Pre-pandemic, financial institutions tended to lag other sectors in terms of cloud adoption. Now, banks are leading the way in SaaS and cloud infrastructure adoption, citing increased business agility, elasticity, and scalability as top drivers.
Chile’s BancoEstado knows that cloud maturity is becoming a hallmark of the world’s best performing banks. With 14M+ customers and more than 500 branches, BancoEstado has a sustainability charter of financial inclusion and digitization to support the country’s citizens and companies with products, services, and channels regardless of economic status or location.
When a new COO joined BancoEstado in 2019 to lead the bank’s digital transformation efforts, a top priority was to adopt a cloud-first approach. One of his first decisions was to work with Entrust to migrate 6.5M mobile banking customers from the Entrust on-premises solution to the Entrust cloud-based multi-factor authentication (MFA) solution. Now supporting over 10M mobile customers, Identity as a Service provides a secure foundation for online banking, mobile apps and other digital offerings.
The Chilean government also relies on BancoEstado’s CuentaRUT debit cards to distribute government benefits securely and efficiently without requiring in-branch service, including recent pandemic relief funds. So, BancoEstado again looked to the cloud and to Entrust to help ensure continuity of government benefit delivery to citizens. Today, BancoEstado relies on the Instant Financial Issuance as a Service from Entrust to issue up to 27K cards daily.
Entrust is honored to help accelerate BancoEstado’s digital transformation with cloud-based MFA and card issuance. Looking forward, the bank is evaluating the use of other Entrust cloud-based solutions including identity proofing and digital card issuance to enable a completely digital banking experience from account opening to transacting.