As regional bank branches slowly begin to shut their doors on residents and businesses, a Senate inquiry into the closures has begun after referral to the Rural and Regional Affairs Committee.
Category
🗞
NewsTranscript
00:00 Our decision to pause regional branch closures is also predicated on customers and communities
00:06 valuing our decision to stay.
00:09 The reality today is that more than 90 per cent of customers stay with their existing
00:13 bank after a branch is closed.
00:16 I remember meeting a community leader in a regional town who was challenging our decision
00:20 to close a branch.
00:22 I was told of the negative effect of closing that branch would have on the community, particularly
00:26 given it was the last in town, but consistent with our experience, that person hadn't moved
00:32 their own banking and was a customer of one of our competitors, which had long since left
00:37 the town.
00:38 We hope to change this.
00:40 I'd like to see the Commonwealth Bank have a substantially higher market share in regional
00:44 communities where we are the only bank in town.
00:46 [END]
00:47 Duration: 5 minutes
00:48 1
00:48 [BLANK_AUDIO]