Regtech company Suade Labs, which aims to close the regulatory gap with modern technology, has reportedly added Mansfield Building Society to its client portfolio.
Mansfield Building Society will be using the full-service offering provided by Suade Labs’ Regtech (regulatory technology) to address it reporting requirements.
Suade Labs currently provides end-to-end automation of regulatory reporting for financial institutions, with customers including global tier 1 banking institutions, regional banks, and building societies as well.
Suade claims that it has one of the best or most performant systems currently available in the market. The service provider’s data-driven approach to addressing regulatory requirements and its use of innovative tech like natural language processing or NLP and machine-learning has helped the firm with becoming a leader in the industry.
The Mansfield, an independent building society, has been serving its members since it was established back in 1870. More than 150 years later, The Mansfield is still considered a safe haven for many savers, and it’s also an established lender (mainly for new/existing members wanting to buy residential or investment property). The lending services are also offered to those who are looking for mortgage finance to build their own homes.
Dan Jones, Finance Director at Mansfield Building Society, stated:
“We were looking for a RegTech solution which would allow us to be more agile and increase efficiencies not only within our regulatory reporting team, but across the wider business. Suade will enable a more granular view of our position at any given time for anyone who requires this information within the building society as well as external stakeholders including the Regulator.”
Dan added:
“Another of our main goals when procuring a solution was to adopt emerging tech and be at the forefront of innovation. With the increasing focus from regulators to provide more agile governance and transform data collection, to remain competitive, we chose a solution which would allow us to keep up with this increasing change.”
The key requirements of Mansfield Building Society when choosing a reliable Regtech partner included a company that could offer a complete solution which would provide process automation, assisting them with taking care of regulatory obligations while being prepared for new regulations in the future.
By using Suade, Mansfield Building Society can take advantage of the key benefits of emerging technologies like NLP, ML, and AI.
Diana Paredes, Co-Founder and CEO of Suade, remarked:
“Mansfield Buildings Society subscribing to the Suade regulatory reporting solution is a great confirmation of the superior technology that powers our platform. Being a cloud native solution, we are able to offer our services fully on the cloud. This provides huge economies of scale to the customer and allows the ongoing cost of regulatory compliance to be reduced to a fraction of previous outlay.”
Suade’s approach to data and use of appropriate technologies allows its customers to generate reports a lot faster than other Regtech, Compliance or regulatory reporting solutions in the market, the company claims.
