As Australian banks continue to focus on digital transactions for customers, ATMs and bank branches are disappearing across the country, according to new data.
The analysis revealed close to 460 bank branches have shut down across the nation in recent years, and dating back to 2020, approximately 3800 previously active ATMs have been removed.
NSW alone now has 140 fewer in-store banks, and almost 300 suburbs don't have a singular ATM to withdraw cash.
Another key factor for the branch closures and reduced ATM's is the fact that banks are bringing in a small fortune from daily digital transactions.
In a modern-day digital world, an estimated 80 per cent of Aussies prefer to bank online.
Tellingly, CBA now has 875 bank branches nationwide - compared to 1134 in February 2020.Their number of ATMs has reduced to just over 2000 - in 2019 there were 4118 ATM's in circulation.
Last year, ANZ head of distribution Kath Bray said bank branch closures were a sign of the times, with digital transactions now the primary focus for many.
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Thursday, March 3, 2022
The END of ATMS in Australia? Thousands of cash machines removed as banks go digital
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