Westpac, Australia’s second-largest lender, is set to eliminate 200 teller positions across its branch network as part of an ongoing business restructure. The move is being implemented under the direction of new CEO Anthony Miller, with the aim of streamlining operations and aligning with changing customer preferences. Westpac is currently undergoing a significant overhaul that may result in up to 2,000 job losses. Westpac provides a range of banking and financial services to individuals, families, and businesses in Australia and internationally. The bank’s core divisions include consumer, business, and institutional banking.
Instead of tellers, Westpac plans to introduce concierges at its branches to assist customers in using the bank’s app, ATMs, and website. These concierges will guide customers through digital transactions, such as making deposits, paying bills, and transferring funds. This initiative reflects Westpac’s “digital first” strategy, designed to cater to the evolving needs of its customer base, the bank said.
While teller roles are being phased out, Westpac intends to bolster its home and business lending divisions by hiring 200 bankers. This strategic shift aims to strengthen Westpac’s loan portfolio. Details of the plan are still being finalised, but the bank anticipates deploying concierges across all of its branches.
Damien MacRae, Westpac’s general manager of retail banking, communicated the changes to staff via email, highlighting the bank’s investment in its digital strategy to support customers and enhance its digital citizen focus.
