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Report

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

A Capgemini-commissioned study by Forrester Consulting

Download study636 KB pdf

The stage is set 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 organizations. This study evaluates the strengths and weaknesses of financial services and technology organizations on a martech maturity model across 24 key capabilities within five categories: strategy, process, technology, data, and organization 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, organization, 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 personalized 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 program execution.

DIGITAL NATIVE COMPANIES ARE BETTER AT DATA MANAGEMENT AND PERSONALIZATION

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

3- TECHNOLOGY: MODERNIZE THE MARTECH STACK

Marketing technology modernization 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 FINANCIAL SERVICES FIRMS, 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 modernizing 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

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      Meet our experts

      Chandramouli Venkatesan

      Vice President – Portfolio Development Lead – Digital Front Office Transformations | Banking and Capital Markets
      Chandra leads the Front Office transformation portfolio (marketing, sales and customer service) and serves banking and capital markets clients. He focuses his work on customer experience and helping financial institutions transform marketing, sales and customer service into more customer-centric organizations with an emphasis on experience strategy design, technology and data. Chandra has deep experience driving CX transformation for retail banks, payments companies, wealth management and capital markets firms.

      Nilesh Vaidya

      Global Head of Banking and Capital Markets

      Sumit Uppal

      Head of Digital, North America, Capgemini
      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. He is an intrapreneur and is passionate about incubating new digital capabilities / solutions which can accelerate digital transformation for his clients, also scaling them globally.

      Alok Benjwal

      Vice President, Insights and Data, Banking and Payments
      Alok is a seasoned executive with more than 2 decades of experience in customer analytics, digital marketing, marketing and journey optimization, personalization and advanced data science

      Elias Ghanem

      Global Head of Capgemini Research Institute for Financial Services
      Elias is responsible for Capgemini’s global portfolio of financial services thought leadership. He has more than 20 years of experience in FS, focusing on effective collaboration between banks and the startup ecosystem

      Dheepak Ramnathan

      Senior Director & Adobe CoE Lead
      A seasoned digital leader with close to two decades of experience in Martech and Digital Experience Engineering areas. Dheepak heads the Adobe CoE for Capgemini Financial Services, specializing in GTM strategy design for data-driven digital customer experience and creating robust marketing propositions for Financial Services clientele.

      Thomas Jankovich-Besan

      Banking & Capital Markets Practice Leader – North America
      North American Leader of Banking and Capital Markets for Capgemini Invent. He is an expert in end-to-end business transformation, business model innovation and experience design, serving clients across every continent for 25 years.

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