Mike Currie: Leading MOVE Bank’s Modernisation
Background and Education
Mike Currie has an extensive educational background in business and finance, which has provided a strong foundation for his entrepreneurial journey. He holds a Bachelor of Business from Queensland University of Technology, where he graduated with distinction in 1996. Currie further enhanced his knowledge with a Graduate Diploma in Financial Planning from the Securities Institute of Australia in 2003 and a Masters in Applied Finance from Kaplan Education in 2010.
Currie’s commitment to continuous learning is evident from his ongoing executive education at prestigious institutions like the London Business School. He has completed several courses there, including:
- Mergers and Acquisitions (2023)
- Leading Change for Organisational Transformation (2022)
- Market Driving Strategies (2019)
- Executing Strategy for Results (2016)
This ongoing education demonstrates Currie’s dedication to staying at the forefront of business and finance trends, which has likely contributed to his success as an entrepreneur and leader.
Career Progression
Currie’s career shows a steady progression in the banking and finance sector:
- Commonwealth Bank (1984-2006): Started his career and spent 22 years gaining experience in various roles.
- Lloyds International (2006-2010): National Manager, responsible for origination and credit risk management.
- Heritage Bank Limited (2010-2015): Head of Credit, managing a team of 60 and overseeing the credit process.
- QBANK (2016-2023): Progressed from Chief Operating Officer to Chief Executive Officer.
- MOVE Bank (2023-Present): Chief Executive Officer
Entrepreneurial Journey at MOVE Bank
As CEO of MOVE Bank since March 2023, Currie has demonstrated several entrepreneurial qualities:
Strategic Vision
Currie’s strategic vision for MOVE Bank is centred on achieving growth and modernisation while preserving the bank’s mutual structure and community-focused ethos. This balanced approach demonstrates his ability to navigate the complex landscape of modern banking while staying true to the institution’s core values.
One of the key areas Currie has identified for development is the expansion of the broker channel. This strategic move not only diversifies the bank’s customer acquisition channels but also positions MOVE Bank to compete more effectively in a broader market. Additionally, his focus on implementing digital transformations showcases a forward-thinking mindset essential for staying relevant in the rapidly evolving financial services sector.
Innovation and Technological Advancement
Under Currie’s leadership, MOVE Bank is undergoing a significant digital transformation, marking a new era in the bank’s technological capabilities. This initiative reflects Currie’s understanding of the critical role technology plays in modern banking and his commitment to keeping MOVE Bank at the forefront of industry innovations.
The implementation of digital signatures, digital valuations, and e-verification of identity are just the beginning of Currie’s technological vision. His long-term plan includes developing an end-to-end straight-through processing system, which would significantly streamline operations and enhance customer experience. This comprehensive approach to technological advancement demonstrates Currie’s strategic foresight and his ability to envision and implement large-scale transformations.
Market Expansion
Currie’s entrepreneurial acumen is evident in his successful efforts to expand MOVE Bank’s reach beyond its traditional Queensland base. This geographic diversification strategy has yielded impressive results, with more than a third of the bank’s mortgage loan book now secured by properties outside of Queensland.
This expansion not only reduces the bank’s reliance on a single regional market but also opens up new growth opportunities. It showcases Currie’s ability to identify and capitalise on market opportunities, a key trait of successful entrepreneurs. Furthermore, this expansion likely required careful planning and execution, highlighting Currie’s skills in managing complex organisational changes.
Channel Development
Recognising the growing importance of the broker channel in the Australian mortgage market, Currie has made it a key focus area for MOVE Bank. This strategic emphasis has paid off significantly, with the broker channel now accounting for more than 50% of MOVE Bank’s mortgage flow.
Currie’s success in developing this channel demonstrates his ability to identify and capitalise on growth opportunities. It also shows his adaptability in embracing new distribution models, moving away from a purely direct-to-customer approach. This shift likely required significant changes in processes, systems, and organisational culture, further highlighting Currie’s change management skills.
Customer-Centric Approach
Currie has maintained MOVE Bank’s commitment to its mutual structure and customer-owned model, emphasising the importance of putting customers first in all aspects of the bank’s operations. This approach aligns with modern consumer expectations for more personalised and responsive financial services.
By leveraging MOVE Bank’s smaller size to provide personalised service and flexible solutions, Currie has created a key differentiator from larger competitors. This strategy not only enhances customer loyalty but also creates a unique value proposition in a crowded market. It demonstrates Currie’s understanding of the bank’s strengths and his ability to turn potential weaknesses (smaller size) into competitive advantages.
Team Building and Talent Acquisition
Currie’s entrepreneurial approach extends to his team building and talent acquisition strategies. His ability to identify and attract key talent is exemplified by the appointment of Stuart Ronneberg as the new broker partner manager.
This strategic hire aligns perfectly with Currie’s focus on growing the broker channel, demonstrating his understanding of the importance of having the right people in key positions to drive strategic initiatives. It also shows Currie’s ability to build a team that complements his vision and can execute on the bank’s strategic priorities.
Adaptability and Resilience
In his April 2024 message to members, Currie demonstrates his adaptability and resilience as a leader. By acknowledging the challenges faced in 2023 and outlining strategies for navigating the complex global landscape of 2024, he shows a clear-eyed view of the realities facing the banking sector.
This approach reflects Currie’s ability to adapt to changing circumstances and lead through uncertainty. It also demonstrates his commitment to transparent communication with stakeholders, an important quality in building trust and maintaining confidence in his leadership during challenging times.
Community Focus
Currie’s leadership at MOVE Bank is characterised by a strong commitment to community engagement and social responsibility. By maintaining and strengthening the bank’s community ties, he aligns the institution with modern entrepreneurial values that emphasise the importance of giving back to society.
This focus on supporting members’ financial wellbeing goes beyond mere profit-making, demonstrating Currie’s understanding of the broader role financial institutions can play in society. It also serves as a differentiator in the market, potentially attracting customers who value community-minded organisations.
Mike Currie’s journey as an entrepreneur and CEO of MOVE Bank showcases a blend of traditional banking experience, continuous learning, strategic vision, and adaptability to modern banking trends. His leadership style combines a focus on technological innovation with a commitment to personalised service and community engagement. Under Currie’s guidance, MOVE Bank is positioning itself as a modern, customer-centric financial institution while maintaining its mutual bank structure and values.
Currie’s case demonstrates how entrepreneurship in established sectors like banking can involve transforming existing institutions through strategic vision, technological adoption, and a deep understanding of market dynamics. His ongoing education and adaptation to industry changes exemplify the continuous learning and flexibility required of modern entrepreneurs and business leaders.
