A major Australian bank almost 130 years old has revealed permanent branch closures are just months away as it transitions into a digital financial institution.
Bankwest announced on Wednesday that all 45 West Australian branches — 28 in metropolitan Perth and 17 in the regions — will be closed by October 2024, meaning the bank will “no longer operate a physical branch footprint”.
Fifteen of the Commonwealth Bank (CBA) subsidiary’s regional locations will be converted to CBA branches by the end of the year, it has been confirmed.
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Bankwest said the habits of its more than one million customers were driving the huge transformation, with 97 per cent of transactions now completed digitally and fewer than two per cent of customers regularly visiting a branch in person.
The closures will take place in phases, with the locations visited least to go first, and the bank said it is committed to re-skilling about 350 impacted branch staff for opportunities in the “next generation” of banking roles.
The locations being converted to CBA this year are Bridgetown, Collie, Dunsborough, Pemberton, Denmark, Kojonup, Mount Barker, Corrigin, Dalwallinu, Jurien, Kondinin, Narembeen, Lake Grace, Wagin and Newman.
“I understand this will be difficult news for some of our customers and Bankwest is introducing a range of support measures to help our customers who are regular branch users carefully through this transition,” executive general manager Jason Chan said.
“It’s critical we prioritise investment for the majority of our customers who expect leading digital and broker banking services … but we have a clear focus on the needs of our regular branch users at this time.”
The bank will reach out to regular, older and vulnerable branch customers about the support being put in place, including a specialist team at its 24/7 contact centre for customers needing help.
Customers will be able to carry out everyday banking and cash transactions at 350 Australia Post offices in WA, and they will have fee-free access to CBA’s network of ATMs.
Bankwest staff will be offered the chance to pivot into new pathways, including serving customers through its popular digital channels.
“Our branch colleagues have invaluable knowledge and experience, and they will all be offered opportunities to access the next generation of banking jobs so they can continue to support customers nationwide in their own communities,” Chan said.
“Looking ahead, customers will have a clear and distinct choice between CBA’s personal and business banking offering and national branch network, and Bankwest’s simple and easy digital and broker offering, focused on homeowners’ needs.”
Bankwest is already a digital-only lender for customers on the east coast.
