LONDON, July 9, 2021 /PRNewswire/ — Award-winning RegTech firm Suade Labs, specialised in bridging the regulatory gap through modern technology, has recently added Mansfield Building Society to its client portfolio. Mansfield Building Society will use the full-service offering of Suade Labs’ RegTech to meet its regulatory reporting requirements.
Suade Labs offers end-to-end automation of regulatory reporting for financial institutions, with clients ranging from global tier 1 banks through to regional banks and building societies. Suade has the most performant system in the market. Its data-driven approach to regulation, as well as its use of innovative technology such as NLP and machine-learning, has distinguished Suade as a global leader in the industry.
The Mansfield, a modern independent building society, has been serving its members since its formation in 1870. Over 150 years later The Mansfield continues to be a safe haven for thousands of savers, as well as being a highly regarded lender for new and existing members looking to purchase residential or investment property, and those seeking mortgage finance to build their own homes.
Dan Jones, Finance Director at Mansfield Building Society commented:
«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.
«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 crucial requirements of Mansfield Building Society when selecting a RegTech partner was an end-end solution which would bring process automation, help them to address ongoing regulatory requirements and be prepared for the future of regulation. The accuracy and reliability of reports is a key focus of the regulator, and the building society was looking to implement a RegTech solution that would manage the entire reporting process.
Using Suade, Mansfield Building Society will be able to realise the enormous benefits of emerging technologies such as Natural Language Processing (NLP), Machine Learning (ML), and Artificial Intelligence (AI).
Diana Paredes, Co-Founder and CEO of Suade reflected:
«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 innovative technologies enables its clients to produce reports faster than any other RegTech, Compliance or regulatory reporting solution on the market.
Founded in 2014, Suade is a RegTech offering Regulation-as-a-Service to automate regulatory compliance for financial institutions. One of the first start-ups to be classified as a true RegTech company, its mission is to prevent the next financial crisis by bridging the regulatory gap through modern technology.
Suade’s ground-breaking work in regulatory reporting has been acknowledged globally including being recognised as a Global Innovator by the World Economic Forum. It services financial institutions globally with offices across the UK, Europe, North America and Asia.
www.suade.org – Bridging the regulatory gap through modern technology