Technology Stocks

Itau Unibanco (NYSE:ITUB) Accelerating Its Digital Transformation With Amazon Web Services Cloud

Itau Unibanco (NYSE:ITUB) has selected Inc.’s (NASDAQ:AMZN) Amazon Web Services (AWS) to be its strategic cloud provider. The bank seeks to enhance efficiency and increase agility in delivering customer-centric services.

Pursuing digital transformation with AWS

The Latin American bank will leverage AWS’s leading cloud to expedite digital transformation and improve the banking experience for its 56 million customers globally. Itau Unibanco entered a 10-year deal which will expand its current relationship with AWS. As a result, the bank will move most of its IT infrastructure off mainframes and on-premise data centers to AWS cloud. Most importantly the bank will also migrate core banking platforms, online banking, call center solutions, and mobile banking to the cloud thus creating efficient and flexible tech architecture. This will enable the bank to quickly deliver customer-centric services to lower operating costs.

The bank will also leverage AWS’s wide range of services and a proven architecture that includes analytics capabilities, machine learning, managed databases, serverless, compute, containers, security, and storage. Itau Unibanco will gain insights and agility which will help it in pursuing new business lines, create new applications, and ensure regulatory compliance and security. The Latin American bank is also planning to upskill several of its employees and expand the 1,300 team it has trained in advanced cloud tech to quickly develop new customer ideas.

Itau Unibanco using AWS services to scale Pix

Itau Unibanco is leveraging Amazon Elastic Compute Cloud (Amazon EC2) to offer scalable and secure compute capacity for Pix. Pix is the first digital instant payment platform in Brazil that helps in reducing credit card and cash-based transactions. Notably, Itau Unibanco will expand the use of AWS’s capabilities across the insurance, banking, and credit card business lines including through subsidiaries like Rede. Also, the bank is using Amazon Elastic Container Service and AWS Lambda to introduce and scale novel financial services such as iti.

Candido Bracher, the bank’s CEO said that they are pursuing digital transformation with AWS by moving off mainframe tech to using cloud services to gain insight and agility to offer customer-centric services.

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