As banks transition to digital, hundreds of bank offices have closed around Australia, having an effect on thousands of consumers.
After liquidating an astounding 225 locations since January of last year, Westpac is closing 24 branches and eliminating 103 employees this month.
4,000 jobs might be lost as a result of the change, according to Peter King, chief executive of the big four banks, by May 2023.
Westpac shuttered 24 stores and a contact centre in Perth last month. The bank shuttered 24 more branches in July.
It plans to co-locate storefronts with St. George, Bank of Melbourne, BankSA, and other businesses, bringing all of its brands under one roof.
There would be a total of 21 mergers throughout the nation, with the Dubbo, Lithgow, and Port Stephens locations of these shops already open.
The drop in the number of clients visiting branches is what Westpac attributes to the ongoing closures.
A Westpac representative stated, “With more than five million digitally engaged clients, we’re investing in offerings that support how our customers choose to bank.”
We take precautions to guarantee that clients are informed in advance about the changes and are immediately linked with the services they need to continue doing banking business.
We provide specialised support and education to make the transition smoother for people who are new to digital banking or may need extra help with the adjustments.
The Financial Services Union (FSU), however, asserts that the closures were part of the bank’s most recent round of “cost reduction,” and that they would have an adverse effect on thousands of consumers.
The FSU national secretary Julia Angrisano remarked, “This is no longer trimming the fat off Westpac; this newest carving up of Westpac’s branches is slicing straight into the heart of the bank with worker morale at rock bottom as they wait for the axe to fall on what’s left of the branch network.”
“After closing 225 branches since January 2021, it is evident Westpac has no concern for the communities across Australia,” said one individual.
Westpac claims it would help employees at the locations affected by closures find new positions within the organisation.
A spokeswoman for Westpac Group stated, “We have a comprehensive mechanism in place to help individuals in finding new opportunities within Westpac Group, meaning the majority of impacted staff acquire a new post and continue their careers in the Group.”
Three Commonwealth Bank locations are shutting as they adopt the same strategy as their big four competitors.
The stores in NSW and SA are 300 metres or less from Australia Post locations, which provide banking services for 98% of all transactions.