What factors are contributing to the 30% decrease in new user signups for WeLab Holdings's WeLab Bank mobile app in Q2 compared to Q1?

Introduction

The 30% decrease in new user signups for WeLab Bank's mobile app in Q2 compared to Q1 is a significant issue that requires immediate attention. To address this problem, I'll employ a systematic approach to identify, validate, and address the root cause while considering both short-term and long-term implications.

I'll begin by clarifying the context, then rule out external factors before diving deep into the product ecosystem, user journey, and metric breakdown. From there, I'll form data-driven hypotheses, conduct root cause analysis, and propose validation methods and solutions.

Step 1

Clarifying Questions (3 minutes)

• Looking at the timing, I'm thinking there might be seasonal factors at play. Has WeLab Bank experienced similar Q1 to Q2 drops in previous years?

Why it matters: Helps distinguish between cyclical patterns and unique issues. Expected answer: No significant seasonal patterns observed in previous years. Impact on approach: If seasonal, we'd focus on mitigating cyclical effects; if not, we'd investigate recent changes or market shifts.

• Considering the metric specificity, I'm curious about the funnel. Has there been a change in the conversion rate at any particular stage of the signup process?

Why it matters: Pinpoints where in the user journey the problem is occurring. Expected answer: A significant drop in conversion between app download and account creation. Impact on approach: We'd focus on optimizing the specific stage where conversion has decreased.

• Given the competitive landscape, I'm wondering about market dynamics. Have there been any notable competitor launches or promotions during this period?

Why it matters: Helps determine if the issue is WeLab-specific or industry-wide. Expected answer: A major competitor launched a high-interest savings account promotion. Impact on approach: We'd need to consider both internal improvements and competitive positioning.

• Thinking about recent changes, has there been any significant update to the app or onboarding process between Q1 and Q2?

Why it matters: Identifies potential internal causes for the decrease. Expected answer: A new KYC process was implemented at the start of Q2. Impact on approach: We'd scrutinize the impact of this change on user experience and conversion.