Bankwest’s Subiaco branch will close its doors after 60 years of service to the community, with digital preferences, alternative banking services, and the transition of business customers making the location unsustainable.
The Subiaco branch will close on 20 July 2023, after the R&I bank acquired the site on 13 June 1963, with Bankwest to retain all impacted colleagues.
Bankwest’s partnership with Australia Post enables customers who prefer to bank in-person to continue to do so within their local community, with the Bank@Post Subiaco office 50m from the current branch location.
Bankwest announced at the start of last year it would cease Business Banking activities to enable it to fully invest in its vision to be a simple, easy bank for the Australian homeowner of today and tomorrow.
Business customers accounted for 90 per cent of the most frequent transactors at the Subiaco branch in the past quarter, with those customers to complete their transition to CBA or other financial institutions over the next year.
In-branch transactions for Subiaco declined 15 per cent over the past year and the transition is set to significantly accelerate the fall in usage, with business transactions accounting for about 50 per cent of overall teller services.
The Subiaco branch averages just 14 retail in-branch transactions a day, placing it in the bottom five for transaction volumes across Bankwest’s network of 31 metro branches.
Bankwest General Manager Personal Banking Scott Spittles said: “Bankwest constantly reviews its services to ensure we're focusing on meeting changing customer needs, and being a simple, easy bank for homeowners.
“We’re proud of the impact Bankwest has had in the area, having been a part of the Subiaco community for 60 years, and supporting businesses and residents in creating the flourishing centre it has become.
“However, as the face of Subiaco continues to evolve, so too does the way our customers prefer to do their banking, and we continue to see a decline in branch use that is contrasted by the rapid uptake of digital options.
“The volume of business customer transactions at Subiaco also means the decline at that branch in particular will significantly accelerate over the next year, while retail customers continue to increasingly use alternative services.
“We’re committed to being a simple, easy bank for the Australian homeowner of today and tomorrow, and that means we’re focused on investing in delivering the safe and secure digital experiences customers expect.
“Our partnership with Australia Post provides customers access to Bank@Post services, including the office 50m away, which can facilitate many everyday transactions, such as deposits, withdrawals, and balance enquiries.
“Looking ahead, we expect to operate fewer branches in the future as customer preferences shift to digital options, but we'll continue to support customers through a balanced range of digital and face-to-face services."
About Bankwest
Bankwest’s vision is to be a simple, easy bank for the Australian homeowner of today and tomorrow, and our purpose is to build a brighter future for all. Bankwest provides personal and everyday banking solutions for customers across Australia. We support customers in doing their banking in the ways that suit them, with innovative digital solutions, an Australia-based 24/7 Contact Centre, a passionate broker community, and our WA branch network. Bankwest is a division of Commonwealth Bank of Australia ABN 48 123 123 124 AFSL/Australian credit license 234945. You should consider the Product Disclosure Statement (PDS) and whether the product is right for you. A PDS is available from bankwest.com.au.
