WATCH LIVE: Senate inquiry into regional bank closures; Commonwealth Bank chief Matt Comyn says it’s becoming unsustainable to invest in services that fewer and fewer customers use. Follow updates here.
Commonwealth Bank chief Matt Comyn has kicked off in Canberra, where the Senate’s rural and regional affairs committee is examining major bank branch closures.
CBA chief Matt Comyn said it was becoming unsustainable to invest in the services that fewer and fewer customers were using.Comyn said CBA branch closures were skewed to metro areas, where three-quarters had occurred over the past four years, and it recognised the “unique and important” contribution made to the economy from regional Australia.“Transporting and making cash available around our vast country involves the considerable expense of logistics and security,” Comyn said.
He highlighted the massive decline in the use of cash: five years ago, 43 per cent of all transactions in stores were made with cash; this had fallen to 15 per cent today.“As time goes on, it becomes unsustainable to invest substantial resources keeping expensive services that fewer and fewer customers use,” Comyn said.
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