Why has Origin's mortgage pre-approval completion rate declined from 80% to 65% since the latest website update?

Introduction

The recent decline in Origin's mortgage pre-approval completion rate from 80% to 65% following a website update is a critical issue that demands immediate attention. This significant drop could impact customer acquisition, revenue, and overall business performance. I'll approach this problem systematically, focusing on identifying the root cause, validating hypotheses, and developing both short-term fixes and long-term solutions.

Step 1

Clarifying Questions (3 minutes)

• Looking at the timing, I'm thinking the website update might be directly related. Could you provide more details about the specific changes made in the latest update?

Why it matters: Understanding the nature of the changes helps pinpoint potential issues. Expected answer: Details about UI/UX changes, backend modifications, or new features. Impact on approach: Directs focus to specific areas of the website or underlying systems.

• Considering user segments, I'm curious if this decline is uniform across all user groups. Have you noticed any differences in completion rates among various demographics or user types?

Why it matters: Identifies if the issue is global or specific to certain user segments. Expected answer: Breakdown of completion rates across different user groups. Impact on approach: Helps tailor solutions to specific user needs or behaviors.

• Given the significance of the drop, I'm wondering about the timeline. How quickly did this decline occur after the website update?

Why it matters: Helps determine if the issue is directly related to the update or a gradual trend. Expected answer: Specific timeframe of the decline relative to the update. Impact on approach: Influences the urgency of response and likelihood of update-related causes.

• Considering potential data issues, has there been any change in how the pre-approval completion rate is measured or calculated?

Why it matters: Ensures the observed decline is real and not a result of measurement errors. Expected answer: Confirmation of consistent measurement methods or details of any changes. Impact on approach: Determines if the focus should be on actual performance or data accuracy.

• Thinking about external factors, have there been any significant changes in the mortgage market or competitor offerings during this period?

Why it matters: Helps rule out or consider external influences on the completion rate. Expected answer: Information on market conditions or competitor actions. Impact on approach: Influences whether to focus on internal factors or broader market strategies.