I have a question around Lead conversion, which is associated with multiple campaigns.The goal is to associate the converted contact with the latest campaign sent out to the Lead. We are not using Opportunity Object, so, is there any standard way to implement this or I shall go ahead with some customization?
Salesforce does this out of the box. You might not see it on your page layout, so head over to Setup > Customize > Contacts > Page Layout(s), and add the Campaign Related List to the layout. However, it doesn't just copy the latest campaign, but all campaigns the lead may be associated to, and it will also automatically merge any duplicate entries. See Considerations for Converting Leads.