What factors contributed to the sudden 40% decrease in completed loan applications on YML's website last week?

Introduction

The sudden 40% decrease in completed loan applications on YML's website last week is a critical issue that demands immediate attention. As we analyze this product problem, I'll employ a systematic framework to identify, validate, and address the root cause while considering both short-term fixes and long-term strategic implications.

Step 1

Clarifying Questions (3 minutes)

• Looking at the timing, I'm thinking this could be a recent change. Has there been any significant update to the loan application process in the past two weeks?

Why it matters: Recent changes often correlate with sudden metric shifts. Expected answer: Yes, a new form validation step was added. Impact on approach: If true, we'd focus on the new feature's implementation and user experience.

• Considering user segments, I'm curious about the distribution. Are we seeing this decrease across all user types, or is it concentrated in specific segments?

Why it matters: Helps identify if the issue is universal or segment-specific. Expected answer: The decrease is more pronounced in first-time applicants. Impact on approach: We'd investigate factors specifically affecting new users.

• Given the magnitude of the drop, I'm wondering about technical issues. Have there been any reported server outages or significant performance degradation?

Why it matters: Technical problems can cause sudden, drastic changes in user behavior. Expected answer: No major outages, but there have been intermittent slowdowns. Impact on approach: We'd prioritize investigating performance issues and their impact.

• Thinking about external factors, has there been any significant change in marketing campaigns or traffic sources?

Why it matters: Changes in user acquisition can affect the quality and intent of website visitors. Expected answer: A new social media campaign was launched last week. Impact on approach: We'd examine the alignment between marketing messaging and the actual application process.