The Australian Prudential Regulation Authority is encouraging all interested parties, including consumer and community groups, to provide feedback on its points of presence data to help APRA improve its data collection and ensure it remains useful and relevant.
The points of presence data is the data the prudential regulator collects and publishes on physical banking service channels in Australia. A detailed listing of the number of bank branches as well as other physical banking points of presence is published annually.
The public consultation was launched to inform APRA on how the data collection and publication can be made more helpful to users, examining issues such as categories of data published and banking services covered.
The review of APRA’s data collection and publication was made in response to a recommendation of the Regional Banking Taskforce’s final report on the impact of bank branch closures in regional and remote Australia. It was proposed that the regulator review its points of presence collection to better capture indicators of how banking services are accessed, including through digital channels.
APRA’s review will be undertaken concurrently with the Senate Standing Committee on Rural and Regional Affairs and Transport inquiry into bank closures in regional Australia.
“APRA is conscious of the impact of bank branch closures on consumers and businesses, particularly those in regional and remote communities,” said Therese McCarthy Hockey (pictured above), APRA member. “APRA’s data shows that over the five years to June 2022, branches have declined by 30% in major cities, and 29% in regional and remote areas.
“While the decision to close a branch is a commercial matter for individual banks and not something APRA regulates, our points of presence data collection plays an important role in ensuring proper transparency around the availability of banking services across Australia.”
To access more information about APRA’s consultation, including how to make a submission, click here.
Subject to interest, APRA also proposed to host online forums about how the points of presence data collection can be improved. Local governments or other community groups who wish to participate can email APRA at [email protected].
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