The proliferation of identity offerings makes it increasingly difficult for organizations to select an appropriate solution for securing their digital ecosystem. Awards tend to help simplify the task by evaluating multiple solutions and choosing the best amongst others. Renowned analyst firm KuppingerCole, runs an annual award ceremony through which they celebrate outstanding projects in the identity management and cybersecurity industry.
In the 14th edition of their European Identity Awards (EIC), KuppingerCole evaluated multiple vendors in the “Customer and Citizen Authentication” category. After rigorous assessment, BancoEstado’s nominated project was selected as a winner because of the modernized cloud-based identity approach to support its digital transformation efforts. BancoEstado was able to rapidly migrate all of its 6.5M+ mobile banking customers from their existing on-premises solution to a much more advanced authentication solution with the help of the Entrust cloud-based identity and access management solution – Identity as a Service (IDaaS). The bank was also able to seamlessly grow and manage the security of more than 10M users in 2022, aided by the solution’s ease of scalability.
Additionally, the Chilean government relies on BancoEstado’s CuentaRUT debit cards to distribute government benefits securely and efficiently – including the recent pandemic relief funds — without requiring in-branch services. So, BancoEstado again looked to the cloud and Entrust to help ensure continued delivery of government benefits to citizens. Today, BancoEstado utilizes the Instant Financial Issuance as a Service from Entrust to issue up to 27K cards daily from their 500+ branches.
Some of the other achievements realized by BancoEstado were:
- Reduced the total cost of ownership (TCO) by adopting cloud-based solutions
- Secured financial transactions incurred by banks 10M+ customers which were critical to the country’s economy (1B+ transactions from more than 25M devices)
- Increased adoption of mobile banking among BancoEstado’s customer base
- Replaced compromised incumbent on-premises issuance solution with secure cloud based instant issuance
- Eliminated the need for upgrades while maintaining high availability, level of security and compliance
Entrust truly believes that the convergence of digital and physical identities is the way forward for securing the delivery of financial services and transactions. To read more about BancoEstado’s success story, check out the case study. To experience how our cloud-based Identity solution could support your organization in their digital transformation journey, sign up for a free trial today.