Banks keep branches as Smart ATMs are trialled

New Zealand’s biggest banks have promised not to close any provincial branches while the Government trials regional banking hubs.

This comes amid concerns that banks in some of New Zealand’s regional centres could close due to the lack of demand for their in-house services.

Regional Economic Development Minister Shane Jones said the announcement was the first sign of hope for regional communities, many of which have lost their faceto-face banking facilities.

From next year, banking hubs — which will provide basic transactions services like cash withdrawals, deposits and account transfers — will be trialled in Martinborough, Opunake, Stoke and Twizel.

Each hub will have a multibranded Smart ATM and a support person.

Last year, Jones took a swipe at big-banking, saying he had been approached by people who were “pissed off that the range of banking services in the regions are being dialled back at a time when their profits are stupendous”.

Finance Minister Grant Robertson said he hopes the hubs would be a solution for banks and the local communities where it may not be economical for individual banks to maintain a branch.