What factors are contributing to the sudden 30% increase in customer support call volume for Better Home & Finance Holding Company's home equity loan product?

Introduction

The sudden 30% increase in customer support call volume for Better Home & Finance Holding Company's home equity loan product is a critical issue that demands immediate attention. This surge in support requests not only impacts customer satisfaction but also strains company resources and potentially signals underlying problems with the product or its associated processes. To address this challenge, I'll employ a systematic approach to identify, validate, and resolve the root cause while considering both short-term mitigation and long-term strategic implications.

Step 1

Clarifying Questions (3 minutes)

• Looking at the timing, I'm thinking there might be a recent change in the product or process. Has there been any significant update to the home equity loan product or application process in the last 30-60 days?

Why it matters: Recent changes often correlate with spikes in support volume. Expected answer: Yes, a new online application system was launched. Impact on approach: If true, we'd focus on the new system's user experience and potential technical issues.

• Considering user segments, I'm curious about the demographics. Are we seeing this increase across all customer segments, or is it concentrated in specific groups?

Why it matters: Helps identify if the issue is universal or segment-specific. Expected answer: The increase is primarily among first-time applicants over 50. Impact on approach: We'd investigate potential usability issues for older users or first-time applicants.

• Thinking about the nature of the calls, I wonder about the content. What are the top 3 reasons customers are calling support regarding the home equity loan product?

Why it matters: Pinpoints specific areas of confusion or frustration. Expected answer: Unclear application status, difficulty uploading documents, and questions about interest rates. Impact on approach: We'd focus on improving these specific areas of the customer journey.

• Considering external factors, I'm curious about market conditions. Have there been any significant changes in interest rates or competitor offerings in the past month?

Why it matters: External factors can drive increased interest and questions. Expected answer: Interest rates have dropped, making home equity loans more attractive. Impact on approach: We'd need to ensure our product and information are competitive and clear.