The End Of The Local Bank Outlet Networks...

Not sure if this is happening Australia wide as much of what we read and see comes from many unverified sources..
I went to a xxx business bank outlet this morning to bank some cash,at acacia ridge south side Brisbane..Pulled up and the entire business section plus the normal atm walkin branch is boarded up and a small sign-- the nearest branch was at Sunnybank ,the same at sherwood closed now a real estate office..

From what i read as branches are expensive ,some accounting for half the operating costs in some banks and i can see why with future cost cutting and fast digital networks there days are numbered..

I dont think the banking walk-in set-up will vanish ,just more will optimize well placed branches to gain a challenging competitive advantage ..I just pity anyone working for any bank as at one time it was a job for life and like change sometimes its good other times unknow..imho..

 

Banks are constantly reviewing their branch network and with the rise of tap and go transactions are finding that ATMs are becoming less essential. Fewer people are using cash, the Interbank ATM fees have been reduced/abandoned so having multiples of their own branded ATM is no longer as big a priority.

 

Near me, 2 Commonwealth branches (1 big branch) have closed in the past few years.

 

That's a good way to look at it and a important inflection point for all the banking sector and their unit holders-- less face too face and more AI,rather then Today Tonight with the help of social media starting a campaign to save a dying business model that always ends in useless expletive ridden tirade..
Looking back at other business models long gone,like the way the once power-full classifieds weekly classifieds was mortally wounded by the internet's power..The list in the future is endless...imho..

 

Haven't visited my bank for over 2 years ... no need as I can do everything online these days including buying and selling shares, pay bills etc. Glad to see the end of cheque and deposit books.

 

The local CBA branch closed earlier this year, NAB closed years ago. ANZ is still there but I suspect it will be gone soon as well. The closes branches are all at Eastland (major shopping centre).

Apparently that CBA was one of the branches involved in the 'fake Dollarmite account' scandal a few years ago. My neighbour who's a primary teacher was furious about it.

 

We lost the Suncorp about a year ago but we still have StG, Westpac, ANZ, CBA, NAB but limited parking.

At one point we had 2 ANZ branches.

 

I'm travelling at present around the top half of the country and have been surprised as to how many facilities have Eftpos and Tap and Go; even the smaller remote towns. It seems like Cash is on the decline.
Due to this alone I can see how bank facilities are being removed.

 

Yeah l don't reckon it's so much tap and go and stuff, just very very greedy banks cutting as many corners as they can to up that God almighty profit each year. They'd rather pay someone 80k a year to stand in the doorway of another branch and ask what you want when you walk in pretending some good pr.
lf there's anyone in this country that can afford to leave a few of their quieter branches about for the locals , it's our banks.
This town had 4 here 3 years ago when l moved here , now it has one and they don't even bother sweeping it out the front it almost looks abandoned from the outside , about to get the chop too any day to l'd say.

 

Just look at it as protecting my dividends.......