Industry: Banking

About the company

Banco Inter (Figure 8.4), officially known as Banco Inter S.A., is a prominent Brazilian digital bank that has gained significant attention and popularity for its innovative approach to banking services. Founded in 1994 and headquartered in Belo Horizonte, Brazil, Banco Inter has evolved into one of the leading digital banking institutions in the country. It stands out for its emphasis on providing a range of financial services through digital channels, catering to the evolving preferences of tech-savvy customers. Banco Inter offers a variety of banking products, including savings accounts, checking accounts, loans, credit cards, and investment opportunities, all accessible through its user-friendly mobile app and online platform. Banco Inter is the first 100% digital bank in Brazil and the only one to provide a digital checking account free of charge.

Figure 8.4: Casey’s Logo (https://inter.co/en/the-bank/, copyright © 2023 Banco Inter S.A.)

What distinguishes Banco Inter is its commitment to simplifying banking processes and improving customer convenience. By eliminating many of the traditional brick-and-mortar elements, the bank reduces operational costs and passes on these benefits to customers in the form of competitive interest rates and minimal fees. Its vibrant orange logo and branding have become recognizable symbols of the bank’s modern and customer-centric approach. Banco Inter has not only gained traction among individuals seeking a seamless digital banking experience, but has also garnered attention from investors and industry peers for its growth potential and disruptive impact on the traditional banking landscape in Brazil.

Being a digital-first bank, Banco Inter has had to overcome the hesitations of customers who preferred offline banking. Although Inter’s customers are mostly tech-savvy, building trust with their customers is not easy. They had to make the customer journey frictionless, right from account opening to transactions with the bank and support from the customer support team. They had to be proactive in understanding their customers’ needs and offer personalization at scale. Offers need to be personalized for different segments of customers and it needs to be in real-time.