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

Introduction

The recent 30% drop in Truist's mobile check deposit feature usage over the past month is a significant concern that requires immediate attention and a thorough root cause analysis. As we delve into this issue, we'll follow a structured approach to identify, validate, and address the underlying causes while considering both short-term fixes and long-term strategic implications.

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 events or time of year?

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 if this drop is uniform across all user groups. Have you noticed any particular demographic or user type more affected?

Why it matters: Identifies if the issue is widespread or localized to specific users. Expected answer: The drop is relatively uniform across segments. Impact on approach: Uniform drop suggests a system-wide issue; segmented drop would focus our investigation on specific user groups.

• 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 feature usage. Expected answer: Minor UI updates, no significant feature changes. Impact on approach: Significant changes would prompt us to investigate those specific updates; minor or no changes would shift focus to other factors.

• Regarding competitive landscape, has there been any notable movement from competitors or new entrants in the mobile banking space recently?

Why it matters: External market forces could influence user behavior. Expected answer: No major competitive shifts noted. Impact on approach: Significant competitive changes would require market analysis; absence of changes focuses us on internal factors.

• Considering data integrity, can we confirm that the definition of "usage" for this feature hasn't changed and that our tracking systems are functioning correctly?

Why it matters: Ensures we're working with accurate, consistent data. Expected answer: No changes in metric definition or tracking systems. Impact on approach: Any discrepancies would necessitate a data audit before proceeding with further analysis.