Eastern exodus for BankWest
AN offshoot of the Commonwealth Bank is closing two in every three of its branches across three states in a dramatic pullback from the eastern seaboard.
Bankwest has announced it will shutter 29 branches over a three-week period from August 17, affecting 200 jobs across Victoria, New South Wales and Queensland.
The CBA-owned operation, which is based in Perth, will reduce its footprint on the east coast to just 14 branches, from 43 now.
Bankwest says it is culling the branches in part because customers are increasingly using mobile banking.
Managing director Rowan Munchenberg blamed rapid changes in the digital space and said Bankwest could not match the physical footprint of the bigger banks.
“We’re seeing a consistent trend of customers choosing mobile banking over in-branch options for their transaction needs, with an 88 per cent rise in app logins over the past three years,” he said yesterday in a statement.
Mr Munchenberg said the bank’s operations were being overhauled to “respond more rapidly” to changing customer needs.
The Finance Sector Union has lashed out at the branch closures, saying the move is designed to maintain the CBA’s profits. More than half the branch closures are in NSW, with the rest in Victoria and Queensland.