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 the fintech’s 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."