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Financial services

Tech-powered growth: How financial institutions can bridge the Martech gap with Bigtech

A Capgemini-commissioned study by Forrester Consulting

The stage is set in 2022 for traditional financial services firms to take a leap forward in marketing technology.

An increased emphasis on privacy and data regulations provides financial services the chance to catch up to digital natives. CMOs must embrace a customer-centric strategy to drive differentiating customer experiences, invest in modern marketing technology stacks, leverage first-party customer data, and enable data-driven decisioning.

Capgemini commissioned a study by Forrester Consulting to compare the current state of marketing technology maturity at financial services and technology organisations. This study evaluates the strengths and weaknesses of financial services and technology organisations on a martech maturity model across 24 key capabilities within five categories: strategy, process, technology, data, and organisation and determine a roadmap towards marketing technology maturity.

Here are the key highlights from the research:

1- STRATEGY: IMPROVE CUSTOMER-CENTRICITY

While many high-tech firms make customer-centricity a focus of their marketing strategies, traditional financial services firms are still very product-centric in their marketing mindsets, organisation, and strategies. Forrester research finds that few financial services firms take a customer-centric orientation; just 7% of financial services companies were customer-obsessed in 2021.

TECH FIRMS ARE MORE LIKELY THAN FS ONES TO ALIGN THEIR TECH ROADMAP TO THEIR CUSTOMER STRATEGY

59% OF LARGE FINANCIAL SERVICES# COMPANIES RESPONDED SAYING THEIR MARTECH ROADMAP ONLY SOMEWHAT ALIGNS OR LESS TO THEIR CUSTOMER STRATEGY.

2- DATA: INVEST TO BE MORE INSIGHTS-DRIVEN

Clean, current, and complete customer data that provides the insights needed to help a firm be customer-led, will improve customer relationships, and drive personalised marketing experiences. However, the study shows that financial services firms need improvement around data (e.g., collection, analysis, measurement, and insight activation). Conversely, digital-native companies are already more insights-driven in their strategies and programme execution.

DIGITAL NATIVE COMPANIES ARE BETTER AT DATA MANAGEMENT AND PERSONALISATION

ONLY 36% OF LARGE FINANCIAL SERVICES# COMPANIES SAY THEY PERSONALISE PROGRAMS BASED ON REAL-TIME DATA, COMPARED TO 51% OF TECHNOLOGY COMPANIES*.

3- TECHNOLOGY: MODERNISE THE MARTECH STACK

Marketing technology modernisation will be key to improving digital customer relationships for financial services firms. Both financial services firms and high-tech firms consider technology to be the greatest barrier to their current success and an area of great opportunity. Large financial services firms are saddled with technology debt and are lagging behind high-techs in using technological investments to accomplish key marketing and business goals.

AUTOMATION IMPROVES SCALE, SPEED, ACCURACY OF CUSTOMER PROGRAMS AND MARKETING PROCESSES

AUTOMATION IS A TOP PRIORITY FOR THEIR FIRMS IN 2022, BUT THAT THERE IS A LOT OF RED TAPE THAT NEEDS TO BE NAVIGATED TO EFFECTIVELY IMPLEMENT AUTOMATION IMPROVEMENTS.

Don’t put off the pivot to customer-centricity

Adopt adaptive planning to react quickly to market change, make product development customer-led and invest in real-time customer data and modernising your martech stack with a unified platform.

# Large Financial Services: 5000+ employees

* Base: 218 VP and C-level marketing decision-makers at financial services and high-tech enterprises

How we can help

Capgemini helps banks navigate the digital landscape with an end-to-end suite of services and capabilities driven by our Connected Marketing engine. Using AI/ML-powered solutions and real-time customer data, we help clients drive greater business value and deliver more impactful emotional connections.

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      Meet our experts

      Sumit Uppal

      Vice President and Head of Digital – North America Financial Services
      Sumit heads the Digital practice for Financial Services in North America working with clients in Banking, Capital Markets, Insurance and Healthcare to support on Digital Transformation, Technology Strategy, Innovation and at scale digital delivery initiatives. He also leads the charter for Content & Digital Marketing globally to accelerate our efforts around the space with our strategic vendor partners.

      Elias Ghanem