Grey Argentina: Itaú Pension Delivery
Developing new ways for Argentina’s most vulnerable to access banking services during the pandemic
Year
2020
Developing new ways for Argentina’s most vulnerable to access banking services during the pandemic
Year
2020
When COVID-19 forced Argentina’s most vulnerable to isolate at home, their bank, Itaú, developed a new way of working for its customers.
Decades of economic instability in Argentina have created a distrust of electronic banking, particularly among the country’s elderly who shun the use of ATMs and debit cards. When COVID-19 hit, retirees across the country stood in long lines on crowded streets to collect their pension payments in person, exposing themselves to the virus and putting their lives at risk. For many who needed to be isolating at home, there didn’t seem to be any other option. That’s where Itaú, the largest private bank in Latin America, with the help of Grey, stepped in.
With infection numbers growing, time was of the essence. In less than a month, Itaú rolled out a revolutionary new home delivery banking system that brought pension payments to retirees’ doors.
Working closely with the Argentinian financial and legal authorities, Itaú and Grey navigated complex regulatory and bureaucratic layers to ensure the service was seamless and secure. The bank created a new microflow transportation system, pre-approved by Argentina’s federal bank and insured from departure to arrival, as well as a new secure protocol of ID verification.
In the end, the new service delivered not only cash, but a new, and more humane, way of banking for Argentinians, with a life-saving solution when it was needed most.