Fountain Gate’s Bankwest store permanently closed its doors on 24 October, joining over a dozen other branches across the East coast to cash out of in person services in recent months.
The bank chain said a 64 per cent decline in usage was behind the decision to close all 14 of its east coast branches.
Bankwest Executive General Manager Jason Chan said Bankwest needed to make a clear choice to invest in areas where customers preferred to engage with Bankwest.
“Customers increasingly expect us to be simpler and easier to bank with via their brokers and our digital and contact centre channels, so it’s critical we meet these expectations,” he said.
“We’re exploring how we continue to get the balance right between supporting those customers who want to use branches while delivering the digital services customers expect of us.
“On the East coast, Bankwest is in a strong position to grow as a homeowner-focused digital bank due to our distinct brand, first class broker services and digital investment plans.”
Bankwest General Manager of Personal Banking Scott Spittles said the bank was contacting customers about the changes and up-skilling WA branch colleagues so they could continue to serve customers.
“We’re writing to branch customers to inform them of the changes, support them in using digital services and help customers access alternative physical banking options where needed,” he said.
“Thanks to Bankwest’s partnership with Australia Post, our customers can access more than 3,500 Bank@Post locations in communities across Australia for many of their day-to-day banking needs.”
While Mr Chan said the bank chain will continue to be “a leading retail bank” in its home state of Western Australia, opening hours are shrinking for branches in regional parts of the state.
Last month the bank announced it will adjust the opening hours of 29 WA regional branches, which will move to two and four days per week.
While Bankwest has attributed the change to a continued shift in customer preferences across WA and nationwide toward digital banking options, peak body The Finance Sector Union (FSU) has accused the Commonwealth Bank subsidiary of “abandoning customers and communities” in response to the closures.
“It is yet another case of the CBA putting profits before people,” Finance Sector Union National Secretary Julia Angrisano said.
“Banks like the CBA and BankWest promote the lie that large numbers of customers are migrating to digital banking, when the truth is that the banks are actively pushing customers into digital banking.”
“BankWest and the CBA are hardly doing it tough after the group booked a hefty $9.6 billion profit in FY2022.”
It comes after Commonwealth Bank closed its Hampton Park branch in July, causing frustration among the local community who said it was one of few accessible Commonwealth Bank branches available in the area.
Ms Angrisano said FSU has been concerned about bank branch closures for years.
“This trend has reached crisis proportions and we are calling on the Federal Government to hold an inquiry into the impact of bank branch closures,” she said.
“The FSU believes banking is an essential service and that all Australians, no matter where they live, have the right to access banking services in the manner they choose, in particular by being able to walk into a local branch.”
