Inspiring the next generation: Bank First CEO champions mutuals at Monash

19 May 2025

Last week, Michelle Bagnall, CEO of Bank First, delivered a guest lecture to business students at Monash University as part of a new course on Social Business. Invited by Dr Paul Thambar of the Monash Business School, Michelle addressed two classes enrolled in the innovative unit, which introduces students to organisational diversity through the lens of co-operative and mutual enterprises (CMEs) and social enterprises.

With 80 students enrolled this semester, the course reflects a growing academic interest in business models that balance purpose and profit.

Michelle’s talk was a highlight, offering real-world insights into mutual banking, her leadership journey and the values that underpin the sector.

Drawing on her 35-year career in strategy, financial services and executive leadership, Michelle made a compelling case that social business is real business – commercially rigorous, purpose-driven and responsive to community needs. She shared the story of Bank First’s evolution over 52 years, including its origins in a shoe box, its commitment to teachers and health professionals, and its continued investment in members and the community.

Michelle also spoke about the distinct challenges and advantages of mutuals: from capital constraints to the opportunity to build deep trust and long-term value. Her message was clear – mutuals are uniquely placed to tackle some of society’s biggest challenges, including housing, aged care and climate resilience.

The presentation sparked interest among students, with several indicating that they were inspired to consider a career in the mutual or social enterprise sector for the first time.

As the International Year of Cooperatives unfolds, engagements like this reflect the growing relevance of the CME sector to future business leaders – and the importance of telling our story in classrooms as well as boardrooms.