How can TVS Credit address the declining customer satisfaction scores for its personal loan application process observed in the last 60 days?

Introduction

TVS Credit's declining customer satisfaction scores for personal loan applications over the past 60 days present a critical challenge. This analysis will systematically identify, validate, and address the root cause while considering both immediate and long-term implications for the company's personal loan product.

Step 1

Clarifying Questions (3 minutes)

• Looking at the timing, I'm thinking there might be a recent change in the application process. Has TVS Credit implemented any updates to the personal loan application flow in the last 90 days?

Why it matters: Recent changes could directly impact user experience and satisfaction. Expected answer: Yes, there was a new credit scoring algorithm implemented. Impact on approach: If confirmed, we'd focus on the new algorithm's impact on approval rates and processing times.

• Considering the specificity of the issue, I'm wondering about the exact metrics affected. Can you provide more details on which aspects of customer satisfaction have declined the most?

Why it matters: Different aspects of satisfaction may point to different root causes. Expected answer: The most significant drops are in "ease of application" and "time to decision." Impact on approach: This would guide us to focus on the application interface and backend processing systems.

• Given the competitive nature of personal lending, I'm curious about market dynamics. Have there been any significant changes in competitor offerings or marketing strategies in the past quarter?

Why it matters: External market pressures could be influencing customer expectations and satisfaction. Expected answer: No major changes from competitors, but increased advertising in the personal loan space. Impact on approach: We'd need to consider how customer expectations might be shifting due to market messaging.

• Thinking about potential technical issues, I'm concerned about system performance. Have there been any reported increases in application errors or system downtime during this period?

Why it matters: Technical issues could directly impact the user experience and satisfaction scores. Expected answer: There have been intermittent slowdowns during peak hours. Impact on approach: We'd prioritize investigating the system's capacity and performance optimization.