The Bank of Queensland (BOQ) has announced a sweeping closure of 16 branches across Australia this February, with significant implications for its customers. Among the closures, seven are in Queensland, including the BOQ Toowong branch, a key location serving both individual and business clients in the area.
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This decision comes as BOQ continues to pivot toward digital banking channels, part of an ongoing strategy to adapt to changing customer preferences. The closures will impact approximately 900,000 customers nationwide, adding to a broader trend of bank branch shutdowns that has swept across Australia in recent years.
According to the University of Western Australia, over 2,000 branches have shuttered since 2017, leaving many communities, particularly rural ones, with limited access to in-person banking services.
The closure of the Toowong branch at the first level of Toowong Village, scheduled for February 27, has sparked concern among local residents and businesses who rely on face-to-face banking services. The branch has long been a cornerstone for customers seeking personal assistance, from setting up accounts to securing loans.
The Broader Impact
BOQ’s decision to close branches spans multiple states, with five closures in Victoria, three in New South Wales, and one in Western Australia, alongside the seven in Queensland. The move reflects a growing trend in the banking industry as institutions encourage customers to adopt digital platforms and services like Bank@Post, a partnership with Australia Post allowing basic banking transactions.
In a statement, BOQ emphasised its commitment to enhancing digital offerings, noting that the closures are part of a broader strategy to “meet the evolving needs of customers.” However, the rapid shift has not been without criticism, as it risks alienating older customers and those less comfortable with technology.
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As the banking landscape continues to evolve, the closure of the Toowong branch underscores the need for a balance between digital transformation and maintaining accessibility for all customers.
Published 27-January-2025
