Over 2,000 branch closures!
The end of an era?
Analysis from APRA shows that over the last seven years, there have been over 2,000 branch closures.
According to the data, the number of bank branches were,
5,694 in 2017?
And are now
3,360 in 2024?
That’s a 41 per cent fall in the number of branches across the country, including a 36 per cent decline in regional and remote areas.
Benefits of the changes in banking are the convenience (hurrah) for consumers with digital access to their accounts available 24/7, with the associated fast processing and no queues (bigger hurrah).
However, branch closure does limit access for older or less tech-savvy individuals and rural populations may struggle to access digital services. When a branch closes, often so does the attached ATM, making it harder for consumers to access cash and deposit funds.
But perhaps the biggest issue faced by consumers will be the loss of access to a personal service. Consumers value in-person interactions, especially for complex and sizeable financial needs like home and business loans.
This an area where brokers outperform banks by providing a personal service with a friendly face. ?
“I highly recommend Martin as he genuinely puts his customers first.”
When was the last time you heard that said about a Big 4 bank?
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It’s your money, you work hard for it, let me help you keep more of it. ????
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Martin Bailey from Word-of-Mouth Finance is a Credit Representative (522104) of Buyers Choice Licencing Pty Ltd ACN 626 172 281 (Australian Credit Licence Number: 509484)