Should Epifi prioritize expanding its credit card offerings to attract new users or focus on improving existing savings account features for customer retention?

Introduction

The key trade-off we're examining is whether Epifi should prioritize expanding its credit card offerings to attract new users or focus on improving existing savings account features for customer retention. This decision involves balancing growth strategies with customer loyalty initiatives, which is crucial for Epifi's long-term success in the fintech space.

I'll approach this analysis by first asking clarifying questions, then diving deep into the product understanding, metrics, and experimentation. We'll conclude with a data-driven recommendation and next steps.

Step 1

Clarifying Questions (3 minutes)

• Context: I'm thinking about Epifi's current market position. Could you share our current market share in both credit cards and savings accounts, and how they compare to our main competitors?

Why it matters: Helps assess the potential impact of focusing on either area Expected answer: Moderate market share in savings, lower in credit cards Impact on approach: Higher credit card market share potential might favor expansion

• Business Context: Based on our revenue model, I assume credit cards contribute more to our bottom line. Is this correct, and what's the revenue split between credit cards and savings accounts?

Why it matters: Aligns decision with financial priorities Expected answer: Credit cards generate higher revenue per user Impact on approach: Might lean towards credit card expansion if significantly more profitable

• User Impact: I'm curious about our user segments. What percentage of our savings account users also have our credit cards, and vice versa?

Why it matters: Identifies cross-selling opportunities and potential cannibalization Expected answer: Moderate overlap, with room for growth in both directions Impact on approach: High overlap might favor improving existing products over expansion

• Technical: Considering our current tech stack, how complex would it be to expand our credit card offerings compared to enhancing savings features?

Why it matters: Assesses feasibility and resource requirements Expected answer: Credit card expansion requires more integrations and compliance work Impact on approach: Might favor savings improvements if credit expansion is significantly more complex

• Resource & Timeline: What's our current team capacity and budget allocation for product development in Q3 and Q4?

Why it matters: Determines scope and timeline of potential initiatives Expected answer: Limited resources with competing priorities Impact on approach: Might need to phase approach or choose one direction based on resource constraints