Bankwest to close all 60 of its branches in Western Australia
There's been a strong reaction to an announcement by Bankwest that it's planning to close all its branches by the end of the year. The Western Australian based bank is moving to 'digital only'.
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00:00 Bankwest says it will be closing all of its branches in WA as part of a shift to a digital-only model.
00:07 It says more than 97 per cent of transactions are conducted digitally,
00:11 and the number of customers for face-to-face transactions at some branches is very low.
00:16 The Commonwealth Bank will replace Bankwest branches in some parts of WA,
00:20 and in some areas the Commonwealth will be the last physical bank in town.
00:25 Bankwest says customers will still be able to use Australia Post outlets,
00:30 and all of the staff in its branches will be offered new jobs.
00:33 The bank has its roots in the 19th century, when it was set up to assist farmers,
00:37 and the reaction has been strongest outside of Perth.
00:41 Country people tend to have less access to technology.
00:45 Internet and mobile phone connectivity is not always as good as what you experience in the city.
00:49 While Bankwest are saying that 97 per cent of transactions are now done digitally,
00:54 a lot of country people still rely on that face-to-face service.
00:57 And I can also say that with the increasing scams that have been happening across my communities,
01:02 and I see it quite a lot, particularly elderly people are concerned about doing too much of their banking online.
01:09 Bankwest expects branches will be closed by October,
01:12 with a timeline for the transition of some to the Commonwealth Bank yet to be determined.
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