For many older Australians, walking into a local bank branch, greeting a familiar face behind the counter, and handling banking in person has long been part of everyday life. But Westpac’s recent move to cut 200 teller and personal banker roles could have a significant impact on those who still rely on face-to-face banking.
The big four bank announced it will shed teller roles while creating 200 new positions focused on home lending and small business banking, part of what it calls a “digital-first strategy.”
Westpac stressed it would retrain and redeploy staff where possible, but it’s the latest in a wave of job cuts across Australia’s major banks, with Commonwealth Bank, NAB, ANZ, Bendigo Bank and the Bank of Queensland all scaling back branch services in recent months.
“We adjust the composition of our workforce according to our investment priorities,” a Westpac spokesperson said.
“While we continue to invest in extra bankers, other areas may need fewer resources.”
While younger generations are comfortable tapping away on banking apps, many older Australians still prefer personal service. So where does this leave older Australians who still value that face-to-face connection?
Financial well-being advocate and director of the Australian Shareholders’ Association, Lel Smits, warns the cuts risk leaving older customers behind.
“Many older Australians still value face-to-face service with the RBA confirming older survey participants have the highest cash use in Australia,” Smits said.
“Cutting bank tellers risks excluding those who depend on personal interactions and privacy assurances to feel secure in their finances.”
For those who feel uneasy about the shift, Smits stresses that adaptation doesn’t have to mean diving head-first into the digital world, she suggests starting small.
“Small steps matter, try hybrid options like phone banking with a staff member guiding you, or start with checking balances on an app before making transactions,” Smits explained.
“Choose one simple task, like logging into your account and viewing account balances, and build from there. Ask a trusted family member or your bank’s digital support team to walk you through it.
“Community classes, such as those offered through libraries, can build confidence. A barrier to using digital can be trust so it is important for older Australians to build skills and have trusted people around them to navigate digital services.”
Smits reminds us that “you don’t need to master everything at once and small steps add up to habits and confidence over time.”
While the reduction in personal service at the bank isn’t ideal, with trusted support and gradual learning, this new way of banking can be made both safe and manageable.
-with AAP.
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