About
SMS Itaú, you ask and Itaú answers
Innovation presentation
The bidirectional SMS, is the point of communication between two ends via SMS.
Through pre-stablished words, customers can send SMS inquiring for specific information about their account or credit card.
Market data indicates that today there are approximately 264 million cellphones in Brazil. From these, 78% are denominated feature phones, which are simple mobile devises with much less functionalities than a smart phone. Social classes C, D and E possess 60, 2% of these devices.
Given this scenario, Banco Itaú makes available for costumers new functionalities via Bidirectional SMS, enabling customers with simpler cell phones (which lack of the use of applications for example) to receive information about their current account or credit card in a practical and faster way.
For example, sending a SMS with the word “account balance” to the number 4828, and in seconds receiving an answer featuring the current account balance. Other services available via SMS are summary of current account extracts, recharge of Pré Pago cell phone credit and credit card services.
In August 2014, more than 800K customers used the SMS Itaú service, representing a 307% growth over the month of March in the same year.
Since April of 2014, a multidisciplinary Cell with a Lean methodology has administrated the SMS Itaú service, giving more agility to implantations, incentives and improvements to the Channel.
Uniqueness of the project
Before, SMS Itaú customers who did not have a smartphone used only traditional channels in order to have access to features of current account or credit card. With the deployment of SMS Itaú, customers can receive information in seconds, without the need for identification or password securely and free of charge.
In-Depth Analysis
The Reason Behind
The SMS Itaú represents an important departing point for customers using the physical channel, with an aversion to adopt digital channels such as online banking or do not possess an smartphone.
Indicators have shown the existence of approximately 264 million cell phones in Brazil. From these, 78% are denominated feature phones, which are simple mobile devises with much less functionalities than a smart phone. Social classes C, D and E possess 60, 2% of these devices. Given this scenario, Banco Itaú makes available for costumers new functionalities via Bidirectional SMS, enabling customers with simpler cell phones (which lack of the use of applications for example) to receive information about their current account or credit card in a practical and faster way.
Another important incentive for the investment in SMS Itaú was the utilization of services and functionalities available for SMS by comparison with the use of other Channels with higher exploitation costs such as: call centers, ATM’s, cashiers and branch managers.
Results
Since the implementation, we have a growth of 4x the utilization of the channel (customers using monthly). Reduction of calls to the Call Center of 3%, diminishing costs and expenses.
Economic projection of savings of R$500 by year.
Accumulated revenue coming from cell phone credit recharges via SMS in 2014 of R$ 100K until the month of August.
Key Dates
- Launch date 2 October 2019
