Westpac has announced an extension of its moratorium on closing regional branches, committing to no closures until at least 2027.
Westpac plans to invest more than $150 million in the next two years to enhance its network of 182 regional branches.
“This announcement gives certainty to our people, to our customers, and to these communities that we’ll be there to continue to provide banking services,” said Jason Yetton, Westpac chief executive of consumer.
Despite a significant shift towards digital banking – with 5.9 million users of its apps and online platforms – Westpac said it recognised the importance of maintaining face-to-face interactions.
“They know their bankers, the bankers are part of their communities, and it’s an important part of us helping them to prosper and grow in the future,” Yetton said.
The bank also aims to guide customers through the digital transition while expanding virtual services, allowing online interactions with banking specialists.
Westpac’s collaboration with Australia Post through the Bank@Post initiative allows access to banking services at more than 3,400 locations nationwide, including 1,800 in regional areas. This partnership enables customers to perform typical branch transactions like deposits, withdrawals, and bill payments.
Additionally, Westpac continues to roll out its co-location strategy, combining customer service teams from two different Westpac brands under one roof, which has already led to more than 100 co-located branches.
Recognising that Australia is not yet a cashless society, Westpac said it remains committed to ensuring cash availability.
“Most transactions can now be done digitally, and for those that might be concerned about digital from a safety and security perspective we’ve been enhancing our digital capability so that the payments you make are safe and that customers are increasingly protected from the risk of scams,” Yetton said.
The recent technology upgrade across all Westpac brands enhances service flexibility, allowing customers to perform cash transactions at any branch, irrespective of the brand, the bank said.
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