A third of Westpac Banking Corporation’s
(ASX:WBC) branches will see staff reductions and a cut down in floor space.
Online and mobile banking have spurred a $240 million overhaul that will see the introduction of “smart” automatic teller machines that are designed to conduct a broader range of transactions and be open 24 hours a day.
Staff run tellers with security screens will be reduced, with a push towards more highly skilled advisory staff.
Westpac says technology has altered the banking system and is responding to customer needs.
The changes are expected to cut costs and would require about 30 per cent less floor space.
Westpac generated a net profit of $6 billion in the 2012 financial year.
