What Banco Security does

Banco Security is a Chilean retail and personal banking institution headquartered in Las Condes, Chile, founded in 1981 and currently undergoing legal integration with Banco BICE, its parent and continuing legal successor. The bank serves middle to upper-income individuals across Chile through a comprehensive product portfolio spanning checking accounts (tiered Plan Security 1/2/3, Cuenta Joven for under-30, and USD-denominated accounts), Mastercard-branded credit cards (Tarjeta One and Black One with Security Pesos travel rewards), consumer loans (up to $100M CLP over 60 months with up to 90-day grace), mortgages (6–25 years across multiple mutuo structures), commercial loans, time deposits, mutual funds intermediated through Valores Security, and dollar purchase services. Distribution combines shared physical branches with Banco BICE, two proprietary mobile applications (App Banco Security for account management and App Security PASS for transaction validation), the Security UP 100% digital onboarding platform, web-based simulators, call centers, and the Mastercard acceptance network.

The bank's technology stack is conventional banking infrastructure augmented by proprietary consumer-facing apps and early-stage participation in Mastercard's Agent Pay agentic payment infrastructure (live since March 2026). Security PASS replaces hardware security tokens with PIN-secured in-app transaction authorization, and the bank supports Apple Pay and other digital wallet provisioning. Insurance is intermediated through Bice Corredores de Seguros Limitada with MAPFRE (home, fire/earthquake), Zenit (personal protection), and EUROP Assistance (travel) as underwriters. Reward accumulation runs at 1.2% of card purchases into Security Pesos, redeemable exclusively through Travel Security S.A. for travel across 50+ airlines and 900+ hotels, with a 48-month point validity driving sustained engagement.

The revenue model is a traditional Chilean retail banking stack: interest income on consumer credit and revolving credit card balances (rates up to 49.02% annual on cards and 40.9% on smaller consumer loans), UF-denominated monthly maintenance fees on accounts and cards with income-tiered waivers, transaction-based fees on international purchases (1.91%–2.3%), merchant interchange on Mastercard volume, insurance distribution commissions, and affiliate referral fees on investment products. The customer segmentation is horizontal — individual retail (primary), young adults via Cuenta Joven (secondary), and legal-entity businesses via corporate credit cards and commercial loans (tertiary) — with go-to-market executed through a hybrid of dedicated relationship-based account executives, self-serve digital onboarding, and product-led promotions such as 0.79% monthly automotive financing and 3–6 interest-free installments on property contributions.

Name

Banco Security

Legal name

Banco BICE

Website

https://personas.bancosecurity.cl

Company type

Private

Founded year

1981

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Banco Security is a Chilean retail bank serving middle-to-upper-income individuals with checking accounts, Mastercard credit cards, consumer/mortgage loans, insurance, and investment products, distributed through shared branches with parent Banco BICE, two mobile apps, and digital onboarding, with early adoption of agentic AI payments via Mastercard.

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Commercial Banking (52211), Commercial Banking (522110), Depository Credit Intermediation (5221)

SIC

National Commercial Banks (6021), State Commercial Banks (6022), Personal Credit Institutions (6141)

akta.pro primary industry

Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA)

akta.pro secondary industries

Credit Cards & Revolving Credit (FSABAAAC), Student & Youth Banking (FSABAAAH), Bank & Credit Union Personal Loans (Unsecured Installment) (FSAKAAAL)

Keywords

• Retail banking services
• Consumer lending
• Credit cards
• Wealth management
• Commercial banking

Headquarters

HQ city

Las Condes

HQ country

Chile

HQ region

Latin America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Interest Income on Credit Products: Banco Security generates revenue primarily through interest charged on credit products including consumer loans (crédito de consumo), mortgage loans (crédito hipotecario), commercial loans (créditos comerciales/plazo fijo), and credit card revolving balances. Interest rates for consumer loans reach up to 40.9% annual effective rate for smaller amounts, with credit card rates up to 49.02% annual.
2. Account and Card Maintenance Fees: Monthly maintenance commissions charged on checking accounts (cuenta corriente) based on tiered plans (Plan Security 1, 2, 3) with fees in UF, and credit/debit card maintenance fees also in UF. Fee amounts vary by account type, income level, and product combination.
3. Transaction and Service Fees: Fees charged for specific banking services including international purchase commissions (1.91%-2.3% of purchase amount), international advance fees, certificate issuance, check legalizations, high-value branch transfers, check printing, and other operational services.
4. Insurance Distribution Commissions: Banco Security intermediates insurance products including home insurance (Seguro Hogar), earthquake and fire insurance (Incendio y Sismo), personal protection insurance (Protección Personal), travel insurance (Viaje Protegido), life insurance (Desgravamen), and health insurance. Insurance is intermediated through Bice Corredores de Seguros Limitada with coverage providers including MAPFRE and Zenit.
5. Merchant Discounts and Interchange: Revenue generated through merchant discounts and interchange fees associated with credit and debit card transactions across the Mastercard network, including promotional installment programs and merchant-partner discount campaigns.
6. Investment Product Distribution: Distribution of investment products including mutual funds (fondos mutuos), stocks (acciones), and time deposits (depósitos a plazo). Time deposits are taken through Banco BICE and intermediated by Valores Security Corredores de Bolsa S.A.

Pricing tiers

Go-to-market motion1 record

Distribution channels7 records

Marketing channels6 records

Core offering

Banco Security is a Chilean private bank offering retail and personal banking products including credits (loans), credit cards, checking accounts (cuenta corriente), investment products, and insurance products. The bank serves individual consumers and businesses through digital channels (mobile apps and online banking) as well as physical branches. The institution is currently undergoing integration with Banco BICE.

Product overview

Banco Security is a Chilean bank offering a comprehensive banking platform with multiple product categories. The core banking products include credit cards (Mastercard One and Black One with Security Pesos rewards), debit cards, checking accounts (Cuenta Corriente with tiered Security plans, Cuenta Joven for youth, and USD accounts), and loan products (personal loans, mortgages with various mutuo options, and commercial loans). Digital banking is delivered through the App Banco Security and Security PASS mobile apps. The bank also provides investment products (time deposits, dollar purchases, mutual funds), insurance products (home, fire/earthquake, personal protection, health, and travel), and operates a loyalty program called Security Pesos redeemable for travel. The product architecture follows a traditional banking model with interconnected products where credit cards, accounts, and insurance are cross-sold to account holders.

Differentiator

Problem solved

Functional benefit

Products and services

• Créditos (Loans)

Quantifiable outcome

• Security Pesos accumulation rate of 1.2% on all Tarjeta One purchases, redeemable for travel across 50+ airlines and 35+ cruise lines globally
• +4 more outcomes

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration7 records

AI capability1 record

Feature4 records

Partnerships

Nine partnerships are on record, tiered core, minor and flagship.

• Mastercard (Mastercard Agent Pay)coreTechnology or Integration · 24 March 2026Banco Security participated in Mastercard's live agentic payment transactions across Latin America and the Caribbean, demonstrating AI agents' ability to securely initiate and execute transactions using existing payment infrastructure through the Mastercard Agent Pay platform. This positions the bank at the forefront of AI-driven commerce in the region alongside 17 other regional banks.
• Travel Security S.A.coreStrategic or Co-development PartnerTravel Security S.A. is the exclusive partner for Security Pesos travel redemptions. The entity manages travel bookings (50+ airlines, 35+ cruise lines, 900+ hotels) that customers can pay for using accumulated Security Pesos. The delivery of travel products and services is the sole responsibility of Travel Security S.A., with Banco Security retaining no obligations or liabilities.
• Bice Corredores de Seguros LimitadacoreChannel Partner/ Reseller/ DistributorBice Corredores de Seguros Limitada acts as the insurance broker/intermediary for all insurance products distributed by Banco Security, including home insurance, earthquake and fire insurance, personal protection insurance, and health insurance. The intermediary handles policy placement and administration on behalf of Banco Security clients.
• MAPFRE Compañía de Seguros Generales S.A.coreChannel Partner/ Reseller/ DistributorMAPFRE is the insurance provider covering home insurance (Seguro Hogar) and earthquake/fire insurance (Seguro Incendio y Sismo) products offered through Banco Security. Policies are intermediated by Bice Corredores de Seguros Limitada. MAPFRE provides the risk coverage while Bice Corredores handles distribution.
• Zenit Seguros Generales S.A.minorChannel Partner/ Reseller/ DistributorZenit Seguros Generales S.A. is the insurance provider for the personal protection insurance (Seguro Protección Personal) against robbery and theft offered through Banco Security, intermediated by Bice Corredores de Seguros Limitada.
• EUROP ASSISTANCE S.A.minorChannel Partner/ Reseller/ DistributorEUROP ASSISTANCE S.A. (RUT: 99.573.400-1) provides travel assistance services for the Viaje Protegido travel insurance product, including medical assistance, trip interruption, and luggage loss coverage. Banco Security bears no responsibility for the service terms and conditions of EUROP ASSISTANCE.
• Valores Security Corredores de Bolsa S.A.minorChannel Partner/ Reseller/ DistributorValores Security Corredores de Bolsa S.A. acts as the stockbroker intermediary for time deposit products (depósitos a plazo) taken through Banco BICE and offered to Banco Security customers seeking investment products. This connects customers to capital market investment opportunities.
• Banco BICEflagshipStrategic or Co-development PartnerBanco Security is undergoing a full integration with Banco BICE, its parent/legal successor. The integration consolidates operations, branch networks, and digital platforms. Customers are redirected to banco.bice.cl for branch information, and the combined entity operates under 'Banco BICE continuador legal de Banco Security.' Information about the integration process is available at banco.bice.cl/personas/integracion-bice-security.
• Various Merchant Partners (Restaurants, Retailers, Travel, Automotive)coreGTM or Marketing PartnerBanco Security maintains partnerships with numerous merchant partners across categories including restaurants (La Plâce, Cakao, Barquillería, Le Vice, Caramel, etc.), travel (Celebrity Cruises, Travel Security), entertainment (Coney Park, Coney Jump, Rally Karting), and automotive merchants. These partners offer exclusive discounts and installment promotions to Banco Security cardholders, driving card usage and customer acquisition. Partners are featured in the Security Benefits portal on the bank's website.

Scale indicators3 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Banco BICE: Banco BICE is the parent / legal successor currently absorbing Banco Security via an in-progress integration. Operates as a Chilean commercial bank with overlapping retail, corporate and wealth-management products, making it the single most directly comparable franchise.
• Banco Falabella: Chilean retail-focused bank tied to the Falabella retail ecosystem, offering credit cards, consumer loans and deposit accounts to similar middle-income Chilean consumers. Closest direct peer in terms of customer segment and product mix.
• Banco Ripley: Chilean retail bank associated with the Ripley retail brand, focused on credit cards and consumer lending to middle-income customers. Direct competitor with a very similar mass-affluent, card-led business model.

Broad incumbents

• Banco de Chile: One of Chile's largest incumbent commercial banks offering full retail and corporate banking, credit cards, mortgages and insurance. Competes with Banco Security across essentially the same product set, but at significantly greater scale and branch density.
• Banco Santander Chile: Chilean subsidiary of global giant Santander, offering retail deposits, credit cards, consumer loans, mortgages and insurance to Chilean individuals. Competes head-on with Banco Security for middle-to-upper-income retail customers.
• BCI (Banco de Crédito e Inversiones): Major Chilean universal bank with strong retail and digital franchise (MACH). Directly comparable product suite — checking accounts, credit cards, consumer loans, mortgages — competing for the same affluent retail segment Banco Security targets.
• Itaú Chile: Chilean subsidiary of Brazilian bank Itaú Unibanco, offering retail and commercial banking, credit cards and insurance. Overlaps with Banco Security's mass-affluent retail customer base and product catalog.
• Scotiabank Chile: Chilean arm of Scotiabank offering retail deposits, credit cards, consumer and mortgage lending. Competes with Banco Security for middle-to-upper-income Chilean retail customers.
• BancoEstado: Chilean state-owned commercial bank with the largest branch network in the country. Competes for retail deposits and consumer credit, particularly at the lower-income end adjacent to Banco Security's Plan Security 3.

Regional players

• Banco Consorcio: Mid-sized Chilean commercial bank serving retail and corporate clients with a similar product mix to Banco Security, including consumer loans, mortgages and credit cards. Comparable in scale and customer focus within the same domestic market.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/banco_security
• LinkedInlinkedin.com/company/banco-security

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Banco Security