Itaú Unibanco Selects AWS as Its Long-Term Strategic Cloud Provider to Accelerate Digital Transformation

AK&M 30 November 2020 15:53 Amazon Web Services (AWS), an Amazon.com, Inc. company, has selected by Itaú Unibanco Holding, Latin America’s largest bank, as its long-term strategic cloud provider, as it was informed by Amazon/

Itaú Unibanco will leverage the world’s leading cloud to accelerate its digital transformation and enhance the banking experience for its 56 million customers around the world. As part of the 10 year deal, which expands on the bank’s existing relationship with AWS, Itaú Unibanco will move the majority of its IT infrastructure off mainframes and out of its on-premises data centers to the cloud. Itaú Unibanco will also migrate its core banking platforms, call center solutions, online, and mobile banking applications to AWS, creating a more flexible and efficient technology architecture that will help the bank to introduce new customer-facing services faster with lower operating costs. In addition, the bank will leverage AWS’s proven infrastructure and breadth and depth of services, including capabilities for analytics, machine learning, serverless, containers, managed database, compute, storage, and security, to gain agility and insights, helping it pursue new lines of business, develop new applications, and ensure security and regulatory compliance. The bank also plans to upskill thousands of its employees, expanding on the 1,300 professionals the company has already trained in advanced cloud technologies, to put new customer service ideas into development faster.

Itaú Unibanco is expanding its use of AWS’s comprehensive portfolio of capabilities across its banking, credit cards, and insurance lines of business, as well as throughout its subsidiaries, such as Rede, one of the largest electronic payment solution providers in Brazil. The bank leverages Amazon Elastic Compute Cloud (Amazon EC2) to provide secure, scalable compute capacity for Pix, Brazil’s first nationwide digital instant payment platform that helps reduce reliance on cash and credit card-based transactions. Similarly, Itaú Unibanco uses Amazon Elastic Container Service (Amazon ECS) and AWS Lambda (AWS’s serverless computing service), to quickly launch and scale new financial services offerings, including iti, the bank’s free digital account platform that allows users to scan QR codes to easily and securely pay for products and services and transfer funds. By modernizing Credicard, one of Brazil's largest credit card platforms, on AWS Itaú Unibanco can create a digital payment and banking platform that can easily incorporate new features to meet evolving customer needs. Looking ahead, Itaú will migrate off legacy databases to AWS’s cloud-native databases, such as Amazon Aurora (AWS’s relational database) and Amazon DynamoDB (AWS’s key-value database that delivers single-digit millisecond performance at any scale with built-in encryption and data recovery) to quickly, reliably, and securely process financial transactions and build new applications that feature microservices architectures to support scalability and simplify updates.

Itaú Unibanco is also leveraging AWS analytics and machine learning technologies to gain deeper insights into its customers’ banking needs and deliver more personalized experiences. For instance, the bank is using Amazon SageMaker (AWS’s service that enables data scientists and developers to build, train, and deploy machine learning models quickly) to identify patterns in individual customer’s banking habits and then use that information to help the bank’s customer service chatbots proactively offer assistance and deliver faster and more precise answers to customer questions. Itaú Unibanco is creating a company-wide machine learning platform on AWS to further expand innovation, automate workflows, and generate predictive insights.

For 14 years, Amazon Web Services has been the world’s most comprehensive and broadly adopted cloud platform. AWS offers over 175 fully featured services for compute, storage, databases, networking, analytics, robotics, machine learning and artificial intelligence (AI), Internet of Things (IoT), mobile, security, hybrid, virtual and augmented reality (VR and AR), media, and application development, deployment, and management from 77 Availability Zones (AZs) within 24 geographic regions, with announced plans for 15 more Availability Zones and five more AWS Regions in India, Indonesia, Japan, Spain, and Switzerland. Millions of customers—including the fastest-growing startups, largest enterprises, and leading government agencies—trust AWS to power their infrastructure, become more agile, and lower costs. 

Itaú Unibanco’s purpose is to promote people’s power of transformation and we do it through a strategic agenda focused on client centricity and digital transformation, based also on the diversity of our people. The largest bank in Latin America, Itaú Unibanco is present in 18 countries and has more than 56 million customers, among individuals and companies in all segments, to whom we offer the best experiences in financial products and services. Itaú Unibanco has been selected for the 21st consecutive time to be part of the Dow Jones Sustainability World Index (DJSI World), being the only Latin American financial institution to be part of the index since its creation in 1999.