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Money Mart - AB Testing & Interaction Maps

The Company

A leading Canadian Financial Services company.

The challenge

Understanding customer experience success with A/B Testing.

Overview

Money Mart Financial Services, formerly Dollar Financial Group, is a financial services company with over 600 locations in Canada and the U.S. The company offers a range of financial services, including installment loan, cash advance/payday loan, check cashing, prepaid card,
and money transfer services.

The challenge

The MoneyMart product owners were doing AB testing on the home page and they wanted to understand how customers were engaging with the new experience. The Money Mart Team also wanted to understand how the two variations impacted conversion.

The Solution

With the use of Glassbox Interaction Maps and Funnels, the Money Mart Team can now measure conversion and engagement with the two experiences.

Success Criteria

SoFi leveraged the Cashbox dashboard in Glassbox to capture the value of the user input in the loan application form. The team was able to aggregate all loan applications and track the following insights:

  • Measure New Feature Interactions
  • Measure Conversion based on test variant Financial

Creating Homepage Variant A

1
  • In this view the Money Mart team was able to see the % of clicks for each element in variant A (/mmhome) where the “Get Your
    Money” button was present
  • 3% of users were clicking the “Get Your Money” CTA

Creating Homepage Variant B

2
  • In this view the Money Mart team was able to see the % of clicks for each element in variant B (/home) where the “Apply Now” button was present
  • 5% of users were clicking the “Apply Now” CTA

Conversion report - Variant A

3

Conversion report - Variant B

4

Recommendations and impact

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Its recommended that the Money Mart team remains using the original layout as customers are clicking Apply Now more often and those users are more likely to convert

ROI Calculation Details (Estimates)

  • Assuming that each completed application is valued at least $75
  • The Apply Now variant has a conversion ratio 1.3% greater than Get Your Money Now variant
  • 26k Session per week come to the Money Mart Site
  • Potentially missing out on 338 conversions per week

Potential loss in revenue per month due to the Get Your Money Experience

  • $101,400 per month

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