About

Team size: 55
Major law firms used: Addleshaw Goddard, Allen & Overy, Eversheds Sutherland, Linklaters

According to Mark Chapman, GC and society secretary at Nationwide Building Society, it is ‘watershed time’ for banks in the race to keep pace with consumer appetite for digital services. ‘The challenge for us is how we stay relevant but true to our values as a branch network,’ says Chapman.
Chapman, a former Barclays UK GC, was appointed the society’s new legal chief in early 2018, taking over from Keith Ford. Chapman also became a member of Nationwide’s executive committee. Nationwide is going through a ‘significant’ period of growth, Chapman says. Last November, it pledged to shake the market up with the launch of a new bank account proposition for small firms in the UK.

While ensuring new products are legally compliant, Chapman and a team of 55 – with 15 staff also delegated to secretariat roles – need to ensure new products are also member-friendly. Last October, Nationwide kick-started a £3m fund to promote digital innovation in the finance sector for new services for customers struggling with personal finances. The company is also exploring the use of artificial intelligence technology in the legal department, with Chapman ultimately seeing the basics of the legal function replaced by automation and cheaper service providers.

‘We are here to support the company with product launches – there are other products the company wants to develop. Having made a big tech investment, the project for us as a legal team is into the technicalities around digital services like cloud banking.’

The company does not operate a formal panel but does have preferred advisers. ‘I’m interested in deepening our relationship with those preferred firms so it’s mutually beneficial and so they get to know our business.’