Presented at the European Identity and Cloud Conference in Berlin, the award recognizes the bank’s digital transformation to improve service for more than 10M customers
Entrust, a leading provider of trusted identities, payments, and data protection solutions, announced that Banco del Estado of Chile has been awarded the KuppingerCole Customer & Citizen Authentication award. Presented at the European Identity and Cloud Conference in Berlin on May 11, the award recognizes the bank’s digital transformation using cloud-based identity and issuance solutions from Entrust to serve more than 10 million customers.
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KuppingerCole has awarded outstanding projects in the digital identity and cybersecurity business for over 14 years. The winners are carefully chosen by a panel of KuppingerCole analysts from the most outstanding applications and solutions in IAM, CIAM, IoT, GRC and IT Security.
BancoEstado was applauded for greatly improving security for the bank’s 10m+ web and mobile banking customers and migrating approximately nearly seven million customers to a cloud-based IAM solution in Chile. One of the largest banks in Chile, BancoEstado boasts more than 14 million customers across its 500 branches. The bank set goals to better serve its customers through financial inclusion and digitalization.
“The entire Entrust team congratulates BancoEstado on this well-deserved award. BancoEstado saw digital transformation as the foundation for meeting customers’ evolving needs today and into the future. Entrust is extremely proud of its collaboration with BancoEstado to deliver the scalability, security, and simplicity they need to meet their vision,” said Cindy Provin, Senior Vice President for Identity and Data Protection at Entrust.
Entrust helped BancoEstado deploy technologies to meet these goals in two key areas – mobile and online banking services and instant card issuance.
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Starting in late 2019, the bank chose a cloud-first strategy and transitioned nearly seven million mobile banking customers to the cloud-based Entrust Identity as a Service IAM platform. This enabled the bank to have flexibility and scale its mobile banking services rapidly, so that today there are more than 10 million customers on the platform.
And the bank adopted cloud-based Entrust Instant Issuance services to secure financial card issuance to customers directly from bank branches. The bank issues up to 27,000 credit and debit cards daily through instant issuance. The combination of Entrust IAM and Instant Issuance services provides a secure, trusted 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.
Additional benefits of this secure digital transformation for BancoEstado include:
- Improved customer experience: Implementing mobile and online banking services, as well as instant card issuance capabilities, enables the bank to provide cardholders a frictionless and convenient experience.
- Digital transformation: the Entrust identity and issuance solutions converged physical and digital identities for a more seamless consumer banking and payment experience.
- Improved Total Cost of Ownership: Moving to the cloud-based Entrust Identity as a Service platform reduced total costs for consumer authentication
- Scalability: BancoEstado was able to rapidly scale its mobile and in-branch capabilities, while ensuring service delivery, including distribution of government benefits to citizens.
- Compliance: the Entrust solution adheres to the PCI-DSS standards, helping to ensure compliance with the payment card industry standards for data security.
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