Modernizing a MarTech Stack

Our 60+ year old financial institution client had relied on phone calls, SMS and direct mail for their 1M+ customer communication. As the market changed post COVID, they realized this was not sustainable for success.

After laying solid foundations for them in our audit and audience analysis, we uncovered that there were more modern communication channels available to better meet their current customers where they are.

Problem:

Our client was looking to modernize their communication efforts and tech stack to better optimize the customer journey and reduce ineffective spending. There was no effective means to connect disparate sources, different opt-in statuses, and the most up-to-date contact information across in-branch experience, online account management, and credit application. This resulted in significant delays in responding to customer inquiries, with response times averaging 14 days.

Opportunity:

We wanted to bring customer information together across multiple legacy systems with the most up to date customer contact information and preferences to feed into modernized tools, like ESP and SMS.

Solution:

We identified a Customer Data Platform (CDP) as an ideal solution to bring customer data to a central source of truth that would not involve extra development to existing mission critical legacy systems. We went through a robust vendor review, identified an ideal solution, created event schema, data dictionary and tooling necessary to move existing business communication into a new solution. First program migration resulted in $6M annual savings, 93% increase in response and speed to respond went from 14 days to 2 days.