In this edition of Marketer of the Week, Ignite Visibility spotlights Devika Mathrani, Chief Marketing Officer for the Consumer Bank division at Wells Fargo.
A Long History in Finance
Wells Fargo is far from Mathrani’s first venture into finance. She’s worked in the industry since at least 2004.
Back then, she served as Director, Statement Marketing at American Express. She went on to serve as Director, U.S. Consumer Charge Card Internal Acquisition for a year.
In 2007, she left American Express to work for Citi as a Managing Director, Chief Marketing Officer U.S. Cards, and Head of Global Digital Marketing Consumer Bank.
Yeah, that’s quite a resume already, right?
During her stint at Citi, she managed a team of about 200 employees and about 100 partners to handle marketing for Citi cards. She also delivered 5 million new customers and about 5 billion in incremental revenue annually.
Additionally, Mathrani improved Citi’s customer acquisition strategy. That move resulted in a 30% improvement in cost per acquisition and a 125% increase in digital and mobile acquisitions.
And she also updated Citi’s digital strategy in all 20 global markets.
Mathrani joined Wells Fargo in 2018 as Executive Vice President and CMO for Payments, Virtual Solutions, and Innovation. Her efforts in that role led to an increased deposit balance from 1% to 6.5% in a single year.
In fact, she handled that role so well that the company promoted her to CMO for the Consumer Bank division in 2019.
Now, Mathrani manages about 250 employees and 200 partners who help her improve the marketing strategy for Wells Fargo Consumer Bank. That effort, by the way, has a budget of more than $1 billion.
Wrapping It Up
There’s no doubt that Wells Fargo struggled a bit this year. But almost every company struggled this year.
Still, the company shows promise with Devika Mathrani heading up marketing. If anybody can help the company navigate through these turbulent times, she can.