Bank Closures

25th Oct 2016

CBA announces its closure in Macksville
NAB closing in Sawtell
This year Westpac have closed agencies in Toormina, Nambucca and Bellingen
Suncorp announce closure of Coffs Harbour, Wagga, and Orange
Meanwhile some of our local business partners have shared plans for future expansion
Majors Banks offer phone “service” option instead of face to face lenders

Is face to face service dying for the regions?

Well, if it’s not dying, it certainly is taking an almighty battering and needs life support. The big banks are closing branches and agencies. Even the smaller banks like Bank of Queensland have closed branches in regional NSW this year. What is the future of St George Bank going to look like in the next year or so as the impact of Westpac’s full ownership and their change from a ‘multi brand’ to a ‘single brand’ strategy appears to be gathering momentum.

We have recently seen local lending staff in branches leaving and not being replaced. Clients are now sitting alone in an office and talking to a computer screen, with the banker being located in some indeterminate office – probably in one of the major cities, or overseas.

How do you communicate your local needs, how do our local communities get by; not only with the reduction in services, but also with the reduction in wages coming into our communities as these roles are ever so nicely ‘centralised’.

But, there is a better way

At Regional Finance Solutions we believe firmly in providing you with a face to face service whenever we can. We are committed to matching your needs with a lender that suits you. Plus we are committed to working with locally based lenders who understand our regions, and are continuing to invest locally.

Previously we have spoken about our credit union (or mutual) business partners. These organisations are locally based, their management live in our regions, they understand our markets, and they are investing in our local community.

How can they do this? They do it by accepting that rather than a relentless search to increase profit that if they invest in people they can get a greater return in other areas.

Things like having an extra employee in a town that may see another 2 or 3 kids enrolled at the local school, saving a teachers job and valuable assets for the community.

So make a change for the better today

If you want a face to face experience with an experienced local lending specialist call us today on 1800 734 346 and Debbie will connect you with the right person to meet your needs.

Yes, we can and do a deal with the bigger banks if that’s what you are looking for. But, if like us you value the local experience and supporting our local lenders we are here to assist and guide you through the process.

And remember, it costs no more to use our service than it would by going to the bank yourself – so why spend hours shopping around, let the specialists do the work for you.

Let us know what you think. Have bank branches or agencies been closing near you?

About the Author

David Traynor has been in the finance industry since 1982, is a member of both FBAA and MFAA, plus the Commercial Asset Finance Brokers Association (CAFBA), David holds a Diploma in Finance and Mortgage Broking Management and has been awarded as a Fellow of Finance by FINSIA.

David established Regional Finance Solutions in 2013 when he became aware of the banks continued removal of traditional bank branch based lenders. Regional Finance Solutions currently has 17 brokers spread across the North Coast, New England and North West. Banking roles for David have been extensive and have included roles in branches through to executive management roles.