Bank apologises for nationwide agency closures

BENDIGO Bank has apologised for the impending closure of twenty-eight cross-state third-party banking service providers as part of the retirement of its agency model, which has operated since the mids-1990s.

The model has allowed the bank to maintain a face-to-face presence in smaller towns through locally-run outlets, without the expenses and overheads of opening a full branch.

Following a review, Bendigo Bank has concluded that it can no longer support the model due to decreasing customer use and other “relevant factors,” and will be retired from October.

Chief customer officer consumer Taso Corolis said the “difficult” decision to retire the agency model was informed by evolving customer preferences leading to reductions in business activity, limited use of the service, and an increase in costs and compliance obligations.

“We understand it may take time for some customers to adjust to these changes and we will support them through this,” he said.

“(We’re) proactively supporting customers affected by the closures and will offer them assistance.

“This may be in the form of connecting them with their closest alternate service, including nearest branch or Bank@Post locations, and walking them through e-banking services available when required.

“To preserve what makes our bank unique, we must prioritise our investments across both physical and digital channels to continue meeting the changing needs and growing expectations of our 2.7 million customers.”

Customers can continue to transact as normal at any Bendigo Bank branch, ATM or via internet banking, the Bank’s mobile app or by phone on 1300 236 344.

They can also choose to bank in-person using Bank@Post at the 3500 Australia Post outlets around Australia.