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The deposit bond provider has announced the appointment of its new chief executive.
Deposit bond provider Deposit Power has announced the appointment of Ryan Dinsdale as its new CEO.
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Mr Dinsdale enters his new role with Deposit Power with an extensive career that included roles as chief customer officer at CoreLogic, CEO at Purplebricks Group, and general manager of customer experience and marketing at CommSec.
Deposit Power stated that Mr Dinsdale has recently been collaborating with key banking, innovation, venture, and early-stage organisations in identifying, incubating, and scaling opportunities.
Mr Dinsdale’s responsibilities as the company’s new CEO will be to focus on market expansion, product development, and customer engagement, while continuing his commitment to fostering a “culture of excellence and streamlining operational efficiencies”.
Chairman of Deposit Power, Peter Wedgwood, commented on Mr Dinsdale’s appointment: “The board is delighted to welcome Ryan to the Deposit Power team.
“Ryan brings to the role a deep understanding of the complex issues surrounding the property market, including the importance of strong industry partnerships as well as delivering an unparalleled product to our consumers.
“Ryan’s strategic vision in the scaling of businesses align perfectly with the goals we have for the business. I am confident Ryan’s leadership will be instrumental in steering Deposit Power towards its next phase of growth.”
On his new role, Mr Dinsdale stated he looks forward to leading the Deposit Power team and working towards its strategic objectives.
“Deposit Power has a strong reputation for driving innovation in the deposit bond market through market-leading technology. I am committed to building exceptional value for our customers and stakeholders,” Mr Dinsdale said.
Surge in deposit bond inquiries
Late last year, Deposit Bond observed a 300 per cent increase in inquiries for deposit bonds on home purchases over the calendar year of 2023.
The data showed an increasing number of inquiries coming from first home buyers and families looking to safeguard their money as the construction industry faces ongoing challenges. According to Deposit Power, there were as many as 2,000 companies going into liquidation in the last two years alone.
Furthermore, according to Deposit Power’s internal data, there was a 40 per cent increase in retirees using their bonds to downsize and a further 10 per cent increase in people downsizing for “lifestyle reasons including reducing their mortgage”.
[RELATED: 300% surge in deposit bond inquiries: Deposit Power]
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