Yes 60% of mortgages are written by brokers but majority of those are still going through the big 4. So the bank is still getting plenty of business. Albeit not through the branch channel. Closing branches will only increase banks profitability.
Banks were wasting money have branches open with 6 staff twidling their thumbs waiting for a customer to walk through the door. The application process for a mortgage is streamlined and way requires way more man hours than it used to.
WBC Price at posting:
$15.88 Sentiment: Buy Disclosure: Held
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