Commonwealth Bank of Australia (CBA) has temporarily closed 114 of its branches across the country and redeployed its staff to call centres and online operations.
Effective since 7 May 2020, the branches have been closed for up to six months across New South Wales in Australia.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataThe bank has redeployed 500 of its employees to call centres and online operations to help customers seeking online financial assistance.
The move will help the bank to save costs at branches that have seen a decline in patronage.
Due to the current Covid-19 crisis, more people are choosing online banking over branch visits or in-person banking.
A spokesperson for Commonwealth Bank said: “Since the pandemic was declared in early March, we have received more than one million calls and online requests for help.
“In particular, calls to our hardship line have increased by 800% compared to the period before the pandemic.
“Over the same period, visits by customers to bank branches have fallen more than 50% in some branches as people follow social distancing and lockdown requirements.”
The bank said that its ATMs located at the branches will continue to operate despite the branch closures.
