What factors are causing the increase in customer complaints about Lendable (London)'s loan application process in the last quarter?

Introduction

The recent increase in customer complaints about Lendable's loan application process is a critical issue that demands immediate attention. As we analyze this product challenge, we'll follow a systematic framework to identify, validate, and address the root cause while considering both immediate and long-term implications.

Our approach will involve a thorough examination of the loan application process, potential technical issues, user behavior changes, and external factors that might be contributing to this surge in complaints. We'll set a clear agenda to guide our investigation, starting with clarifying questions to establish context, followed by a detailed analysis of the product journey, metric breakdown, and hypothesis formation.

Step 1

Clarifying Questions (3 minutes)

• Looking at the timing, I'm thinking there might have been recent changes to the application process. Have there been any updates to the loan application flow or criteria in the last quarter?

Why it matters: Recent changes could directly impact user experience and complaint rates. Expected answer: Yes, there have been some updates to streamline the process. Impact on approach: If confirmed, we'd focus on analyzing the impact of these specific changes.

• Considering the increase in complaints, I'm curious about the nature of these issues. What are the most common types of complaints we're receiving?

Why it matters: Understanding complaint types helps pinpoint specific problem areas. Expected answer: Complaints mainly relate to application processing time and unclear requirements. Impact on approach: This would guide us to focus on specific stages of the application process.

• Given the potential for seasonal fluctuations, I'm wondering if this increase aligns with any particular market trends. Have we seen similar patterns in previous years during this quarter?

Why it matters: Seasonal trends could explain some of the increase and help separate systemic issues from cyclical ones. Expected answer: No, this increase is unusual compared to previous years. Impact on approach: If confirmed, we'd focus more on recent internal changes or external factors.

• Considering potential technical issues, I'm thinking about our system's performance. Have there been any reported outages or significant slowdowns in our loan processing systems?

Why it matters: Technical issues could directly lead to increased complaints. Expected answer: There have been some intermittent slowdowns, but no major outages. Impact on approach: This would prompt a deeper dive into our technical infrastructure and performance metrics.