--- title: The future of personal banking … is there one? description: The future of personal banking … is there one? image: https://www.bluechipcommunication.com.au/hs-fs/file-3403286224-jpg/blog-files/bigstock-technology-concept-modern-hom-67349824.jpg --- [![Bluechip_Logo](https://cdn2.hubspot.net/hubfs/325503/Bluechip%20Assets/Images/Bluechip_Logo.svg "Bluechip_Logo")](https://www.bluechipcommunication.com.au/) ![Search-9](https://www.bluechipcommunication.com.au/hubfs/BlueChip%20website/Bluechip%20Assets/Images/Search-9.svg "Search-9") ![Close Icon (3)-1](https://www.bluechipcommunication.com.au/hubfs/Bluechip%20Assets/Images/Close%20Icon%20(3)-1.svg "Close Icon (3)-1") This is a search field with an auto-suggest feature attached. - There are no suggestions because the search field is empty. ** ![Close Icon (3)](https://cdn2.hubspot.net/hubfs/325503/Bluechip%20Assets/Images/Close%20Icon%20(3).svg "Close Icon (3)") ##### Knowledge Shared # Insights ##### All Articles ![](https://www.bluechipcommunication.com.au/hubfs/BlueChip%20website/Bluechip%20Assets/Images/down-filled-triangular-arrow.png) - [Financial Services (168)](https://www.bluechipcommunication.com.au/blog/topic/financial-services) - [Public Relations (133)](https://www.bluechipcommunication.com.au/blog/topic/public-relations) - [Marketing (111)](https://www.bluechipcommunication.com.au/blog/topic/marketing) - [Social Media (101)](https://www.bluechipcommunication.com.au/blog/topic/social-media) - [Integrated Marketing (87)](https://www.bluechipcommunication.com.au/blog/topic/integrated-marketing) - [Reputation Management (79)](https://www.bluechipcommunication.com.au/blog/topic/reputation-management) - [Crisis Management (61)](https://www.bluechipcommunication.com.au/blog/topic/crisis-management) - [Growth (46)](https://www.bluechipcommunication.com.au/blog/topic/growth) - [Profile (41)](https://www.bluechipcommunication.com.au/blog/topic/profile) - [COVID-19 (40)](https://www.bluechipcommunication.com.au/blog/topic/covid-19) - [Protect (14)](https://www.bluechipcommunication.com.au/blog/topic/protect) - [BC Team (9)](https://www.bluechipcommunication.com.au/blog/topic/bc-team) - [Blog (7)](https://www.bluechipcommunication.com.au/blog/topic/blog) - [Leadership communication (6)](https://www.bluechipcommunication.com.au/blog/topic/leadership-communication) - [Cyber Security (3)](https://www.bluechipcommunication.com.au/blog/topic/cyber-security) - [Client In The News (2)](https://www.bluechipcommunication.com.au/blog/topic/client-in-the-news) [Client In The News](https://www.bluechipcommunication.com.au/blog/topic/client-in-the-news) ### [Melos Sulicich shares SME success tips on Money News’ “Let’s Talk Business”](https://www.bluechipcommunication.com.au/blog/melos-sulicich-shares-sme-success-tips-on-money-news-lets-talk-business) Melos Sulicich, CEO of Bank of Sydney was interviewed by 2GB’s Money News "Let's Talk Business" segment with Scott Haywood. He shared tips for family-run businesses to make sure ev... [Client In The News](https://www.bluechipcommunication.com.au/blog/topic/client-in-the-news) ### [Target hostile countries, not us, drug giant CSL tells Trump](https://www.bluechipcommunication.com.au/blog/target-hostile-countries-not-us-drug-giant-csl-tells-trump) This is an extract from an article written by Michael Smith and Jessica Gardner in The Australian Financial Review. Published on the 10th July 2025. “It is weighing on the share pr... - ##### [Social Media](https://www.bluechipcommunication.com.au/blog/topic/social-media) - ##### [Financial Services](https://www.bluechipcommunication.com.au/blog/topic/financial-services) ## [The future of personal banking … is there one?](https://www.bluechipcommunication.com.au/blog/the-future-of-personal-banking-is-there-one/) ###### By The BlueChip Team ###### 03 Sep 2013 [Social Media](https://www.bluechipcommunication.com.au/blog/topic/social-media) [Financial Services](https://www.bluechipcommunication.com.au/blog/topic/financial-services) [Growth](https://www.bluechipcommunication.com.au/blog/topic/growth) ##### [Reaching High Net Worth Individuals Through Social Media Marketing in 2025](https://www.bluechipcommunication.com.au/blog/how-target-high-net-worth-individuals-social-media) [Public Relations](https://www.bluechipcommunication.com.au/blog/topic/public-relations) [Reputation Management](https://www.bluechipcommunication.com.au/blog/topic/reputation-management) [Crisis Management](https://www.bluechipcommunication.com.au/blog/topic/crisis-management) ##### [The Science of Crisis Communication: Proactive and Reactive Strategies](https://www.bluechipcommunication.com.au/blog/proactive-and-reactive-crisis-communication-strategies) [Profile](https://www.bluechipcommunication.com.au/blog/topic/profile) ##### [Affluence. Effluence. Influence. Do you know the difference?](https://www.bluechipcommunication.com.au/blog/affluence-effluence-influence-do-you-know-the-difference/) [Public Relations](https://www.bluechipcommunication.com.au/blog/topic/public-relations) [Reputation Management](https://www.bluechipcommunication.com.au/blog/topic/reputation-management) [Crisis Management](https://www.bluechipcommunication.com.au/blog/topic/crisis-management) ##### [Introduction to Crisis Communication](https://www.bluechipcommunication.com.au/blog/introduction-to-crisis-communication) # Insights. [Back to all articles](https://www.bluechipcommunication.com.au/blog) - Share - [![](https://www.bluechipcommunication.com.au/hubfs/Bluechip%20Assets/Images/facebook.svg) ](https://www.facebook.com/sharer/sharer.php?u=https%3A%2F%2Fwww.bluechipcommunication.com.au%2Fblog%2Fthe-future-of-personal-banking-is-there-one%2F) - [![](https://www.bluechipcommunication.com.au/hubfs/Bluechip%20Assets/Images/linked%20in.svg) ](http://www.linkedin.com/shareArticle?mini=true&url=https://www.bluechipcommunication.com.au/blog/the-future-of-personal-banking-is-there-one/) - [![](https://www.bluechipcommunication.com.au/hubfs/Bluechip%20Assets/Images/twitter-1.svg) ](https://www.twitter.com/share?url=https%3A%2F%2Fwww.bluechipcommunication.com.au%2Fblog%2Fthe-future-of-personal-banking-is-there-one%2F) [![Technology Concept. Modern Home 3D Printer Print Multicolour Pig](https://www.bluechipcommunication.com.au/hs-fs/file-3403286224-jpg/blog-files/bigstock-technology-concept-modern-hom-67349824.jpg?width=740&height=493&name=bigstock-technology-concept-modern-hom-67349824.jpg)](https://www.bluechipcommunication.com.au/hs-fs/file-3403286224-jpg/blog-files/bigstock-technology-concept-modern-hom-67349824.jpg) ***Are old-school banks looking down the barrel of customer atrophy as they fail to set their sights on a new generation of customers with very different expectations from their ‘banking’ experience?*** Since the 14th century, banks have been the ubiquitous institutions providing access to debit and credit for our personal needs. In today’s digital world, the value proposition of banks as we know them is changing. So said [Alex Sion](https://twitter.com/asion1), President and Managing Director of mobile-only bank, [Moven](https://www.moven.com), when he opened the [Digital Financial Services conference](http://www.digitalfinancialservices.com.au) in Sydney last week ([#DigiFinance](https://twitter.com/search?q=%23DigiFinance&src=typd)). So should the Big Four and the challenger brands be concerned? First, Moven has no branches, no bank managers and no cards. It uses technology to empower members of its target audience – Gen Y – to own their own financial health. It’s logical, shareable and different. In fact, it’s not a bank – it’s an app. Second, says Sion, Moven’s purpose is to solve the customer’s need for financial control. It’s not about solving problems inherent in banking. It has no desire to be thought of as a bank; rather it’s a lifestyle tool that assists people in the average three to five times a day they interact with it to make or track transactions. Despite this, it’s worth considering that the appetite for such a service has arisen because of erosion of trust in banks during the simultaneous rise of social and mobile technology. And it’s this digital impact that Sion believes will determine customers’ future interactions with banks. Moven’s revenue model is driven by value-added services, not fees, in the belief that where there is value, customers are willing to share data and, says Sion, rich customer data will drive engagement and influence behaviour. Moven is on track to have $1.5 billion in transactional data by end 2013, 61% of users have linked an external account and 80% have linked a social network, providing peer-to-peer endorsement at zero cost to the company. Sounds good so far. Given the average monthly spend by Moven’s top customers is $1,188 and the average transaction is $28, it’s unlikely to be perceived as a threat to mass market players dealing with customers with significantly greater spending power. It does however, highlight the need for innovation and flexibility among banks if they want to engage the under 35s, who perceive a bank’s value proposition very differently from the Gen X and Baby Boomers from whom personal banking currently gains most return on investment. If deposits are the lifeblood of banking, then Moven demonstrates just how vulnerable they are: non-banking organisations can ‘hold money’, and by creating a product that’s designed for sharing (like, who would share a bank account?!), it’s actually made budgeting engaging. Traditional banks take note. If an app can provide ways to reduce financial anxiety in tough times, what are you offering? Over the next five years, can you challenge your current core value proposition; decide what you’re going to give away and agree what services you’ll charge for? Because if you fail to bring disruptive technology that keeps pace with customer trends to your business model, then you could be looking down the barrel of significant customer atrophy. 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