Newcastle Permanent will close three more of its branches next month as the vast majority of customers opt to conduct their banking online.
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The building society has announced it will close branches at Fletcher, Medowie and Woy Woy on Friday, March 26.
Newcastle Permanent said in a statement the three branches all have expiring leases and have experienced a near 30 per cent or more decline in branch use in the last five years.
The opening hours at Dubbo, Lismore, Orange, Grafton, Ballina, Bathurst, Mudgee, Armidale and Muswellbrook branches will also be reduced to 9am-1.30pm from March 29 to "reflect customer usage patterns".
Newcastle Permanent CEO Bernadette Inglis said all staff at Medowie, Fletcher and Woy Woy will be redeployed to nearby branches, while people in the nine regional branches changing hours will spend the remainder of their work day remotely.
The announcement follows the closure of Newcastle Permanent branches at Nelson Bay, Cardiff, Mayfield and Maitland in March last year and King Street head office, Lambton, John Hunter Hospital and Newcastle University in 2018.
Ms Inglis said while branches remained a "critical part" of the business's future, in the past year customer preferences had changed at an accelerated pace.
"Today we're seeing more reliance on digital banking services, increased digital confidence, and less use of cash and branch interactions from our customers," she said.
"Across our network, less than five per cent of customer transactions are completed in a branch; this is a drop of 15 per cent year on year as customers move towards digital banking.
"In contrast, more than 90 per cent of all transactions are now completed digitally or electronically.
"Branches remain a critical part of our future and, after this change, we will continue to maintain the largest branch network in the Hunter region.
"We continue to assess and reshape our branch network. Through closing these branches, and realigning operating hours at other branches, we will be able to redirect investment in the coming years."
The business is undertaking a multi-million investment program, Ms Inglis said, to deliver a "modernised, fit-for-purpose branch design that better supports our customers with their evolving banking needs".
Wallsend, Raymond Terrace, and Gosford branches will soon undergo redevelopment, and a new 'branch of the future' design at the Perm's Newcastle Mall branch will be unveiled later this year.
Ms Inglis said staff were working to advise customers of the branch closures and changes, including providing information on their nearest branch and help with digital and phone banking.
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Sage Swinton
Sage Swinton is a news reporter who was born and bred in the Hunter. She has been with the Newcastle Herald since June 2020, and covers Newcastle council as well as other general news.
Sage Swinton is a news reporter who was born and bred in the Hunter. She has been with the Newcastle Herald since June 2020, and covers Newcastle council as well as other general news.
