Backbase lands in Chile in partnership with Banco Security, expanding the digital banking landscape in the chilean market

As part of its comprehensive $50 million digital investment plan spanning four years, Grupo Security is driving a set of initiatives aimed at strengthening its business in the face of technological disruptions. This strategic effort seeks to elevate operational efficiencies, responding adeptly to a new era of digitalization within the company. In alignment with this vision, Banco Security, the financial holding company's subsidiary, has entered into a strategic partnership with Backbase, a global fintech leader specializing in digital banking solutions. The primary goal of this collaboration is to elevate the digital customer experience, bolster the sales of additional products, and positively impact overall business efficiency.

By incorporating Backbase's retail banking solution, Banco Security enhances its offering, revamping its digital platforms and providing customized experiences for its customers. A prime example of this advancement is Security Up!, a fully digital checking account that can be acquired within minutes, encompassing essential services like an Assigned Executive, Line of Credit, and Credit Card—all done 100% online.

Similarly, by leveraging Backbase for Business Banking, Banco Security is positioning itself as the preferred partner for businesses, streamlining and optimizing banking experiences to allow for the agile and seamless management of their operations. Additionally, through the implementation of Backbase's Wealth Management solution, Banco Security is redefining wealth management by seamlessly merging digital convenience with personalized attention. This strategic move empowers the bank's advisors to deliver unparalleled service that exemplifies the distinctive quality associated with Banco Security and its subsidiaries.

Data indicates that the demand for digital banking services is on the rise in Latin America, particularly in Chile. Digital payments now account for 110% of the country's Gross Domestic Product (GDP) and 68% of these payments are made using electronic funds transfers. In addition, Chile has seen a 75% decrease in cash usage and leads contactless payments in Latin America. Recognizing this trend and committing to its vision of providing exceptional services, Banco Security has taken decisive steps to align itself with this transformational shift.

In a fast-paced world that is increasingly digitized, we want our customer experiences to be simple, secure, and seamless, that is why this partnership with Backbase will allow us to innovate quickly, scale our operations, and offer an integrated banking experience, enhancing and strengthening our products and services with a focus on the customer at all times.

_{Matías Morales
Digital Manager at Banco Security}

We are excited to embark on this digitalization journey with Banco Security, an entity that not only has ample growth potential in Chile but is also driving innovation efforts in the country's financial sector, together, we look forward to setting new standards in banking, putting the customer at the center of everything we do

_{Nicolás Perdomo
Backbase's Regional Sales Director for Latin America and the Caribbean.}

Through this collaboration, Banco Security is expanding its array of products and services while enhancing customer experience by optimizing digital processes tailored to individual needs.

About Banco Security
Banco Security is a Chilean banking company and a subsidiary of Grupo Security. Boasting more than 40 years of experience in the industry, Banco Security provides a comprehensive array of financial products and services tailored to meet the unique requirements of individuals and businesses, with a customer-centric approach at the forefront of its operations. With a workforce exceeding 1,200 employees, the bank embraces an innovative perspective on the future, anchored in digital transformation.