How Canadian Tire Bank reduced acquisition costs, while boosting new applications.
With Quantum Metric, Canadian Tire Bank was able to understand customer frustrations, quickly resolve them, and identify new ways to build a more personalized experience for customers.
50% reduction in cost per acquisition (CPA)
31% YoY improvement in the credit card application funnel
Reduction in time to identify partner network outages.
On the road to digital efficiency.
For Canadian Tire Bank, it was critical to build the right experience for both the digital-first and in-store customer. However, their existing customer insights required days to sift through, hindering their ability to react quickly.
Partnering with Quantum Metric, Canadian Tire Bank has enabled their digital teams to quickly identify the “why” behind customer frustrations and understand the scale of that issue related to their customer experience. This has drastically reduced the time needed to identify and resolve issues and minimized escalations across the organization.
“At Canadian Tire Bank, our continued growth depends on our ability to provide a seamless, best-in-class experience on both digital and physical channels. We needed a partner like Quantum Metric, to provide a clear understanding of what the customer journey looks like at every digital touchpoint and the context to take quick action to continue to make our customers experience better. ”
Credit checks and balances.
In one instance, Canadian Tire Bank noticed a spike in drop-offs in the credit card enrollment funnel. Using Quantum Metric, they could identify that when the site couldn’t verify a customer’s ID, it would ask them to visit a physical location, leading many to give up on the process altogether.
Addressing the root cause, they quantified the impact of the enrollment drop-offs and tested how new options could improve enrollment. This led the bank to integrate new services such as SecureKey and Verify.Me, which has enabled the organization to enhance credit card acquisition throughput, resulting in a 40% increase in successful credit card apps.
- 31% YoY improvement in the credit card application funnel as a result of improved user experience and design.
- Reduced time to identify partner network outages.
- 50% Reduction in Canadian Tire Bank’s CPA due to the teams’ ability to monitor customer application behavior.
- The development of new processes to triage friction points, resolve bugs or identify UI/UX tests.
“Quantum Metric is enabling us to really understand attribution and customer signals. We’ve been able to evolve our digital strategy from reacting to customer issues and frustrations, to proactively understanding and better anticipating our customers needs.”
Zhen Jiwa/VP of Product, Growth, and Acquisition
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