Banco del Estado of Chile Improves their Customer Experience with Entrust Identity and Issuance Solutions
Entrust enables BancoEstado to scale operations and enhance the customer experience with cloud-based digital banking authentication and cloud-based instant debit card issuance
MINNEAPOLIS (March 16, 2022) – BancoEstado has selected Entrust to provide cloud-based authentication solutions for mobile and online banking customers and cloud-based instant debit card issuance for a more scalable business operation, and a more trusted, frictionless customer experience.
With more transactions moving online and as consumers become increasingly accustomed to on-demand experiences, banks like BancoEstado are rising to the challenge by moving their operations to the cloud.
“We strive to deliver services that go beyond customer expectations, with a focus on financial inclusion and digitalization. Entrust has helped us deploy technologies that better position us to meet these goals in two key areas – mobile and online banking services and instant card issuance. Adopting mobile and online customer authentication allows us to provide frictionless and secure access to our digital banking services, and offering new contactless chip-enabled debit cards in branch helps us fill our customers’ needs quickly,” said Eduardo Concha Concha, Manager of Technological Architecture & CORE Development of BancoEstado. “Implementing these solutions via secure, trusted cloud services has allowed us to scale our operations up or down depending on business needs, while offering a seamless experience for our valued customers and improving our data security posture.”
One of the largest banks in Chile, BancoEstado boasts more than 14 million customers across its 500 branches. On average, the bank issues between 20,000 and 24,000 financial cards per day, with more than 10 million users on its mobile app.
“With such a large and growing operation, BancoEstado had a vision to move its operations to the cloud to achieve more scalability, security and simplicity. Entrust was well positioned to support these goals — quickly and at scale. In fact, we helped them deploy the first cards within 45 days of our initial conversation,” said Tony Ball, Senior Vice President & General Manager, Instant Issuance at Entrust. “We are extremely excited to be able to support BancoEstado in this way.”
Anywhere, anytime high-assurance authentication
In addition to moving operations to the cloud, BancoEstado also made the decision in late 2019 to migrate 6.5 million mobile banking customers from their existing on-premises Entrust authentication solution to Entrust Identity as a Service (IDaaS). IDaaS is a high-assurance cloud-based authentication solution that helps protect the identities of workers, consumers and citizens to ensure secure access and communications.
“We worked closely with BancoEstado’s technical team to quickly migrate all 6.5 million customers from an on-premise solution highlighting IDaaS’ speed and simplicity of deployment,” stated Cindy Provin, senior vice president and general manager, Identity & Data Protection at Entrust. “As BancoEstado continues to onboard hundreds of thousands of mobile users, IDaaS has proven its ability to scale and keep pace with this thriving bank.”
IDaaS provides a strong foundation for online banking, mobile apps, cardless kiosks and other digital offerings – a true seamless and secure omni-channel customer experience based on one trusted identity.
Meeting customer expectations with instant financial card issuance
Entrust instant card issuance systems enable banks to offer fully activated, ready to use bank cards to customers on-site and on-demand. Solutions include cloud-based or on-premises card personalization and activation software, high-quality desktop card printers and embosser and a suite of services for monitoring devices, managing supplies and supporting users remotely and onsite.
For more information on Entrust identity assurance solutions, visit https://www.entrust.com/digital-security/identity-and-access-management/solutions/customer/consumer-banking.
For more information on Entrust instant financial Card issuance solutions, visit https://www.entrust.com/issuance-systems/instant/financial-card/products.
BancoEstado is one of the oldest financial institutions in Chile, with our predecessor starting operations in 1855, and is the only public bank in Chile. As of December 31, 2020, was also the third largest financial institution in terms of aggregate loans granted in Chile and the largest in terms of the number of customers and geographic coverage (in terms of number of Chilean cities with a branch).
According to information published by the CMF, as of December 31, 2020, BancoEstado was the market leader in Chile in residential mortgages (in terms of the number of loans made), passbook savings (in terms of the total amount of deposits) and debit/ATM cards (in terms of transactions and number of cards). It was also the market leader in higher-education loans. In addition, according to information published by the Santiago Stock Exchange, as of December 31, 2020, its brokerage subsidiary (BancoEstado Corredores de Bolsa S.A.) was the largest broker of securities traded therein in terms of volume traded, and, according to information published by the Comisión para el Mercado Financiero (the “Commission for the Financial Markets” or “CMF”) (formerly the Superintendencia de Valores y Seguros or “SVS”), its insurance brokerage subsidiary (BancoEstado Corredores de Seguros S.A.) was the third largest bank broker of insurance policies in Chile in terms of commissions collected. BancoEstado is also a provider of depositary services for a large number of Chilean public sector institutions, and maintain the Chilean Treasury’s main operating accounts. As of December 31, 2020, had total assets, net of allowances for loan losses, of Ch$53,119.2 billion (US$74.7 billion) and Standard & Poor’s has assigned an A long term and an A 1 short term issuer credit ratings to the Bank.
About Entrust Corporation
Entrust keeps the world moving safely by enabling trusted identities, payments and data protection. Today more than ever, people demand seamless, secure experiences, whether they’re crossing borders, making a purchase, accessing e-government services or logging into corporate networks. Entrust offers an unmatched breadth of digital security and credential issuance solutions at the very heart of all these interactions. With more than 2,500 colleagues, a network of global partners, and customers in over 150 countries, it’s no wonder the world’s most entrusted organizations trust us. For more information, visit http://www.entrust.com.