In this inaugural Canadian benchmark study on Credit Cards, 4 websites are tied the race for first place in digital sales performance. Ratehub.ca, Scotiabank.com, AmericanExpress.com, and CIBC.com all share a Digital Sales Score of 16 points. Differences Findability, Preference, and Conversion cause Ratehub.ca (with a 38% Conversion) to come out on top. In this study, 300 consumers took to their desktops to search online to find the credit card that best matches their needs.>> Get free high level results in the Credit Card Canada Market Update
AmericanExpress.com offers the best customer experience. With 70 points, the world-famous credit card company ranks first in the Customer Experience Ranking.
Digital Sales Score
Study Credit CardMeasurement date: May 2019Country: Canada
- 1 ratehub.ca 16
- 2 Scotiabank.com 16
- 3 AmericanExpress.com 16
- 4 CIBC.com 16
- 5 BMO.com 15
- 6 Tangerine.ca 15
- 7 CapitalOne.ca 15
- 8 RBCRoyalBank.com 14
- 9 TD.com 14
- 10 MoneySense.ca 12
- 11 RateSupermarket.ca 11
- 12 Greedyrates.ca 11
- 13 PCFinancial.ca 8
- 14 CreditCardsCanada.ca 8
- 15 CanadianTire.ca 8
- 16 Visa.ca 8
- 17 Mastercard.ca 7
- 18 creditcardGenius.ca 6
- 19 MBNA.ca 2
- All Digital Sales Scans are based on the Digital Sales Model. Using this model, details of the orientation process can be explored. Eventually, a website’s performance is shown in two scores: the Digital Sales Score and the Digital CX-Score. Shown above is the Digital Sales Score: this shows howefficient and effective a website is in keeping his visitors.
- Highest total score
- Highest score on device
Fickle loyalties elevate the online customer experience
In a hyper-competitive product field with new players emerging, customers searching for a new credit card online seek the ability to compare offerings that fit their need. Given its superior capability in this, it comes to no surprise that comparison site RateHub.ca takes a thin lead over traditional providers. With a Conversion of 38%, the comparison site convinces more users to choose a card above Tangerine.ca (35%), AmericanExpress.com (32%) and CIBC.com (32%). The game of conversion is played out over millimeter differences. Lonely at the bottom is MBNA.ca with a 7% Conversion. Speaking to the fragmentation in this market, no website convinced more than 9% of all users to choose a credit card with them.>> Comparison website takes the lead in Credit Card study USA as well.
Ratehub.ca is best at presenting their offer with clarity
Ratehub.ca offer and brand are well received. The brand presents the best offers directly underneath the banner on the homepage and gives the consumer ample information just below the ‘fold’ (the lower half of the web page). This part gives the website visitor a clear image of the brand, affirmed by social proof: “800,000 Canadians a month save money and make better financial decisions using Ratehub.ca”.
The Digital CX-Score is a representation of the total customer experience on a website and is based on questions on the themes Look & Feel, Offer, and Brand. Think of, for example, the clear and quick presentation of the offer on a website, and the trust people have in the company behind the website. The score consists of a weighted average of these parts, in which parts that have more impact on the final preference contribute a relatively higher weight to the average. For instance, our analyses show that the elements of Offer and Brand are more important in customers’ final preference than Look & Feel.
Digital CX-Score | Desktop
Study Credit CardMeasurement date: May 2019Country: Canada
- 1 AmericanExpress.com 70
- 2 Tangerine.ca 70
- 3 BMO.com 69
- 4 Scotiabank.com 66
- 5 CapitalOne.ca 66
- 6 CIBC.com 66
- 7 TD.com 65
- 8 ratehub.ca 64
- 9 Visa.ca 62
- 10 RBCRoyalBank.com 62
- 11 Greedyrates.ca 59
- 12 MoneySense.ca 56
- All Digital Sales Scans are based on the Digital Sales Model. Using this model, details of the orientation process can be explored. Eventually, a website’s performance is shown in two scores: the Digital Sales Score and the Digital CX-Score. Shown above is the Digital CX-Score: a representation of everything a visitor of a website experiences on that website. The score zooms in on the different themes regarding Brand, Offer, and Look & Feel.
Online purchase experience for credit cards tied between two: American Express & Tangerine
AmericanExpress.com & Tangerine.ca provide the best online customer experience with a total of 70 points on themes Look & Feel, Offer, and Brand. BMO.com (CX-Score: 69) completes the top-3.
Respondents complimented the visual appeal of AmericanExpress.com, not only at first glance but also when consumers dived further into the website The website has a clean feel with just a few interactive mouse-hover elements such as the credit card offers below the banner. Read more about the customer experience of AmericanExpress.com, Tangerine.ca, and Scotiabank.com.
Comparison tool critical for decision-making in the customer journey
It is no coincidence that Credit Card providers with the highest performance on customer experience also have stellar comparison tools for their many offerings. Take American Express and BMO, Digital CX scores of 70 and 69 respectively, as fine examples in contrast with Royal Bank of Canada’s lackluster performance at a score of 62.
This notion is further confirmed by RBCRoyalBank.com. Despite being the most visited website in this study, RBCRoyalBank.com is in the bottom five in the ability to convert web traffic. While RBC does have a comparison tool, it requires too many clicks. Not all comparison tools are created equal. Conversely, RateHub.ca is not highly regarded in terms of customer experience yet provides an easily accessible and useful comparison tool that spans offers from most providers. Whereas trust is less important within the comparison stage of the customer journey, banks must establish credibility and trust in the Brand behind the website.
Some Research Insights
In the Credit Card benchmark study in Canada, 4 websites are tied in the race for first place. Ratehub.ca, Scotiabank.com, AmericanExpress.com, and CIBC.com all have a Digital Sales Score of 16 points.
Ratehub.ca, with a 38% Conversion, leads the ranking in the ability to convert.
In a hyper-competitive product field with new players emerging, customers searching for a new credit card online want the ability to compare offerings that fit their need. It comes to no surprise that comparison site RateHub.ca takes a thin lead over established providers.
AmericanExpress.com & Tangerine.ca offer the best customer experience. With 70 points the two credit card companies tie for first in the Customer Experience Ranking.
Respondents complimented the visual appeal of AmericanExpress.com, not only at first glance but also when consumers look deeper into the website.
Goal and relevance of this research
The goal of this study was to exactly map the digital experience of potential customers who are searching for a credit card online. It’s important to capture consumers’ choices and their reasons for choosing a specific brand/website. WUA has worked on a validated model for the past 10 years. Our model shows as precisely as possible what customers want, what the best practices are, as well as which possible issues each provider faces. A custom-made report is available within two weeks, including an action workshop on location and an accompanying presentation.