Why has Nequi's savings goal feature seen a 30% drop in new goal creations over the past month?

Introduction

Nequi's savings goal feature has experienced a 30% drop in new goal creations over the past month, signaling a significant issue that requires immediate attention. To address this problem, I'll employ a systematic approach to identify, validate, and resolve the root cause while considering both short-term and long-term implications for the product.

Step 1

Clarifying Questions (3 minutes)

• Considering the timing, I'm wondering if there have been any recent updates to the savings goal feature. Have there been any changes to the user interface or functionality in the past 1-2 months?

Why it matters: Recent changes could directly impact user behavior and goal creation. Expected answer: Yes, there was a UI refresh about 6 weeks ago. Impact on approach: If confirmed, we'd focus on analyzing the impact of these changes on user engagement.

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

Why it matters: Identifying specific affected segments can help pinpoint the issue. Expected answer: The drop is more pronounced among newer users. Impact on approach: We'd investigate onboarding processes and new user experiences if this is the case.

• Considering external factors, has there been any significant change in the economic landscape or competitor offerings that might influence savings behaviors?

Why it matters: External factors could be driving the change in user behavior. Expected answer: No major economic shifts, but a competitor launched a similar feature last month. Impact on approach: We'd analyze our competitive positioning and value proposition.

• Regarding system performance, have there been any reported issues or increased error rates in the savings goal feature over the past month?

Why it matters: Technical issues could be preventing users from creating new goals. Expected answer: No significant increase in error rates reported. Impact on approach: If confirmed, we'd shift focus from technical issues to user experience and motivation factors.