Reducing Martech Costs by 15% for a Leading US Digital Bank

Client

Our client, a leading digital-only bank ranked among the top 25 financial companies in the United States, serves over 11 million customers with services spanning auto loans, business financing, dealer services, and investment advice. To attract and retain customers, the bank depends on delivering seamless and personalized experiences through its digital platforms. However, a mix of inherited technologies from mergers and spin-offs, combined with evolving privacy regulations, created a critical need for Martech transformation. Ensuring compliance while maintaining high-quality customer engagement became imperative for driving sustained growth.

Market Context

The financial services industry faces increasing pressure to meet rising customer expectations for personalized digital experiences while navigating complex privacy regulations like CCPA and CPRA. Customers demand transparency in how their data is used, yet still expect tailored interactions. In parallel, fragmented tools, siloed data, and slower campaign rollouts are common pain points that hinder competitive agility. These challenges necessitate a holistic marketing technology (Martech) transformation, enabling financial institutions to improve efficiency, agility, and outcomes in a privacy-first environment.

Challenges

• Privacy concerns: Customers were hesitant to share personal data but still expected personalized experiences
• Fragmented tools: Different business units used varied tools and vendors, creating inefficiencies
• Siloed data: Disconnected systems hindered the creation of a single customer view, limiting insights and engagement strategies
• Slow campaign launch: Campaign rollouts required over 10 weeks, delaying responsiveness
• Tribal knowledge: Fragmented expertise across teams led to slow decision-making and unclear development plans
• Budget constraints: Limited budgets reduced spend on acquisition and conversion campaigns, necessitating Martech cost optimization

Objectives

In response to these challenges, the bank sought LTM’s expertise to:

• Establish a clear picture of the current marketing capabilities and compare them against industry peers
• Foster collaboration between marketing and tech teams to decide on future toolkits
• Develop solutions for a privacy-first digital landscape
• Craft a roadmap to enhance conversion rates and reduce campaign launch times while prioritizing Martech cost optimization

Solution

1. Martech baselining and benchmarking

We created a converging canvas of marketing technologies and capabilities aligned with user journeys and digital touchpoints, enabling precise industry benchmarking. This baseline facilitated a clearer understanding of inefficiencies and areas for improvement.

By leveraging leading industry research database, we benchmarked the bank’s marketing capabilities against best-in-class standards, identifying gaps and opportunities for enhancement.

2. Collaborative problem-solving

Through structured, constructive debates and discussions across marketing and technology teams, we used the canvas and benchmarking data to uncover Martech cost optimization opportunities. This collaboration fostered alignment and consensus among stakeholders.

3. Outside-in research

By leveraging Omniscope-powered research and expert insights, we identified additional value-creation opportunities, aligning with the bank’s business goals and constraints.

4 .Transformation roadmap

A detailed 15-month roadmap was developed to address critical challenges, including first-party data collection, user opt-ins and opt-outs for a cookie-less future, Customer Data Platform (CDP) implementation and consolidation of marketing automation platforms (MAP).

5. Strategic solutions recommendations

Tailored solutions were proposed to ensure the organization could collect first-party data effectively while maintaining privacy compliance.

These included:

• Implementing a CDP to unify and manage customer data across all touchpoints, enabling a single, cohesive view of each customer.
• Enhancing marketing automation capabilities to support more personalized and efficient customer engagement strategies

These efforts culminated in the establishment of a unified source of truth and a consensus-driven action plan among marketing and technology teams, ensuring alignment and measurable progress toward the bank’s goals.

Business Benefits

• 15% cost reduction : Optimized the Martech stack, eliminating redundancies and achieving significant Martech cost optimization
• 30% faster campaign rollouts : Streamlined workflows and automated key processes
• 6% Boost in conversion rates : Enhanced engagement and personalization through a robust Martech transformation strategy

Conclusion

By leveraging LTIMindtree’s expertise, the bank was able to overcome its challenges and achieve significant business outcomes. Currently, nearly one-third of marketing budgets in organizations are accounted for by inefficiencies in the marketing ecosystem. Lack of optimized designs, data silos, and unrefined governance structures are common culprits. LTIMindtree’s Touchstone playbook unlocks the full potential of Martech investments, empowering marketing and technology leaders to address these challenges effectively. It’s akin to David wielding a slingshot against Goliath—leveraging precision and insight to drive significant competitive advantage.

Discover how LTIMindtree Interactive can transform your Martech investments into sustainable success.