Itaú’s Superapp: Migrating 15 Million Customers

In late 2024, Itaú Unibanco will mark its centennial by transitioning 15 million single-product users to its primary app.

Previously reserved for account holders, the new superapp will now serve a much broader user base. The ultimate user count after this migration remains undisclosed.

This significant change will merge users from multiple Itaú apps like Itaú Cartões, Credicard, and others into one superapp.

The new app will adapt to each user’s profile at login, enhancing their experience.

Alexandre Zancani, Director of Digital Products, emphasized that readiness for this step comes from advancements in platform modernization.

This transition contrasts with digital competitors like Inter, showcasing a decade of Itaú’s digital evolution under CEO Milton Maluhy.

The move includes automatic customization features, transforming the app into a comprehensive service platform.

Ricardo Guerra, Director of Technology, highlighted the shift from traditional bank-centric relationships to a superapp-focused approach.

This change integrates customer data through the One Itaú project initiated in 2023.

Roberto Setubal, Co-chairman, noted that this app would bolster revenue by engaging customers who previously had limited interactions with the bank.

Furthermore, a dedicated app for small businesses will be introduced to enhance engagement through automation.

Pedro Moreira Salles, another Co-chairman, stated that Brazil’s current economic growth offers additional momentum, though maintaining efficiency remains crucial.

Previously, banks often relied on corporate payroll services for customer acquisition, favoring multi-product customers.

The digital shift has enabled banks like Itaú to streamline customer experiences. This shift is evidenced by the retirement of the Itaucard brand in 2022.

Alexandre Zancani reflected on incorporating insights from Iti, a fully digital initiative launched in 2020, into the superapp.

This initiative has influenced Itaú’s strategy to align more closely with customer-centric models used by companies like Netflix and Amazon.