Bankwest goes digital, closes all branches

Bankwest will close all branches and undertake a major redeployment of staff to ensure the 129-year-old bank can remain competitive in the digital age.

Staff at Bankwest’s 45 branches were informed on Wednesday of the decision to shut bricks-and-mortar premises by October as the bank adopts a full digital model where 97 per cent of its business takes place.

Under the move, 15 regional offices will be converted into parent company Commonwealth Bank branches.

Bankwest executive general manager Jason Chan said the digital transition would unlock new investment from Commonwealth Bank to grow a nationwide footprint.

“I understand this will be difficult news for some of our customers and Bankwest is introducing a range of support measures to help our customers who are regular branch users carefully through this transition,” he said.

“It is critical we prioritise investment for the majority of our customers who expect leading digital and broker banking services, and rarely use branches.”

The decision to shutter stores was pinned on the long decline of in-person banking.

Data provided by Bankwest suggests an average of 30 transactions per day took place in metro outlets, and 15 in regional outlets.

The bank has offered all branch staff the opportunity to be redeployed into digital banking roles such as customer call and message services and online lending support, both of which are major growth areas.

Redundancies are not expected to be required as part of the process.

Support in place for branch customers will include placement of representatives in communities to help with the transition, an on-call community assistance team, and help to move customers who do not want to go online into Commonwealth Bank.

Existing Australia Post services are also available for those needing to deposit money.

An extra 500 Commonwealth Bank digital roles will also be redirected to Western Australia, many of which the company hopes will be taken up by affected Bankwest staff.

“Customers will have a clear and distinct choice between CBA’s personal and business banking offering and national branch network, and Bankwest’s simple and easy digital and broker offering, focused on homeowners’ needs,” Mr Chan said.

“We look forward to maintaining our historic support for our home state, as a growing business, a major WA employer, and with a broad set of WA-focused partnerships and sponsorships that support the ongoing growth and development of WA.”

The closure of bank branches has been of particular concern in regional towns where there is often only one outlet, and for elderly people not accustomed to online services.

A Senate inquiry has been canvassing opinions of regional Australians of such closures.

Bankwest early this year flagged the imminent closure of several branches: Armadale, Maddington, Kununurra, Mount Lawley, Wembley, and Success.

Rival NAB last year announced the closure of four branches in WA: Corrigin, Innaloo, Maddington, and Waroona.

In 2022, Westpac closed its Wongan Hills, Bridgetown, Collie and Tom Price outlets.