Introduction
To enhance Union Bank's credit card rewards program and better compete with other financial institutions, we need to conduct a comprehensive analysis of our current offerings, user segments, and market trends. I'll outline a strategic approach to identify key pain points and propose innovative solutions that align with our business goals and user needs.
Step 1
Clarifying Questions (5 mins)
Why it matters: Determines if we need to focus on catching up or innovating beyond competitors Expected answer: We're slightly behind in user satisfaction but have comparable engagement rates Impact on approach: Would prioritize unique features to differentiate our offering
Why it matters: Helps identify potential gaps in our rewards offerings or user experience Expected answer: 60% active redemption rate, with travel and cashback as top categories Impact on approach: Would focus on improving redemption experience and expanding popular categories
Why it matters: Ensures our improvements align with overall company direction Expected answer: Aiming to increase market share and improve customer retention rates Impact on approach: Would prioritize features that drive acquisition and loyalty
Why it matters: Determines if we optimize for growth, retention, or innovation Expected answer: Mature product with slowing growth, focusing on retention and differentiation Impact on approach: Would emphasize unique features and personalization to re-engage users
At this point, you can ask interviewer to take a 1-minute break to organize your thoughts before diving into the next step.
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