Why has Citi's mobile check deposit feature seen a 30% drop in usage over the past month?

Introduction

The recent 30% drop in Citi's mobile check deposit feature usage over the past month is a significant concern that requires immediate attention. This analysis will systematically identify, validate, and address the root cause while considering both short-term and long-term implications for the product and its users.

Step 1

Clarifying Questions (3 minutes)

• Looking at the timing, I'm thinking there might be a seasonal component. Has this drop coincided with any particular time of year or event?

Why it matters: Seasonal patterns could explain temporary fluctuations. Expected answer: No significant seasonal correlation. Impact on approach: If seasonal, we'd focus on cyclical patterns; if not, we'd investigate other factors.

• Considering user segments, I'm curious about the distribution of the drop. Is the 30% decrease uniform across all user groups, or are certain segments more affected?

Why it matters: Helps identify if the issue is widespread or specific to certain users. Expected answer: The drop is more pronounced in younger users. Impact on approach: We'd focus on understanding the needs and behaviors of the most affected segments.

• Thinking about recent changes, have there been any updates to the app or the check deposit feature in the last 1-2 months?

Why it matters: Recent changes could directly impact user behavior. Expected answer: A minor UI update was implemented six weeks ago. Impact on approach: We'd investigate the impact of the UI change on user experience and workflow.

• Considering competitive landscape, have there been any significant changes or new offerings from other banks recently?

Why it matters: External factors could be drawing users away. Expected answer: A competitor launched an instant deposit feature last month. Impact on approach: We'd analyze our feature set against competitors and consider user expectations.