Mambu’s cloud banking platform will further BancoEstado’s vision of flexibly modernising and digitising its client experience
London, UK – Mambu, the leading SaaS cloud banking platform, has been selected by BancoEstado to improve customer access to digital services. This includes designing and creating new products for the Chilean bank, offering reliable and intuitive financial services that meet the changing demands of its more than 13 million customers.
Founded in 1855, BancoEstado's mission is to provide financial services to individuals and businesses, support its customers’ growth, and act as a catalyst for Chile’s sustainable development. As the country’s only state-owned bank, it offers a range of banking services for all Chileans. As one of the largest financial institutions in Latin America, BancoEstado plays a key role in setting regional banking standards.
Mambu will digitise BancoEstado’s transactional services via a complete transformation, furthering the bank’s medium and long-term strategy to become a sector leader. These new capabilities will position BancoEstado as a modern and cutting-edge financial pioneer, both among traditional banks and new industry entrants.
Eduardo Concha Concha, Manager of IT Architecture and Core Development at BancoEstado, said: "We are very excited to collaborate with Mambu on this project because it aligns with our strategic vision of improving our customer experience and offering our products and services to more Chileans. It is key to our effort to contribute to and support the country’s digital evolution.
"BancoEstado is implementing innovative technology, which includes new integration models through open architecture, to create an easy-to-use bank and improve our user experience. We are creating unique products that surprise and excite, and are committed to innovation and Chile’s transformation through a new generation of core banking technologies."
BancoEstado's selection of Mambu over traditional technology platforms, plagued by legacy systems, was driven by its decision to permanently modernise its infrastructure, establishing an industry standard to create faster and better experiences for its customers as well as support the bank's strategic vision. Mambu's unique composable banking model enables it to create solutions in any configuration to meet business needs quickly, flexibly, and scalably.
Mambu’s selection by BancoEstado affirms its position as a leader in Chile and Latin America’s financial digitalisation. Its core banking platform will provide the bank with the ability to rapidly evolve and scale its products and services.
Edgardo Torres-Caballero, Managing Director of Mambu, Latin America, said: "We are honoured to work with BancoEstado on its digital transformation strategy. As Chile's largest public financial institution, its impact is immense. We are very proud to help it reach more people and increase access to financial products. Mambu supports BancoEstado’s digital transformation by providing the technology needed to continue offering innovative products and services to its customers. We are committed to offering BancoEstado the support and innovative solutions it needs to always meet and exceed customer expectations."
For all media enquiries, please contact mambu@hardnumbers.co.uk
About BancoEstado
BancoEstado is the only public bank in Chile. With 166 years of history, it exists to make Chile a more inclusive and equitable country with opportunities that reach everyone. Faithful to its historical social role, it works every day from Putre to Porvenir, in a committed and efficient way for the development of the country and of all Chileans, bringing the bank closer to people through its more than 400 branches; 32 thousand CajaVecina service points; 121 BancoEstado Express; and more than 2,300 ATMs.
About Mambu
Mambu is the world’s only true SaaS cloud banking platform. Mambu fast-tracks the design and build of nearly any type of financial product for banks, lenders, fintechs, retailers, telcos and more. Our unique composable approach means that independent components, systems and connectors can be configured any way our clients require to meet their customer’s needs. Founded in 2011, Mambu has 700 employees and 200 customers globally, including N26, OakNorth, Tandem, ABN AMRO, Bank Islam, League Data and Orange Bank. www.mambu.com
© Press Release 2021
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