Regional Australia “can’t put the genie back in the bottle” as banking services move online and local branches shut their doors.
But community banks could be one option to keep rural economies alive and give locals the face-to-face services they need; a federal inquiry has been told.
A Senate committee is examining the impact of bank closures across country Australia, where more than 650 branches have shut since 2017 leaving many fearing for the future of their towns.
The major banks say a rapid shift to digital services, particularly since COVID-19, has led to the closures.
Heritage and People’s Choice mutual bank chief executive Peter Lock said rural Australians did not have to rely on traditional banking offered by the big four….