Vaughn Richtor joins RateSetter board

One of Australia’s most well-regarded retail banking executives joins the Board of Directors.

RateSetter is delighted to have appointed Vaughn Richtor, one of Australia’s most experienced and well-regarded retail banking executives, to its Board of Directors.

Vaughn recently retired as CEO of ING Direct (Australia), which he launched and helped grow to become Australia’s sixth-largest retail bank over the last two decades. Vaughn also has extensive banking experience across Asia, where he has led ING Group’s commercial and retail banking operations and served as CEO of ING Retail Banking Asia.

During his tenure at ING Direct, Vaughn launched Australia’s first branchless bank model. Beyond his track record for driving significant innovation in banking, Vaughn became well known for his pro-consumer stance and his commitment to delivering exceptional customer experiences and was named the Australian Financial Services Executive of the Year at the 2016 AB&F awards.

Accelerated growth

In joining the Board as a non-executive director, Vaughn will help RateSetter in its mission to provide customers with an alternative to the Big Four bank model and to accelerate growth in its share of the personal loan and green loan market in Australia.

He will join Daniel Foggo (CEO), Peter Behrens (co-founder of RateSetter group), Rob Chaloner (CEO of Stratton Finance) and Martin Dalgleish (ex PBL, Optus) on the Board.

Shake up the status quo

Commenting on the appointment, Vaughn said, “I’m passionate about finding new ways of doing things, doing them in a way that makes things simpler for the customer and offering the customer real value for money. The RateSetter team are truly focused on the customer, so I’m extremely excited to be contributing to their success.

Peer-to-peer lenders like RateSetter have the potential to introduce more competition in financial services, which will benefit consumers. At ING Direct we changed customers’ expectations of what a bank can offer and I see a similar opportunity for RateSetter to shake up the status quo, given the company’s ability to offer great value services to customers, whether they are lending or borrowing.

This information does not constitute financial advice and you should consider whether it is appropriate to your circumstances before you act in reliance on it. Any opinions, forecasts or recommendations reflect the judgement and assumptions of RateSetter as at the date of publication and may later change without notice.