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The latest report offers an in-depth look at the banking services available to Australians, detailing everything from in-person branch interactions to alternative face-to-face service points. It also covers banking options at Australia Post (Bank@Post), as well as the availability of ATMs and EFTPOS machines.
Advocates argue that despite advances in technology, access to the internet, security issues, and technological challenges make it crucial for traditional banking and cash options to remain available.
“While it’s important to drive technological innovation, it’s equally vital to ensure financial services are inclusive and accessible to all,” Zhou emphasized.
Grice highlighted the valuable role bank tellers play in safeguarding customers, noting, “Tellers have been instrumental in identifying situations where a caregiver or family member may be exerting undue pressure on an elder regarding their financial matters.”
“Bank tellers have done a great job over time in actually flagging or identifying circumstances whereby a carer or family member, they’ve basically been pressuring or intimidating an older person in terms of their money situation,” Grice said.
Cash and in-person banking can become crucial to all Australians when banking apps fail, Grice noted.
Zhou said face-to-face banking can be essential for those living in regional and rural areas because digital banking relies on internet service, and internet infrastructure in such areas is “relatively weaker, compared to the metro areas”.
Security concerns and scams
“I’ve spoken to people who have done a big financial transaction — that might be whether they’ve moved house or whatever it is — and they’re very nervous about doing that online.”
Banks ‘pivotal’ to regional communities
“What happens therefore is that normal trade, people who might have a coffee or lunch or whatever, they don’t buy it in their local town; they buy it when they have their trip 40 or 50 minutes down the road.”
“We don’t want to lose the human connection and what’s important in the community. I know there’s lots of jokes about bankers but it is an essential service and people actually do like going in and talking to a real person and not everything being automated,” she said.
Government mandate for accepting cash
Last year, the Albanese government also pledged to mandate businesses to accept cash when selling essential items such as groceries and fuel, with a proposed start date of January 2026.
