Why ANZ is shutting down five more Victorian bank branches

ANZ boss Shayne Elliott says the explosion in online banking during the COVID-19 pandemic has only accelerated the end for traditional bank branches.

He told Neil Mitchell transaction numbers were at an all-time high, up 30 per cent, as more people choose to tap their cards instead of using cash.

It comes as ANZ shuts five more Victorian branches, at Torquay, Reservoir, Collingwood, Hampton and Port Melbourne.

“People just aren’t coming to the branches anymore,” Mr Elliott said on 3AW.

“COVID exacerbated a trend.”

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