Statewide bank branch closure triggers outrage: 'This is an outrageous decision'
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A recent announcement by the Commonwealth Bank has sparked a wave of criticism and concern, particularly from a group of financial industry workers.
The decision, which is set to affect 350 staff members, has been labelled as 'disgraceful' and an abandonment of the bank's customer base, especially those in regional and remote areas.
The bank's justification for the mass closure of all 60 Bankwest branches in Western Australia is the shift towards digital banking, as Bankwest Personal Banking Manager Scott Spittles cited that 97 per cent of transactions are now conducted online.
'As part of Bankwest's transition to a digital bank, we will no longer operate a physical branch footprint,' Spittles explained.
However, Finance Sector Union (FSU) President Wendy Streets and other union representatives argued that the move is a betrayal of the bank's customers.
'This is a bank that makes in excess of $10 billion profit annually,' she pointed out.
'They can afford to keep banking in regional Australia.'
Streets highlighted the challenges faced by customers outside of urban centres ahead of the widespread shutdown.
'Once you get out of cities, connectivity is a real issue…even if they've got the equipment and they know how to do (online banking), which in lots of cases they don't, the actual connectivity is an issue.'
'So, you know, we've heard stories through the banking inquiry into the closure of regional and remote branches of people having to do their banking at midnight and 1 am.'
The FSU's National Assistant Secretary, Jason Hall, emphasised the impact on these groups, stating, 'This is an outrageous decision by Bankwest, which has completely abandoned its customer base in order to cut costs and become a digital bank.'
'A range of Bankwest customers will be badly affected including the most vulnerable in our community.'
'Worst affected will be the elderly, First Nations customers, people whose first language is not English, and others who are not computer literate.'
'Maintaining a branch network costs money. But surely keeping faith with a loyal customer base is an important principle when those same customers and the banking fees they pay, have been at the core of Bankwest's profitability for many years.'
Bank bosses also reiterated that the closures could be the last straw for some of its clientele.
'I hope to keep every single one of our customers,' Spittles said.
'I absolutely respect, though, that some may see a physical branch experience as really critical to them.'
The closure will happen in phases, with the busiest branches the first to be shut down.
The exact schedule of the closures will be finalised in the coming weeks.
This news comes after the Commonwealth Bank announced the closure of three more branches across the country.
Similarly, the bank explained that this decision is a response to a progressive decline in customer demand at the affected branches.
The branches in Coogee, New South Wales, Coolangatta, Queensland, and Adelaide’s Rundle Mall in South Australia closed their doors permanently last 1 March.
You can read more about this here.
Are you a Bankwest customer affected by these closures? Let us know your thoughts about this latest news below.
The decision, which is set to affect 350 staff members, has been labelled as 'disgraceful' and an abandonment of the bank's customer base, especially those in regional and remote areas.
The bank's justification for the mass closure of all 60 Bankwest branches in Western Australia is the shift towards digital banking, as Bankwest Personal Banking Manager Scott Spittles cited that 97 per cent of transactions are now conducted online.
'As part of Bankwest's transition to a digital bank, we will no longer operate a physical branch footprint,' Spittles explained.
Bankwest is set to close all of its 60 branches in Western Australia. Image source: Shutterstock.
However, Finance Sector Union (FSU) President Wendy Streets and other union representatives argued that the move is a betrayal of the bank's customers.
'This is a bank that makes in excess of $10 billion profit annually,' she pointed out.
'They can afford to keep banking in regional Australia.'
Streets highlighted the challenges faced by customers outside of urban centres ahead of the widespread shutdown.
'Once you get out of cities, connectivity is a real issue…even if they've got the equipment and they know how to do (online banking), which in lots of cases they don't, the actual connectivity is an issue.'
'So, you know, we've heard stories through the banking inquiry into the closure of regional and remote branches of people having to do their banking at midnight and 1 am.'
The FSU's National Assistant Secretary, Jason Hall, emphasised the impact on these groups, stating, 'This is an outrageous decision by Bankwest, which has completely abandoned its customer base in order to cut costs and become a digital bank.'
'A range of Bankwest customers will be badly affected including the most vulnerable in our community.'
'Worst affected will be the elderly, First Nations customers, people whose first language is not English, and others who are not computer literate.'
'Maintaining a branch network costs money. But surely keeping faith with a loyal customer base is an important principle when those same customers and the banking fees they pay, have been at the core of Bankwest's profitability for many years.'
Bank bosses also reiterated that the closures could be the last straw for some of its clientele.
'I hope to keep every single one of our customers,' Spittles said.
'I absolutely respect, though, that some may see a physical branch experience as really critical to them.'
The closure will happen in phases, with the busiest branches the first to be shut down.
The exact schedule of the closures will be finalised in the coming weeks.
This news comes after the Commonwealth Bank announced the closure of three more branches across the country.
Similarly, the bank explained that this decision is a response to a progressive decline in customer demand at the affected branches.
The branches in Coogee, New South Wales, Coolangatta, Queensland, and Adelaide’s Rundle Mall in South Australia closed their doors permanently last 1 March.
You can read more about this here.
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