This case study article looks at the implementation and impact of e-learning at Australia’s fifth largest bank, St George, from 2000 to the present day. The holistic business case for e-learning is explored within the context of the competitive financial services industry, organisational change and government regulation. Key cost savings achieved by e-learning over other learning methods are detailed but it is argued that in building a business case, it is inadequate to rely solely on the cost-comparison approach. Instead, proponents of e-learning need to look also at the broader issues that sustain the business case. The case study additionally shows how e-learning often needs to be mandated in its early stages by limiting learner and instructor choice but suggests that by employing the right mitigation tactics within a sound overall strategy, including adopting hybrid or blended learning techniques, widespread commitment to e-learning can be realised. The article concludes with a discussion of key lessons learnt and of the future directions and ongoing challenges around e-learning, in particular charting a course for greater learner choice through personalised learning environments based on open source content and connective, social software technologies.