Mansfield is a chartered accountant with more than 15 years’ experience across retail banking, as well as start-up and private equity owned financial services business in the UK.
He joined Principality in January 2015 as finance director for Nemo, the building society’s second-charge loans subsidiary, and was more recently Nemo’s managing director.
Mansfield will be responsible in his new role for customer services, IT, change management, transformation delivery, as well as continuing his role with Nemo.
Steve Hughes, chief executive at Principality Building Society, said: “Having clearly demonstrated his capability to the board over the past year, Iain will be accountable for ensuring we will drive the delivery of our technology changes so the society continues to provide fantastic service to our customers and members.
Alongside his appointment, Mansfield will also be strengthening his team with up to 100 recruits.
A spokesperson said that the recruits will help Mansfield carry out the investment in digitisation and bringing Principality “in line with other competitor building societies”.
Principality currently has 1,100 staff.
Mansfield commented: “It’s a great honour to be responsible for helping to transform a business with such a respected history as ours. As a member-owned mutual, we have been listening to our members and their need for accessing their accounts across different formats.
“We are in the process of investing heavily in technology to bring our business in line with these changing demands.
“To achieve this, we are recruiting high calibre, experienced people to help us move the society forward. We will also be working with pre-eminent technology companies in the UK and internationally, to help us build what we need. It is a pivotal moment for Principality, as we look to future-proof the society.”
Hughes added: “We strongly believe in growing and developing our colleagues at all levels. It is pleasing that we have such talent at our disposal as we continue with our strategy to grow our core business of mortgages and savings.”