Branches to remain open say Norris

Retail outlets will have a big role to play in the future, Commonwealth Bank chief executive Ralph Norris said yesterday despite a decline in the number of transactions conducted in the more than 1,000 Commonwealth Bank branches across Australia. The amount of business done within them dropping from 25 per cent of the total seven years ago to just 12 per cent now.

CBA is dealing with 1.7 million customer requests each day through its online and mobile networks compared with just 285,000 in the branches. Norris sought to dispel fears of a repeat of the mass closure program in the 1990s. ‘That is not to say branches will not play an important role [in the future], they will,” Mr Norris.

Source: The Age