Top Chilean lender BancoEstado picks Mambu for digital core revamp

Chilean lender BancoEstado has selected Mambu and its cloud-based core banking system to deliver new digital services.

Mambu says it is the only true SaaS provider in the region

Originally founded in 1855, BancoEstado is the only public bank in Chile. Its current iteration was formed by government decree in 1953.

It is the country’s largest mortgage lender, largest issuer of debit cards, and second-largest bank by total assets.

Mambu is charged with underpinning, designing, and launching new products for the bank to serve its 13 million customers.

The vendor says it will digitise BancoEstado’s transactional services via a complete transformation. It hailed the bank’s choice during a tender process “plagued by legacy systems”.

Eduardo Concha Concha, IT architecture and core development manager at BancoEstado, says Mambu aligns with his firm’s “strategic vision”.

He adds: “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.”

BancoEstado is an existing customer of Argentine vendor Technisys and its Cyberbank Core system, which it signed for around a decade ago. FinTech Futures has contacted the bank to clarify if the system is being replaced.

Mambu has signed several new deals in South America in recent months, and the vendor’s Latin America director, Edgardo Torres-Caballero, says his firm is the “only true” SaaS cloud platform in the region.

Of the BancoEstado deal, he adds: “As Chile’s largest public financial institution, its impact is immense.

“Mambu supports BancoEstado’s digital transformation by providing the technology needed to continue offering innovative products and services to its customers.”