpac, Commonwealth Bank of Australia, ANZ, and National Australia Bank agreed to a moratorium on closing any future regional branches until at least 2027.
The reopening of the Moree Westpac bank branch marked the return of its service.
The branch had been a vital part of the community for over 150 years before Westpac announced its closure in 2023.
Finance and payments expert Brad Kelly shared his thoughts about a 'cashless society' in this interview:
Source: ABC News Australia/YouTube
Last year, Westpac faced sanctions over closing a branch in a remote Northern Territory community, which negatively impacted customers.
Meanwhile, the closures in Leongatha and Smithton in 2022 and 2023 were also met with disappointment and concern from long-term customers.
The Moree centre is set to open later this year, while the Leongatha and Smithton centres will resume operations in early 2026.
Jason Bryce welcomed the news from Westpac with open arms.
Bryce was part of a massive Cash Out Day event last year, which protested against the increasing digitisation of payment systems and the closure of ATMs and bank branches.
Event participants withdrew large sums of cash from banks and ATMs, with claims of more than half a million dollars being withdrawn collectively.
'There's been a change in mood. Two of the big four have agreed cash is here forever, so I am hopeful that we will have at least one bank branch and ATM in every town,' Bryce shared his thoughts about the news.
He expressed the desire for banks to be present in every town and for supermarkets.
He also wanted retailers to support cash transactions, barring exceptional circumstances.
This development became an indication that Australians, especially in regional areas, still demand cash services.
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