Bankwest has been urged to clarify to a senate inquiry the reasons behind its decision to close numerous branches in Western Australia.
Customers have been left out of the loop after a major Australian bank decided to close all of its branches as it moves toward becoming a digital-only business.
Bankwest, which is based in WA, will be closing 45 locations by October.
The 15 regional branches in the state will be rebranded as part of the company’s parent organization, Commonwealth Bank of Australia.
The decision to close all of the bank’s branches has been condemned by the finance sector union, which noted that the bank’s customers would be affected by the closures.
According to Jason Hall, the bank had abandoned its customers and transformed itself into a digital bank.
Many of Bankwest’s customers will be adversely affected. These include the most vulnerable individuals in our community.
The most vulnerable individuals affected by the closures include elderly customers, those who don’t speak English, and those who are not computer literate.
Despite the costs associated with maintaining a network of branches, it is still important for Bankwest to maintain its loyal customers.
According to the company, the changes brought about by the evolution of the customer are driving the bank’s decision to close its branches.
According to Bankwest, its branches average around 30 transactions a day, which is half of what it used to be.
The company noted that fewer than 2% of its customers regularly visit its branches.
It is now focused on providing simpler and more convenient banking services. However, some of its customers are still considering switching their bank.
One of the bank’s customers said they were annoyed by the changes, and they usually avoid online transactions due to the number of scam artists.
Bankwest has about 2,000 regulars, and it is trying to provide its customers with more information about its services.
In response to the changes, Bankwest has launched a variety of support measures to help its customers through the transition.
Jason Chan, the company’s executive general manager, said that the bank would provide its customers with the necessary resources and support to help them navigate the changes.
He noted that the company’s decision to focus on its online and broker offerings instead of its branches had a clear distinction from the traditional banking model.
Over 350 employees of Bankwest are currently in limbo as the company continues to implement its digital banking strategy.
According to Hall, the company and the Commonwealth Bank of Australia (CBA) must retain as many staff members as possible. He noted that the members who work in retail were not part of the call center operations of the bank.