What would make you switch to a new financial service provider? Free cocktails? VIP treatment? US firm SoFi is looking to win new customers with a membership programme that makes borrowers feel like a million dollars. But is it possible to build a community around a banking service?

For a generation of young Australians, traditional banking models are losing their lustre, and the financial sector is getting a digital shakedown. Whether you need a loan to buy livestock or help through medical school, peer-to-peer lender SocietyOne is offering a different solution.

When we run into trouble, friends and family have our backs. And it's a good job – with payday lenders charging extortionate fees and trust in banks low, who do financially fragile Gen Y turn to when they're in need? This alternative lender will front you cash, whilst taking pressure off your pals.

They drink less, smoke less and are focused on their future prospects. Gen Z are more sensible than their Gen Y elders, and as they enter university, the student lifestyle is changing. Student Unions no longer centre around cheap beer, but are social hubs for coffee and academic clubs.