Commonwealth Bank’s subsidiary Bankwest has decided to close selected branches located across the east coast of the Australia as a part of its plan to prioritise investment in digital technology.
The plan involves closing 29 branches over a three-week period starting from 17 August this year.
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The move is expected to affect around 200 jobs. Following the closures, the lender will have 14 branches in the east coast.
Bankwest managing director Rowan Munchenberg stated that the new and swift changes in the digital space required the bank will adjust its strategy and take this decision to provide better services to the customers and support its national growth.
He said: “We’re seeing a consistent trend of customers choosing mobile banking over in-branch options for their transaction needs, with an 88% rise in app logins over the past three years.
“So, we’re transforming our organisation to respond more rapidly to these changing customer needs by adopting new ways of working and embracing new technologies.
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By GlobalData“But we know we can’t match the major banks’ nation-wide footprint and also deliver world class digital services, so we will prioritise digital channels and broker relationships.”
The bank also noted that it will help the employees affected with this decision with other opportunities, inside and outside the group.
Munchenberg added that the decision will not have any impact to its operations in the western Australia where Bankwest has a strong footprint.
