Bankwest will cease its physical branch operations by the end of the year and focus instead on digital banking, which will affect around 350 workers.
The bank noted that 97 percent of its transactions were carried out online.
Scott Spittles, its personal banking manager, said that the bank would no longer be operating a physical branch network.
David Sharpe, the founder of Globe Financial Planning, said that the bank’s decision to close its branches was influenced by the costs associated with operating them.
He noted that the closures would have a significant impact on the bank’s older and regional customers.
The bank will convert 15 of its regional branches into Commonwealth Bank locations.
The Finance Sector Union criticized the bank for abandoning its customers and called on it to retain as many staff as it can.
Many of Bankwest’s customers, particularly the most vulnerable individuals, will be adversely affected by the closures.
The most vulnerable individuals affected by the closures include elderly customers, people who don’t speak English, and those who are not proficient in computer skills.
Despite the costs associated with maintaining a physical branch network, it is still important for Bankwest to maintain its loyal customers.
The bank noted that the fees it charges are the main reason why it is profitable.
Despite the bank’s efforts to maintain its customers, Spittles noted that some customers might still prefer to conduct their transactions through a physical branch.
The closures will be carried out in phases. The bank will initially close the branches with the least number of customers.