Australia Post has partnered with Westpac Banking Corporation to provide customers with banking services at any of its 3,300 post offices throughout Australia, including at 1,400 rural locations. The deal will provide Australia Post with a new source of revenue following declining profits in the face of decreasing letter volumes.
Jason Yetton, group executive, Westpac Retail and Business Banking, said, “Australia Post is a great partner with extensive banking industry experience and a large retail footprint, so we are pleased to be able to give our customers another way to bank with us.
“Banks continue to see significant take up of digital and online banking, however, some people prefer to bank face-to-face and this partnership is another way for them to do that, with a guaranteed level of service from an experienced transactional banking provider in Australia Post.”
The new agreement between Wetpac and Australia Post will allow customers to conduct traditional cash withdrawals, coin, cash and check deposits, in-store identity checks for new account holders, and general account enquiries.
Christine Corbett, executive general manager for postal services, Australia Post, said, “Australia Post continues to diversify and refine its offering to ensure a strong and vibrant future, and banking is a key component of the type of services we provide online and through our extensive network.
“We welcome this new agreement with Westpac which follows last month’s announcement that Westpac had become the first Australian bank to join MyPost Digital Mailbox.”
Bob Chizzoniti, director of the Post Office Agents Association Limited (POAAL), the representative for small business owners in the postal sector, said, “More banking transactions through post offices means more convenience for customers, along with more revenue for licensed post office owners. It’s good to see another of Australia’s major banks becoming part of Australia Post’s banking network.”
April 20, 2015