The Asian Banker Wednesday, 24 July 2024

CBA strengthens commitment to regional Australia

5 min read

Commonwealth Bank of Australia (CBA) is maintaining banking services and employment in regional Australia by keeping all CBA regional branches open until at least the end of 2026, a three-year extension on its current commitment.

Angus Sullivan, retail banking services group executive, said: “We recognise the way people are banking is changing, with more customers adopting the benefits offered by digital and phone-based services. Through this time of change, we want to support customers in regional areas who prefer banking in branches and so we will maintain our existing face-to-face services in these communities.

“Today’s announcement ensures CBA continues to offer the largest branch network in Australia, providing customers across the country with a wide range of flexible banking options and locations. We look forward to working closely with regional communities over the next three years to refine how we better support and familiarise them with all the CBA banking services available,” Sullivan said.

In February 2023, CBA was the first major bank to commit to keeping regional branches open for the rest of the year. This renewed commitment provides further reassurance to regional communities.

In addition to offering the banking app and a wide range of online services, CBA’s response to the digitisation of the economy and changing customer preferences has included the establishment of multi-channel branches.

Sullivan said: “Multi-channel branches allow us to maintain a strong physical presence across regional Australia, safeguard and upskill regional employment, and help CBA meet increasing customer demand for phone and digital banking services across the country."

Since September 2021, 90 regional branches have operated as multi-channel branches. As part of our regular review of our services, CBA will explore opportunities to transform additional regional branches into multi-channel sites where it makes sense.

Multi-channel branches provide face-to-face services to local communities for the first part of the day, before closing to local customers at 1 pm; at which point branch staff join their colleagues in CBA’s Australian-based contact centres, helping to assist more than one million customers each month.

CBA’s investment in Bank@Post leverages the significant infrastructure and trusted position of Australia Post to give CBA customers additional face-to-face banking services. Bank@Post provides access to banking services to around 3,400 communities, including 1,800 rural and remote locations across the country.

Sullivan said: “Together, CBA’s branch network and Bank@Post mean that Australians who bank with CBA have access to face-to-face services if this is how they want to do their banking.”

Re-disseminated by The Asian Banker

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