Australia: Decline in transactions force the closure of another branch

CBA announced on June 30 it will be closing its Kingston branch in the ACT. While the branch itself will close, CBA has confirmed an ATM will remain in its place so day-to-day banking tasks can still be completed and for customers who still wish the perform face-to-face banking, the neighbouring post office will be able to facilitate their needs.

RFi Group data shows that over the last 4 years the proportion of consumers who are choosing to use the branches for day-to-day banking has decreased significantly. Since March 2015 the proportion of consumers using branches to check balances, transfer money and pay bills has fallen by 2%, 4% and 1% respectively. Although branches are no longer being used for day-to-day tasks the proportion of consumers using a branch to apply for a home loan or take out a term deposit has remained steady.

Despite the branch’s impending closure, customers who use this CBA branch will retain their BSB numbers and staff will not be made redundant but rather redeployed to other branches.

Source: RFi Group Australian Savings and Deposits Council

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