NAB’s $41m investment into bank branches

NAB recently announced its decision to keep 12 of its high traffic bank branches open on Saturdays.

The 12 branches include:

1. Dandenong (Victoria)
2. Hoppers Crossing (Victoria)
3. Doncaster (Victoria)
4. Bankstown (NSW)
5. Parramatta Westfield (NSW)
6. Liverpool (NSW)
7. Chermside (Queensland)
8. Sunnybank Plaza (Queensland)
9. Carindale (Queensland)
10. Cannington (Western Australia)
11. Karrinyup (Western Australia)
12. Marion (South Australia)

This move is part of the bank’s $41 million investment over the past year into its physical branches.

“We believe that personalised banking and real relationships with our customers are key, so we’re reviewing our opening hours to be where our customers need us,” said NAB executive Paul Carter.

“Over the past 12 months, we’ve spent more than $41 million investing in 28 branch locations, including 11 in regional towns.

“We are also investing in more local home lenders to be there for our customers and support them when making the biggest purchase of their lives.”

This latest announcement is all in the name of improving service and accessibility, said Carter.

“It can be hard to fit everything in the working week; from last minute dentist appointments to scheduling a car service, it often feels like there aren’t enough hours in the day,” he said.

“We’re extending the opening hours of select branches based on where the demand is – to give our customers the flexibility they need to get expert advice when it suits them best.”

It’s refreshing to see more attention given to physical bank branches, as many Australians rely on them for assistance.

Broker Daily recently discussed the trend of branch closures, with APRA saying that over the years, physical bank branch numbers have been steadily declining.

According to the data, the number of bank branches for each year was:

• 2017: 5,694
• 2018: 5,485
• 2019: 4,975
• 2020: 4,769
• 2021: 4,323
• 2022: 4,012
• 2023: 3,590
• 2024: 3,360

“The latest statistics show the ongoing trend of a decline in physical points of presence over the last year albeit at a slower rate than the previous year. The number of bank branches declined 6 per cent across Australia between June 2023 and June 2024, including a 3 per cent decline in regional and remote areas,” said APRA.

“Between June 2017 and June 2024, there was a 41 per cent fall in the number of branches across the country, including a 36 per cent decline in regional and remote areas.”

Related: Physical bank branches declining dramatically

Jack Campbell is the editor of Broker Daily. After graduating from the University of Wollongong in 2022, Jack began his journalistic career working on Broker Daily’s sister brand, HR Leader. In August 2023 he was made the news editor and worked alongside some talented journalists writing articles and recording podcasts.

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