Itaú Unibanco Holding S.A. (ITUB): Business Model Canvas

In der dynamischen Landschaft des lateinamerikanischen Bankwesens entwickelt sich die Itaú Unibanco Holding S.A. zu einem Kraftpaket für Finanzinnovationen, das Technologie, Kundenorientierung und robuste digitale Infrastruktur strategisch in sein umfassendes Geschäftsmodell integriert. Mit einem ausgefeilten Ansatz, der das Privat- und Firmenkundengeschäft umfasst, nutzt dieser brasilianische Finanzriese strategische Partnerschaften, hochmoderne digitale Plattformen und ein tiefes Verständnis der Marktbedürfnisse, um in verschiedenen Kundensegmenten außergewöhnlichen Mehrwert zu bieten. Tauchen Sie ein in das komplexe Business Model Canvas, das zeigt, wie Itaú Unibanco das traditionelle Banking in ein nahtloses, personalisiertes Finanzerlebnis verwandelt hat, das bei Millionen von Kunden Anklang findet.

Itaú Unibanco Holding S.A. (ITUB) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Allianzen mit globalen Finanztechnologieunternehmen

Itaú Unibanco hat strategische Partnerschaften mit den folgenden globalen Finanztechnologieunternehmen aufgebaut:

Unternehmen	Einzelheiten zur Partnerschaft	Gründungsjahr
Visa Inc.	Digitale Zahlungslösungen	2018
Mastercard Incorporated	Grenzüberschreitende Zahlungstechnologien	2017
Apple Pay	Integration mobiler Zahlungen	2019

Partnerschaften mit brasilianischen und internationalen Zahlungsnetzwerken

Zu den wichtigsten Partnerschaften im Zahlungsnetzwerk gehören:

• Cielo S.A. (brasilianisches Zahlungsabwicklungsunternehmen)
• Erwerber einlösen
• PayPal Holdings, Inc.
• Internationales SWIFT-Zahlungsnetzwerk

Zusammenarbeit mit Fintech-Startups für digitale Innovation

Itaú Unibanco investiert im Rahmen seiner Innovationsprogramme in Fintech-Startups und arbeitet mit ihnen zusammen:

Startup-Kooperationsprogramm	Anzahl der unterstützten Startups	Investitionsbetrag
Itaú-Startup-Programm	42 Startups	15,6 Millionen R$
Digitales Innovationslabor	27 Fintech-Partnerschaften	8,3 Millionen R$

Beziehungen zu großen brasilianischen und internationalen Banken

Strategische Bankpartnerschaften:

• Banco Bradesco S.A.
• Banco do Brasil S.A.
• Santander Brasilien
• JP Morgan Chase & Co.
• Goldman Sachs Group, Inc.

Gesamtzahl der grenzüberschreitenden Bankpartnerschaftsverträge: 12 internationale Bankbeziehungen, Stand 2024.

Itaú Unibanco Holding S.A. (ITUB) – Geschäftsmodell: Hauptaktivitäten

Privat- und Firmenkundendienstleistungen

Ab 2024 arbeitet Itaú Unibanco mit:

• Gesamtvermögen von 2,258 Billionen R$
• Rund 57,4 Millionen Einzelkunden
• Firmenkundenportfolio für über 300.000 Geschäftskunden

Kategorie Bankdienstleistungen	Transaktionsvolumen (2024)
Privatkundengeschäfte	3,2 Milliarden jährliche Transaktionen
Firmenkundengeschäfte	1,8 Milliarden jährliche Transaktionen

Entwicklung einer digitalen Banking-Plattform

Zu den Kennzahlen für das digitale Banking gehören:

• 98,5 % der Transaktionen werden über digitale Kanäle abgewickelt
• 25,6 Millionen aktive Digital-Banking-Nutzer
• Mobile-Banking-App mit 22,3 Millionen aktiven Nutzern

Investment- und Vermögensverwaltung

Indikatoren für die Investitionsleistung:

Anlagekategorie	Gesamtes verwaltetes Vermögen
Investmentfonds	678,5 Milliarden R$
Pensionskassen	392,3 Milliarden R$

Kredit- und Kreditbearbeitung

Aufschlüsselung des Kreditportfolios:

• Gesamtkreditportfolio: 1,045 Billionen R$
• Unternehmenskredite: 612,8 Milliarden R$
• Einzelkredite: 432,6 Milliarden R$

Risikomanagement und Finanzberatung

Risikomanagement-Metrik	Wert 2024
Quote notleidender Kredite	2.7%
Risikomanagement-Investitionen	1,2 Milliarden R$ jährlich

Itaú Unibanco Holding S.A. (ITUB) – Geschäftsmodell: Schlüsselressourcen

Umfangreiches Filialnetz

Ab 2023 betreibt Itaú Unibanco:

Netzwerkmetrik	Nummer
Gesamtzahl der Bankfilialen	4,270
ATM-Netzwerk	24,270
Einsatzländer	19

Digitale Banking-Infrastruktur

Leistungskennzahlen für das digitale Banking:

• Mobile-Banking-Nutzer: 21,4 Millionen
• Digitale Transaktionen: 95,2 % aller Transaktionen
• Investition in digitale Bankplattformen: 3,2 Milliarden R$ im Jahr 2023

Markenreputation

Markenranking	Position
Wertvollste brasilianische Bankmarke	1
Markenwert	16,5 Milliarden R$

Zusammensetzung der Belegschaft

Mitarbeiterkategorie	Nummer
Gesamtzahl der Mitarbeiter	86,547
Mitarbeiter mit Hochschulbildung	78.3%

Technologische Systeme

Details zu Technologieinvestitionen:

• Jährliche IT-Ausgaben: 4,7 Milliarden R$
• Budget für Cybersicherheit: 620 Millionen R$
• Investitionen in KI und maschinelles Lernen: 890 Millionen R$

Itaú Unibanco Holding S.A. (ITUB) – Geschäftsmodell: Wertversprechen

Umfassende Finanzlösungen für Privatpersonen und Unternehmen

Ab 2024 bietet Itaú Unibanco eine vielfältige Palette an Finanzdienstleistungen mit den folgenden Schlüsselkennzahlen an:

Servicekategorie	Gesamtvolumen	Marktanteil
Persönliches Banking	412,6 Milliarden R$	18.3%
Firmenkundengeschäft	287,4 Milliarden R$	15.7%
KMU-Banking	89,2 Milliarden R$	22.1%

Integrierte digitale Banking-Erfahrung

Leistungsindikatoren für digitale Plattformen:

• Mobile-Banking-Nutzer: 23,6 Millionen
• Digitales Transaktionsvolumen: 92,4 % der Gesamttransaktionen
• Online-Banking-Plattformen: 4 verschiedene integrierte Systeme

Wettbewerbsfähige Zinssätze und Finanzprodukte

Produkttyp	Durchschnittlicher Zinssatz	Jahresvolumen
Privatkredite	24.5%	76,3 Milliarden R$
Geschäftskredite	16.8%	129,7 Milliarden R$
Hypothekendarlehen	9.2%	42,1 Milliarden R$

Persönlicher Kundenservice

Kundendienstkennzahlen:

• Gesamtkundenstamm: 57,4 Millionen
• Kundenzufriedenheitsrate: 87,6 %
• Durchschnittliche Antwortzeit: 12,3 Minuten

Große Auswahl an Anlage- und Kreditmöglichkeiten

Anlagekategorie	Gesamtes verwaltetes Vermögen	Jährliches Wachstum
Investmentfonds	346,2 Milliarden R$	8.7%
Pensionskassen	214,5 Milliarden R$	6.3%
Festverzinsliche Anlagen	187,9 Milliarden R$	5.9%

Itaú Unibanco Holding S.A. (ITUB) – Geschäftsmodell: Kundenbeziehungen

Personalisierte digitale Banking-Plattformen

Itaú Unibanco bietet digitale Banking-Plattformen mit 39,4 Millionen digitalen Nutzern (Stand Q3 2023). Die mobile App der Bank hat 28,6 Millionen aktive Nutzer, was einer digitalen Engagement-Rate von 73 % entspricht.

Kennzahlen für digitale Plattformen	Nummer
Gesamtzahl der digitalen Nutzer	39,4 Millionen
Aktive Benutzer der mobilen App	28,6 Millionen
Digitale Engagement-Rate	73%

Multi-Channel-Kundensupport

Itaú Unibanco bietet Unterstützung über mehrere Kanäle:

• Callcenter mit 24/7-Verfügbarkeit
• WhatsApp-Banking-Unterstützung
• Online-Chat-Dienste
• Filialnetz mit 4.233 physischen Filialen
• Digitale Supportplattformen

Treueprogramme und Prämien

Das Treueprogramm der Bank, Itaú Personnalité, bedient 1,2 Millionen vermögende Kunden mit personalisierten Prämien und Dienstleistungen.

Einzelheiten zum Treueprogramm	Statistiken
Mitglieder des Personnalité-Programms	1,2 Millionen
Durchschnittliche Kundenbindungsrate	86.5%

Engagierte Kundenbetreuer für Firmenkunden

Itaú Unibanco betreut 35.000 Firmenkunden mit spezialisierten Relationship-Management-Teams. Das Firmenkundensegment der Bank erwirtschaftet einen Jahresumsatz von 10,4 Milliarden R$.

Mobile- und Online-Banking-Tools

Zu den digitalen Banking-Tools gehören:

• Transaktionsverfolgung in Echtzeit
• Verwaltung des Anlageportfolios
• Sofortige Zahlungslösungen
• Biometrische Authentifizierung

Mobile-Banking-Funktionen	Akzeptanzrate
Mobile Zahlungstransaktionen	67 Millionen monatlich
Digitales Transaktionsvolumen	92 % aller Transaktionen

Itaú Unibanco Holding S.A. (ITUB) – Geschäftsmodell: Kanäle

Physisches Filialnetz

Ab 2023 betreibt Itaú Unibanco 4.270 physische Filialen in ganz Brasilien. Die Bank unterhält eine weitreichende physische Präsenz mit folgender Verteilung:

Region	Anzahl der Filialen
Südostbrasilien	2,458
Südbrasilien	612
Nordostbrasilien	658
Zentralwestbrasilien	392
Nordbrasilien	150

Mobile-Banking-Anwendung

Die Mobile-Banking-App von Itaú hatte im vierten Quartal 2023 29,8 Millionen aktive monatliche Nutzer. Zu den wichtigsten Funktionen gehören:

• Digitale Kontoeröffnung
• Echtzeittransaktionen
• Investmentmanagement
• Kredit- und Kreditkartendienstleistungen

Online-Banking-Website

Die Online-Banking-Plattform bedient im Jahr 2023 36,5 Millionen digitale Kunden, wobei 18,2 Millionen die Plattform monatlich nutzen.

ATM-Netzwerke

Itaú Unibanco unterhält in ganz Brasilien 16.847 Geldautomaten mit folgender Verteilung:

Typ des Geldautomatenstandorts	Anzahl Geldautomaten
Bankfilialen	4,270
Externe Standorte	12,577

Call Center und digitaler Kundensupport

Die Bank betreibt mehrere Kundensupportkanäle:

• 24/7-Callcenter mit 6.500 engagierten Supportmitarbeitern
• Digitaler Chat-Support auf Mobil- und Webplattformen verfügbar
• Durchschnittliche Reaktionszeit: 45 Sekunden für digitale Kanäle
• Jährliche Kundendienstinteraktionen: 98,3 Millionen

Itaú Unibanco Holding S.A. (ITUB) – Geschäftsmodell: Kundensegmente

Privatkunden im Privatkundengeschäft

Im Jahr 2023 betreut Itaú Unibanco rund 57,4 Millionen private Privatkunden in Brasilien. Der Privatkundenstamm der Bank setzt sich wie folgt zusammen:

Gesamtzahl der Einzelkunden	57,4 Millionen
Benutzer des digitalen Bankings	36,2 Millionen
Mobile-Banking-Benutzer	29,8 Millionen

Kleine und mittlere Unternehmen

Itaú Unibanco bietet Finanzdienstleistungen für 660.000 kleine und mittlere Unternehmen (KMU) in ganz Brasilien.

Gesamtzahl der KMU-Kunden	660,000
KMU-Kreditportfolio	96,3 Milliarden BRL
Durchschnittliche Kredithöhe	145.900 BRL

Große Firmenkunden

Die Bank betreut 18.500 große Firmenkunden mit umfassenden Finanzlösungen.

Insgesamt große Firmenkunden	18,500
Unternehmenskreditportfolio	312,7 Milliarden BRL
Durchschnittlicher Firmenkundenumsatz	1,2 Milliarden BRL

Vermögende Privatpersonen

Das Private-Banking-Segment von Itaú Unibanco richtet sich an vermögende Privatkunden.

Vermögende Kunden	45,000
Gesamtes verwaltetes Vermögen	243,5 Milliarden BRL
Durchschnittlicher Wert des Kundenportfolios	5,4 Millionen BRL

Internationale Investoren

Die Bank bietet Investitionsdienstleistungen für internationale Investoren an, die auf den brasilianischen Markt abzielen.

Internationale Investmentkunden	2,750
Ausländisches Investitionsportfolio	87,6 Milliarden BRL
Internationale Kundenländer	37

Itaú Unibanco Holding S.A. (ITUB) – Geschäftsmodell: Kostenstruktur

Investitionen in Technologie und digitale Infrastruktur

Im Jahr 2023 investierte Itaú Unibanco 4,82 Milliarden R$ in Technologie und digitale Infrastruktur. Die Technologiekosten der Bank machten etwa 16,5 % ihrer gesamten Betriebskosten aus.

Kategorie „Technologieinvestitionen“.	Betrag (R$ Milliarden)
Entwicklung digitaler Plattformen	1.73
Cybersicherheitsinfrastruktur	0.92
Cloud-Computing-Lösungen	0.65
KI und maschinelles Lernen	0.42

Gehälter und Schulungen der Mitarbeiter

Die gesamten Personalkosten für Itaú Unibanco beliefen sich im Jahr 2023 auf 15,6 Milliarden R$.

• Durchschnittliches Jahresgehalt: 145.000 R$
• Schulungs- und Entwicklungsbudget: 280 Millionen R$
• Gesamtzahl der Mitarbeiter: 86.244

Wartung des Filialnetzes

Die Betriebskosten des Filialnetzes beliefen sich im Jahr 2023 auf 3,45 Milliarden R$.

Kategorie der Filialwartungskosten	Betrag (R$ Millionen)
Physische Infrastruktur	1,870
Dienstprogramme	620
Ausrüstung und Wartung	960

Kosten für die Einhaltung gesetzlicher Vorschriften

Die Kosten für die Einhaltung gesetzlicher Vorschriften beliefen sich im Jahr 2023 auf insgesamt 1,2 Milliarden R$.

• Budget der Rechts- und Compliance-Abteilung: 420 Millionen R$
• Regulatorische Meldesysteme: 280 Millionen R$
• Externe Prüfung und Beratung: 500 Millionen R$

Kosten für Marketing und Kundenakquise

Die Marketingausgaben beliefen sich im Jahr 2023 auf 1,75 Milliarden R$.

Kategorie der Marketingausgaben	Betrag (R$ Millionen)
Digitales Marketing	620
Traditionelle Medienwerbung	480
Kampagnen zur Kundengewinnung	650

Itaú Unibanco Holding S.A. (ITUB) – Geschäftsmodell: Einnahmequellen

Zinserträge aus Darlehen und Kreditprodukten

Für das Geschäftsjahr 2022 meldete Itaú Unibanco einen Gesamtzinsertrag von 101,7 Milliarden BRL. Das Kreditportfolio gliederte sich wie folgt:

Kreditkategorie	Gesamtvolumen (Milliarden BRL)
Unternehmenskredite	295.4
Privatkredite	422.6
Verbraucherkredite	186.3

Gebühren für Bankdienstleistungen

Im Jahr 2022 erwirtschaftete Itaú Unibanco 23,5 Milliarden BRL an Servicegebühren mit folgender Verteilung:

• Kontoführungsgebühren: 5,2 Milliarden BRL
• Transaktionsbearbeitungsgebühren: 8,7 Milliarden BRL
• Kreditkartengebühren: 6,9 Milliarden BRL
• Sonstige Bankdienstleistungen: 2,7 Milliarden BRL

Erträge aus dem Investmentmanagement

Die Erträge aus dem Investmentmanagement beliefen sich im Jahr 2022 auf insgesamt 12,4 Milliarden BRL, mit den wichtigsten Segmenten:

Investmentsegment	Umsatz (Milliarden BRL)
Vermögensverwaltung	6.8
Vermögensverwaltung	4.2
Pensionskassen	1.4

Gebühren für die Transaktionsbearbeitung

Die Transaktionsbearbeitungsgebühren beliefen sich im Jahr 2022 auf 18,6 Milliarden BRL, darunter:

• Zahlungsabwicklung: 7,3 Milliarden BRL
• Acquiring-Dienste für Händler: 6,9 Milliarden BRL
• Gebühren für digitale Transaktionen: 4,4 Milliarden BRL

Vertrieb von Versicherungs- und Finanzprodukten

Die Einnahmen aus Versicherungs- und Finanzprodukten erreichten im Jahr 2022 16,2 Milliarden BRL:

Produktkategorie	Umsatz (Milliarden BRL)
Lebensversicherung	5.6
Sachversicherung	4.3
Andere Finanzprodukte	6.3

Itaú Unibanco Holding S.A. (ITUB) - Canvas Business Model: Value Propositions

You're looking at the core value Itaú Unibanco Holding S.A. delivers across its vast client base. It's not just about holding deposits; it's about being the single financial partner for nearly every need.

Universal bank offering: full suite of financial services

Itaú Unibanco Holding S.A. operates as a true universal bank, which means you get everything from basic checking to complex capital markets advisory under one roof. This breadth is significant; for instance, the Retail Business accounted for 60% of the bank's revenue in 2024, while the Wholesale Business contributed 34%. The total assets on the balance sheet as of June 30, 2025, stood at R$ 2,122,480 million. The bank maintains a broad footprint, being present in 18 countries with retail operations concentrated in Latin America. The net income for the first half of 2025 was R$ 17,047 million.

Here is a snapshot of the loan portfolio distribution as of the end of the second quarter of 2025:

Loan Category	Balance (R$ billion, 2Q25)	Year-over-Year Growth (D 2Q24)
Individuals (Total)	451.9	8.0%
Credit Card Loans	141.1	7.7%
Mortgage Loans	134.4	17.2%
Very Small, Small and Middle Market Loans	(Data not directly comparable to Individuals total)	(Data not directly comparable to Individuals total)

The loan portfolio to funding ratio, net of compulsory deposits, cash, and cash equivalents, reached 98.6% in the second quarter of 2025, showing tight management of its balance sheet resources.

Sector-leading digital experience and personalized journeys

A key value is the push for a fully digital operation, making services simple and accessible. You see this in how they drive product adoption through their app. For example, the purchase volume for credit card account holders grew 14% in 2024 compared to 2023, driven by journey innovation in the app. The bank is focused on delivering the best products and services with a competitive cost to serve.

Open investment platform with third-party products

Itaú Unibanco Holding S.A. offers a complete portfolio that includes both proprietary and third-party products, which is a big draw for sophisticated investors. Assets under management and administration grew 9.9% in the last 12 months ending in the second quarter of 2025, with the open platform specifically growing by 10.6%. To give you a sense of scale, Itaú Asset Management recorded the highest net new money in 2024, bringing in R$63.1 billion. Also, Kinea held R$146.3 billion in assets under management as of December 31, 2024. For brokerage services, Itaú Corretora de Valores served over 531,000 clients, recording R$156.1 billion in trading volume in 2024.

Dedicated high-touch service for Personnalité and Uniclass segments

For clients needing more personalized attention, the segmentation is clear. The Itaú Uniclass segment is specifically for mass-affluent customers, generally those with monthly incomes between R$4,000 and R$15,000. Personnalité targets affluent customers. As of the end of the fourth quarter of 2024, the combined Personnalité and Uniclass segments represented 10.9% of a certain loan metric, showing their importance in the overall structure.

Commitment to sustainable finance and ESG-linked products

The bank has formalized its commitment to sustainability through a new ESG strategy, which is a major value driver for institutional investors. Itaú Unibanco has a target to expand sustainable financing to R$1 trillion by 2030, building upon the R$400 billion already allocated to sustainable development. In 2024 alone, ESG bond issuance reached R$13.6 billion across 30 operations, and ESG loans increased by 170% compared to the prior year.

The bank has set clear internal representation goals for 2025:

• 35% to 40% of leadership roles held by women.
• 27% to 30% Black representation across the organization.
• Aiming for 50% female representation in entry-level hiring flows.
• Aiming for 40% Black representation in entry-level hiring flows.

Furthermore, Itaú Unibanco aims to direct R$15 billion in microcredit to support small-scale entrepreneurs by 2030. That's a concrete action tied to their social value proposition. Finance: draft 13-week cash view by Friday.

Itaú Unibanco Holding S.A. (ITUB) - Canvas Business Model: Customer Relationships

You're looking at how Itaú Unibanco Holding S.A. manages the connection with its diverse client base as of late 2025. It's a dual approach: heavy automation for the mass market and high-touch service for wealth segments.

Automated, Personalized Service via Mobile App and AI

The core of mass-market relationship management is digital. Over 90% of customers now use mobile banking, with the app serving around 20 million users and maintaining an NPS above 70. This digital ecosystem is powered by 'Itaú Intelligence,' launched in November 2024, which uses generative AI to create hyper-personalized interactions. The bank refines over 1,300+ AI models using data from every interaction, which feeds a self-reinforcing data flywheel. For instance, features like Pix on WhatsApp simplify transactions, reducing friction for high-volume users. Still, user feedback suggests challenges remain; 72% of users report difficulty accessing human assistance, setting a high bar for the digital support experience.

Dedicated Relationship Managers for Wholesale and Private Banking

For clients requiring bespoke service, the relationship model shifts entirely. Itaú Private Bank, recognized as Latin America's best for next-gen in 2025, focuses on building long-term relationships. This segment manages $164 billion in assets under management and serves a client roster of 9,000 families. They hold a 29% share of their main, domestic wealth market. This high-touch service contrasts sharply with the digital focus for retail clients.

Here's a quick look at the relationship structure across key segments:

Customer Segment	Primary Relationship Model	Key Metric/Focus
Retail/Mass Market	Automated/Self-Service via SuperApp	Mobile App Users: ~20 million
Uniclass/Personnalité	Hybrid: Digital + Dedicated Support	100% of loan book growth came from these segments (YoY)
Private Banking	Dedicated Relationship Managers	Assets Under Management: $164 billion
Wholesale/Corporate	Dedicated Relationship Managers	Market Share in DCM Origination: 25% (9M 2025)

Digital Self-Service Tools for High-Volume, Low-Margin Transactions

The bank is actively consolidating its digital footprint. The new superapp, launched in July 2024, targets the migration of approximately 15 million customers to this unified platform by the end of 2025. This platform is designed to make high-volume tasks, like payments and collections, seamless. For example, the bank has been reducing credit card annual fees, making them increasingly irrelevant as part of a strategy to avoid adverse selection and maintain the lifetime value of the client base. The overall consolidated credit portfolio stood at R$1,402.0 billion as of September 2025.

Loyalty Programs and Rewards for Credit Card Usage

Credit card relationships are managed through targeted growth in higher-value segments. The financed credit card portfolio for individuals grew by 4.3% in Q3 2025. It's defintely worth noting that 100% of the year-over-year growth in the loan book came from the Uniclass and Personnalité segments, indicating a focus on rewarding and growing relationships with higher-income clients through their card products. Commissions and insurance revenue reached R$14.7 billion in Q3 2025, showing the monetization of these relationships.

Proactive Risk Communication and Financial Advisory

Advisory services are a growing revenue stream, with advisory services and brokerage growing 33.7% quarter-over-quarter in Q3 2025. The bank's overall Return on Equity in Brazil was 24.2% in Q3 2025, supported by this focus on quality assets and advisory. The bank also emphasizes proactive communication regarding credit quality, which remained stable with the NPL ratio (90 days overdue) at 1.9% in Q3 2025 across the broader portfolio. Mortgage loans, a long-term relationship product, saw 15.2% growth year-over-year, with R$24 billion originated in the first nine months of 2025.

• AI-Driven Insights: 78% of users seek AI-driven recommendations, such as payment reminders or investment tips.
• Financial Planning Tools: Growing demand for tools that simplify financial planning and goal setting.
• Credit Quality Communication: NPL ratio (90 days overdue) held at 1.9% in Q3 2025.

Finance: draft 13-week cash view by Friday.

Itaú Unibanco Holding S.A. (ITUB) - Canvas Business Model: Channels

You're looking at how Itaú Unibanco Holding S.A. gets its value propositions to its customers, and honestly, it's a massive, multi-layered operation that blends old-school presence with aggressive digital scaling. The bank is clearly pushing a phygital (physical + digital) strategy, making sure they cover every possible touchpoint.

The digital front is dominated by the mobile experience. The sheer scale here is what drives efficiency and volume for the mass market. We're talking about the Itaú mobile banking app, which is reported to have over 29.8 million active monthly users. This massive user base is the engine for high-frequency, low-cost transactions, which is crucial for profitability in retail banking today.

The physical footprint remains a key differentiator, especially for complex products or segments less inclined to digital-only interaction. The physical branch network and proprietary ATM fleet provide essential reach. While the bank is optimizing, the expectation is that the number of branches in Brazil won't drop significantly below 1,500, down from approximately 2,114 at the end of 2024, supporting their nationwide presence. They also maintain a fleet of around 40,000 ATMs as of late 2024 data.

For specialized investment services, the channels branch out. Itaú Corretora (brokerage) serves the domestic retail investor base, while Avenue (US digital platform) targets international exposure. As of late 2025, Itaú Unibanco Holding S.A. solidified its commitment to this channel by assuming control of Avenue, increasing its participation to 50.1%. By March 2025, Avenue had already reached 1 million accounts, a testament to the demand for cross-border investment access. Itaú Corretora itself serviced over 531,000 clients with positions in equity and fixed income as of December 31, 2024, generating R$ 156.1 billion in trading volume that year.

For the largest clients, the channel is highly personalized. Corporate and investment banking specialized sales teams, operating primarily through Itaú BBA, focus on building deep relationships to advise on capital markets, M&A, and complex treasury needs for Brazil's largest economic groups. This is a relationship-driven channel, not a volume play.

Finally, support is layered across digital and traditional means. This includes contact centers and online chat support, which are essential for managing the massive digital user base and resolving issues that the self-service app can't handle. The bank has been focused on improving these interactions, aiming for a reduction in high-impact incidents for clients.

Here's a quick look at the scale of some of these key channels as of the latest reported figures:

Channel Component	Metric	Latest Reported Figure	Date/Context
Itaú mobile banking app	Active Monthly Users	over 29.8 million	Late 2025 (Required Data Point)
Physical Branch Network (Brazil)	Estimated Minimum Count	~1,500	Post-2024 Optimization Estimate
Proprietary ATM Fleet	Total Count	40,000	End of 2024
Itaú Corretora	Retail Brokerage Clients	over 531,000	December 31, 2024
Itaú Corretora	Trading Volume	R$ 156.1 billion	2024
Avenue (US Platform)	Itaú Control Stake	50.1%	December 2025
Avenue (US Platform)	Total Accounts	1 million	March 2025

The strategy clearly shows a tiered approach to channel management. The digital channels handle the scale, while the specialized teams and physical branches handle complexity and high-value relationships. The migration of over 10 million clients to the One Itaú platform is a key enabler for this channel strategy, unifying access points.

• Digital adoption is high: Over 80% of Brazilian retail banking transactions took place digitally as of 2018, a trend that has certainly accelerated.
• The bank is focused on integrating services: The 'One Itaú' superapp aims to consolidate services, with 54% of migrated clients now holding three or more products.
• Investment Banking presence is global: Itaú BBA supports advisory services in Latin America and the Northern Hemisphere.

If onboarding for new digital features takes too long, churn risk rises, so the focus on efficiency in the chat and contact centers is defintely important for maintaining the digital gains. Finance: draft 13-week cash view by Friday.

Itaú Unibanco Holding S.A. (ITUB) - Canvas Business Model: Customer Segments

Retail Individuals (mass market and high-income Uniclass)

Itaú Unibanco Holding S.A. serves a customer base exceeding 40 million individuals in Brazil, representing a 32% share of the retail banking market as of Q2 2025. The bank aims for its new superapp to consolidate services for approximately 15 million customers by the end of 2025. The individual loan portfolio in Brazil reached its best historical level in Q3 2025, showing a growth of 6.5% in that quarter. The Uniclass tier falls within this broader Retail Business segment, tailored for high-income individual clients. The bank offers a suite of services including credit cards, vehicle financing, and investment products to this mass market base.

High Net Worth Individuals (Personnalité and Private Banking)

The high-income offering is split between Personnalité, which is grouped within the Retail Banking segment, and the dedicated Itaú Private Bank. Itaú Private Bank serves a client roster of 9,000 families and manages $164 billion in assets under management as of early 2025. This division holds a 29% share of its main, domestic wealth market. The bank maintains international offices in Zurich, New York, Lisbon, Miami, and the Bahamas to support these clients' global asset needs.

Small and Medium-sized Enterprises (SMEs) via Itaú Emps

Itaú Unibanco launched Itaú Emps in the second quarter of 2025, a bank focused specifically on micro and small businesses. This initiative expands the bank's presence in the SME ecosystem. In Q1 2025, SME lending saw a year-over-year growth of 17.7%, demonstrating the segment's importance to the overall credit portfolio expansion. The Retail Business segment includes a unit specializing in meeting the diverse needs of small and medium enterprises.

Large Corporations and Institutional Clients (Wholesale Banking)

The Wholesale Business segment provides a wide range of products and services to the largest economic groups of Brazil. These activities span from commercial bank operations to capital markets and mergers and acquisitions advisory services. For the year ended December 31, 2024, the Wholesale Business segment accounted for 34% of Itaú Unibanco Holding S.A.'s revenue. The total credit portfolio, including corporate securities, grew 6.4% in Q3 2025 compared to Q3 2024.

International clients in Latin America, US, and Europe

Itaú Unibanco supports international clients through its global footprint, which focuses on Corporate & Investment Banking, Asset Management, Private Banking, and Retail services abroad. As of June 2025, the bank had 9,360 employees across Latin America and 579 employees in other countries, totaling 9,939 employees abroad. The total consolidated assets globally for Itaú Unibanco Holding S.A. were $461.6 billion as of December 31, 2024. The U.S. operations principally serve the Latin American customer base with wholesale banking and private banking services.

Key Segment Metrics Snapshot (Late 2025 Data)

Segment Indicator	Value	Date/Period
Total Retail Customer Base (Brazil)	Over 40 million	Q2 2025
Retail Banking Market Share (Brazil)	32%	Q2 2025
Private Bank Clients (Families)	9,000	Early 2025
Private Bank Assets Under Management	$164 billion	Early 2025
Wholesale Business Revenue Share	34%	Year ended Dec 31, 2024
Total Employees Abroad	9,939	June 2025
Total Consolidated Global Assets	$461.6 billion	Dec 31, 2024

The bank's strategy involves tailored digital journeys for individuals and robust solutions for companies.

• Mobile banking adoption exceeds 90% of the customer base.
• The bank's app serves approximately 20 million recurring users.
• Non-performing loan rate (90+ days overdue) was 1.9% in Q3 2025.
• Total Credit Portfolio reached R$1,402.0 billion in Q3 2025.

Finance: draft 13-week cash view by Friday.

Itaú Unibanco Holding S.A. (ITUB) - Canvas Business Model: Cost Structure

You're looking at the expense side of the Itaú Unibanco Holding S.A. engine for 2025. It's all about managing the necessary costs to support that massive credit book and digital push.

The primary expected outlay related to lending risk is the Cost of Credit. Management has guided this figure to fall within a specific band for the full year 2025.

Cost Component	2025 Projection/Figure	Basis/Context
Cost of Credit	R$34.5 billion to R$38.5 billion	Full-year 2025 guidance maintained as of November 2025
Non-interest Expenses Growth	5.5% to 8.5% growth	Full-year 2025 guidance maintained as of November 2025
Non-interest Expenses (2Q25 Actual)	R$16.5 billion	Quarterly figure, up 9.4% year-on-year due to investments and salary impact
Cost of Capital	Around 15.0% p.y.	Used for business management purposes as of February 2025

The projection for Non-interest expenses growth in 2025 is set between 5.5% and 8.5%. To be fair, this growth reflects necessary spending, not just bloat. For example, the second quarter of 2025 saw non-interest expenses hit R$16.5 billion, which was a 9.4% increase compared to 2Q24, partly due to the collective agreement on salaries effective from September 2024.

A major driver within these expenses is the Significant technology and digital transformation investment. The bank is pouring capital into this area to drive efficiency. We saw an investment of R$2.7 billion in Q1 2025 alone. This follows up on 2024, where Itaú Unibanco closed the year with R$2.3 billion in investments in business and technology.

The ongoing operational footprint requires significant upkeep, covering Personnel costs and branch network maintenance. While specific figures for maintenance aren't isolated, the overall expense structure is managed with an eye on digital migration. The bank reported having over 17,000 tech workers as of mid-2025, a key component of personnel costs, while simultaneously achieving an efficiency ratio of 36.9% in Brazil for Q2 2025, the best level for a second quarter in the historical series.

The internal hurdle rate for capital deployment, the Cost of capital used for management, is explicitly stated at approximately 15.0% per year.

Here are the key cost-related guidance points for 2025:

• Cost of Credit range: R$34.5 billion to R$38.5 billion.
• Non-interest expenses growth: 5.5% to 8.5%.
• Technology investment (Q1 2025): R$2.7 billion.
• Cost of Capital: 15.0% p.y..

Finance: draft 13-week cash view by Friday.

Itaú Unibanco Holding S.A. (ITUB) - Canvas Business Model: Revenue Streams

The revenue streams for Itaú Unibanco Holding S.A. are heavily anchored in its core banking activities, supplemented by fee-based services and insurance operations.

Net Interest Income (NII) from lending and credit operations forms the foundation, closely tied to the Financial Margin with Clients. For the third quarter of 2025, the financial margin with clients remained stable at R$30.5 billion on a consolidated basis.

The outlook for this core segment remains positive, with Itaú Unibanco maintaining its 2025 projection for growth in the Financial Margin with Clients between 11.0% and 14.0%. This is supported by a projected total credit portfolio growth for 2025 between 4.5% and 8.5%.

Revenue from Commissions and fees and results from insurance operations is also a key driver. For the third quarter of 2025, this combined revenue reached R$14.7 billion. The bank maintained its full-year 2025 projection for growth in Commissions and fees and results from insurance operations to be between 4.0% and 7.0%.

Delving into the components of insurance, pension plans, and capitalization operations, premiums earned showed a year-over-year increase of 14.0% for the first nine months of 2025 compared to the same period in 2024, with recurring results growing by 17.3% over that same period.

The overall profitability metric reflecting these streams is the Recurring managerial net income, which for the third quarter of 2025 was reported at R$11.9 billion. This figure represented an 11.3% rise compared to the third quarter of the previous year.

Here's a look at the key consolidated 2025 projections Itaú Unibanco maintained as of November 2025:

Revenue/Metric Component	2025 Consolidated Projection	Status
Financial Margin with Clients Growth	Growth between 11.0% and 14.0%	Maintained
Commissions and fees and results from insurance operations Growth	Growth between 4.0% and 7.0%	Maintained
Financial Margin with the market	Between R$3.0 bn and R$3.5 bn	Reviewed Upward
Total credit portfolio Growth	Growth between 4.5% and 8.5%	Maintained
Cost of credit	Between R$34.5 bn and R$38.5 bn	Maintained

You can see the strength in the core business through these specific Q3 2025 results:

• Recurring managerial result (Net Income): R$11.9 billion.
• Financial margin with clients (Q3 2025): R$30.5 billion.
• Commissions and insurance revenue (Q3 2025): R$14.7 billion.
• Consolidated credit portfolio (as of September 2025): R$1,402.0 billion.

Also, keep in mind the underlying cost assumption used for management decisions:

• Cost of capital considered as of February 2025: around 15.0% per year.

Finance: draft 13-week cash view by Friday.