How would you measure the success of Dave's ExtraCash advance feature?

Introduction

Measuring the success of Dave's ExtraCash advance feature requires a comprehensive approach that considers multiple stakeholders and metrics. To effectively evaluate this product success metric problem, I'll follow a structured framework covering core metrics, supporting indicators, and risk factors while considering all key stakeholders.

Step 1

Product Context

Dave's ExtraCash is a short-term cash advance feature offered by the financial app Dave. It allows users to borrow small amounts of money (typically up to $250) to cover immediate expenses before their next paycheck. The key stakeholders include:

1. Users: Seeking quick access to funds to avoid overdraft fees or cover unexpected expenses
2. Dave (the company): Aiming to generate revenue and increase user engagement
3. Regulators: Ensuring fair lending practices and consumer protection
4. Investors: Looking for growth and profitability

User flow:

1. User requests an advance through the app
2. Dave assesses eligibility based on account history and upcoming deposits
3. If approved, funds are transferred to the user's linked bank account
4. Repayment is automatically deducted from the user's next paycheck

ExtraCash fits into Dave's broader strategy of providing financial wellness tools and alternatives to traditional banking services. Competitors like Earnin and Brigit offer similar services, but Dave differentiates itself with a more comprehensive suite of financial tools.

Product Lifecycle Stage: Growth - ExtraCash is established but still expanding its user base and refining its offering.