- Home
- Bank Accounts
- News
- Branches and ATMs on the decline as Aussies move away from cash
Branches and ATMs on the decline as Aussies move away from cash
Access to face-to-face points of contact, such as bank branches and ATMs, fell in the last financial year, as COVID-19 strikes another nail in the coffin of cash.
The latest figures from the Australian Prudential Regulation Authority (APRA) Points of Presence statistics for Authorised Deposit-taking Institutions (ADIs) found that there were 447 branches closed in the year to June 2021 (-9%).
ATMs are disappearing even faster, with 1,864 shut in the past 12 months (-19%) as more customers move away from cash. Other face-to-face access points, such as Australia Post financial services, fell 2% to 4334 year-on-year.
Big four bank, ANZ, ditched nearly half of its ATMs and closed 1 in 5 branches – the most of all the major ADIs.
Decline of big four bank ATMs in Australia
| ATMs | Jun-21 | Jun-20 | YoY | YoY (%) |
| CBA | 1,375 | 1,832 | -457 | -25% |
| Westpac | 895 | 1,150 | -255 | -22% |
| NAB | 630 | 669 | -39 | -6% |
| ANZ | 909 | 1,714 | -805 | -47% |
| Total | 7,757 | 9,621 | -1,864 | -19% |
Source: APRA.gov.au Points of Presence Statistics.
Decline of big four bank branches in Australia
| Branch | Jun-21 | Jun-20 | YoY | YoY (%) |
| CBA | 875 | 966 | -91 | -9% |
| Westpac | 838 | 917 | -79 | -9% |
| NAB | 582 | 630 | -48 | -8% |
| ANZ | 447 | 566 | -119 | -21% |
| Total | 4,491 | 4,938 | -447 | -9% |
Source: APRA.gov.au Points of Presence Statistics.
Your alternatives to cash
For Aussies that rely on face-to-face customer service for their banking needs, such as the elderly, the decline of branches and ATMs and eventual decline of using cash may become increasingly challenging.
If you’re not the biggest fan of new technology, that’s understandable. It may be worth having a relative or friend sit with you and show you how to use services, like telephone banking or even just a mobile app, as cash-based services continue to decline.
It’s unheard of for a bank or savings account provider in Australia to not offer customers digital banking options, such as online and telephone banking, banking apps and digital wallet access.
Throughout the pandemic, services like tap-and-go payments with your mobile have been crucial in helping to slow the spread of COVID-19.
Some providers may be slow to the uptake of the latest fintech, such as savings tools and reminders. In fact, 14% of bank account providers still haven’t made the shift to Apple Pay, one of the most popular contactless payment options.
As we continue to move away from face-to-face access points, it may be worth considering comparing your bank account options across the market.
Here are some competitive options that currently offer Apple Pay:
Disclaimer
This article is over two years old, last updated on October 21, 2021. While RateCity makes best efforts to update every important article regularly, the information in this piece may not be as relevant as it once was. Alternatively, please consider checking recent bank accounts articles.
Compare bank accounts
Product database updated 26 Nov, 2024
Share this page
Get updates on the latest financial news and products
By continuing, you agree to the RateCity Privacy Policy, Terms of Use and Disclaimer.
Latest bank accounts articles
Bank Accounts
07/11/24 . 7 min read
Can foreigners open a bank account in Australia?
If you’re migrating to Australia, taking a working holiday, or studying as a student, you should be able to open an Australian bank account.
Mark Bristow
Personal Finance Editor
How do you deposit cash or change into your bank account?
Can I have a PayPal account without a bank account?
How do I transfer money from Paypal to my bank account?
