A Perth-based finance expert says Bankwest’s decision to close branches across Western Australia was inevitable.

This week, Bankwest announced it would be moving to digital-only services, closing down more than 40 branches in Western Australia by the end of the year.

The bank says 97 per cent of customer’s transactions were completed digitally, with less than two per cent regularly visiting branches.

Many businesses like Bankwest are moving towards digital platforms, particularly after the pandemic, which saw the gradual move from in-person to online services.

Globe Financial Planning founder David Sharpe says big businesses act based on the needs of the majority of customers.

“Large businesses have a social license to operate to ensure that they are acting more broadly for the community,” he says.

“The questions will come concerning how many of their customers are genuinely going to be put out, and what obligation do they have to continue with.”

Hear more from David Sharpe.

“Those in the regions, and particularly those older Australians who didn’t grow up with the digital economy, it certainly will feel like something has been taken away from them,” he says.

Youngster.co Australia connects tech-savvy young people with older people.

Co-founder Finn Rothacker says some Australians need support to engage with technology.

“Older Australians get left behind on the technology learning curve,” he says.

“A variety of reports have shown that seniors feel left out and hesitant to use technology.”

Mr Rothacker says technology will continue to become more ingrained in everyday life.

“The move towards technology is a positive change in general, it has the effect of making society more efficient, that is of course if I have the skills to do so, which a lot of older Australians don’t,” he says.

“I think banks are under pressure from the general public to remain nimble and agile and adapt to the technological landscape, which comes at the cost of usability.”

Curtin University Finance Lecturer Muammer Wal says the appeal of digital services is increasing.

“Older people are slowly teaching themselves how to use technology, they are learning to use Facebook and other forms of social media. Educating those who are reluctant is a step in the right direction,” he says.

Mr Wali says he understands Bankwest’s decision.

“At the end of the day they are a business, they have to think about themselves, and how they will survive in the future environment of technology.”