Banks Consider Multi-Bank Branches to Maintain Regional Presence

A plan by Australia’s peak banking body seeks approval from the competition watchdog to trial multi-bank branches in regional and rural areas. This initiative aims to support face-to-face banking services, acknowledging that some customers still prefer in-person interactions despite declining transaction volumes. The proposal includes a cost-sharing model for infrastructure among participating banks to ensure regional customers have banking options that suit their needs.

• An industry plan proposes trialling multi-bank branches in regional and rural Australia.
• The plan aims to ensure the continuation of face-to-face banking services.
• A funding model to share costs across participating banks is included.
• This caters to customers who still prefer in-person banking.
• It acknowledges diverse customer banking needs, including online, phone, and in-person options.