In the past five years, the number of bank branches has dropped 30 per cent. While growing numbers of Australians are doing their banking online, the local bank remains a vital service for many isolated regional communities.
In the past five years, the number of bank branches has dropped 30 per centThe closures are forcing some regional customers to travel an hour or more to the next available bank branchThe retired farmer from Carnamah, a wheat farming town about three hours north of Perth, has been using the same bank ever since.In February 2023, it will become the latest in a long list of shuttered branches across the country.
"In these instances, we continue to support our customers by expanding access via Bank@Post, telephone, mobile and virtual banking."Colleen Bennier, who owns and owns runs the town's post office, was one of them.Ms Bennier said while she could provide withdrawal and deposit services during her opening hours on weekdays, there were shortcomings including providing change for cash floats to local businesses.
"[While] a lot more Australians [are] using cashless transactions, in regional towns, and in some communities, cash is still king. "So it would basically mean that we have people who are having to travel out of town to talk to a bank manager, or to engage in a conversation about transactions on the phone with somebody who's faceless, and they don't know.
"We found that more branches in regional areas were being closed, or [had] reduced hours, with 13 per cent of households losing their last branch in the past year, compared with 2 per cent in suburban areas.""Branches remain a critical element in securing the economic future of a particular regional town, not least because digital alternatives, and other branch outlets are less available," he said.
"I think it's important not to see this [branch and ATM closures] necessarily as a saving," she said.
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