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Westpac Criticized for Inadequate Customer Support Post-Branch Closure
Westpac Criticized for Inadequate Customer Support Post-Branch Closure
The Banking Code Compliance Committee (BCCC) has recently highlighted significant shortcomings in Westpac's handling of its regional branch closure in Tennant Creek, citing serious non-compliance with the 2019 Banking Code of Practice.
The problems stem from Westpac's inability to adequately support customers during the transition following the closure of the Tennant Creek branch in Northern Territory back in September 2022. The breach encompasses failures in fulfilling obligations under the Australian Banking Association's (ABA) Branch Closure Protocol.
In a detailed assessment, the BCCC emphasized that Westpac fell short in ensuring their customers were guided towards alternative banking methods and that community engagement to mollify concerns was grossly insufficient.
Consequently, many Tennant Creek residents, particularly vulnerable ones such as the elderly and non-English speakers, struggled to access essential banking services, turning to local community groups for urgent assistance.
Furthermore, the BCCC's investigation revealed that Westpac had neglected to propose feasible alternative banking solutions, ignoring paragraph 36 of the Banking Code, which mandates thorough customer support during branch closures. A failure in timely communication compounded these issues; the bank dispatched detailed transition guidance only 21 days post-closure, exacerbating the unpreparedness among customers.
Addressing the bank's justification – which centered around staff safety concerns – the BCCC criticized Westpac for its "significant and protracted failures" in mitigating customer impact and for inadequate community engagement.
Ian Govey, chair of the BCCC, highlighted the ramifications of Westpac's actions on Tennant Creek's overall community, indicating that a prompt and appropriate response to community feedback would have mitigated much distress.
"The repercussions of Westpac's inadequate response were formidable, profoundly affecting customers who needed more support and clear communication. Especially impacted were vulnerable groups such as the elderly and those with limited English proficiency," Govey stated.
Govey further articulated that this outcome serves as a critical reminder to the banking sector: neglecting code compliance sets a precedent that compliances are non-negotiable, urging banks to consider customer needs primordially when implementing service changes.
In a bid to rectify its stance, Westpac announced a comprehensive moratorium in May 2023, suspending any further regional branch closures until at least 2027, underscoring its commitment to maintaining essential banking services in rural areas.
This recent sanction against Westpac adds to a growing scrutiny on banks ensuring customer-centric practices, showing a clear mandate towards upholding customer rights and fortifying trust within the banking ecosystem.
Published:Thursday, 27th Jun 2024
Source: Paige Estritori
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Knowledgebase
Mortgage Document:
The physical contract agreement that a Mortgagee (lender) enters into with a Mortgagor (borrower) outlining the precice terms of a mortgage loan.
The physical contract agreement that a Mortgagee (lender) enters into with a Mortgagor (borrower) outlining the precice terms of a mortgage loan.
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