/retail banking

News and resources on retail banking, consumer finance and reinventing customer experience in finance.
Westpac extends moratorium on branch closures in the bush

Westpac extends moratorium on branch closures in the bush

Westpac is extending a moratorium on regional branch closures until at least 2027 and investing $100 million in it branch network.

Westpac customers are increasingly turning to digital channels to do their banking. Recent data shows an 11 per cent increase in virtual banking, with 5.92 million customers using Westpac’s banking apps and online platforms.

The impact of digital banking is more limited in the bush where Internet connectivty is sketchy, focing customers to travel long distances to their nearest banking outlet.

Jason Yetton, Westpac chief executive for the consumer business says the $100 million commitment will will support more than 2.2 million customers and 1,000 employees who live and work in 182 regional areas.

“We continue to give customers who prefer to do their banking in branch access to face to face service for their banking needs and cash transactions," he says. “With many regional areas being thriving business and job hubs, this also benefits our small and agri business customers who have built strong relationships with our bankers who live and work in the area, and understand the local business landscape."

At the same time, Westpac is investing a further $200 million over the next ten years into its ongoing partnership with Australia Post. With 96 per cent of Westpac customers living within 20kms of a Bank@Post, the partnership provides cash services to 1,800 communities in rural and regional areas.

Comments: (0)