Commonwealth Bank has recently announced the permanent closure of three of its branches across Australia, in the highly populated areas of Coogee in New South Wales, Coolangatta in Queensland, and Adelaide’s iconic Rundle Mall in South Australia.
These branches are scheduled to be shuttered by 1 March 2024. This decision comes as the bank cites a continuous decline in customer demand as the primary reason for these closures.
Declining Transactions: A Compelling Factor
The decision to close these branches is not taken lightly by Commonwealth Bank.
In Coogee, transactions at the branch along Coogee Rd have plummeted by 52 per cent over five years, highlighting a significant shift in customer preferences towards digital banking services.
In Adelaide’s Rundle Mall, transactions have also dwindled by a substantial 47 per cent over the past five years, whilst Coolangatta witnessed a 29 per cent decrease in transactions.
Commonwealth Bank acknowledges the impact of these closures on both customers and employees. The bank has assured that its staff members will provide one-on-one assistance to customers until their last opening day to help them explore alternative banking options.
The bank offers a range of channels for customers to access banking services, including branches, ATMs, mobile and premier bankers, phone banking, messaging, online banking, and the CommBank app, as well as Bank@Post services.
Employee Relocation and Support
Out of the 22 employees currently working across the three branches slated for closure, all but one will be relocated to roles that align with their needs. Commonwealth Bank is committed to supporting the remaining staff members in finding potential opportunities, ensuring a smooth transition during this period of change.
Despite these closures, Commonwealth Bank has affirmed that it has no plans to close any more regional branches until at least the end of 2026. This commitment reflects the bank’s aim to maintain a presence in regional areas, even as it adapts to changing customer preferences.
Published 7-Feb-2024
