How can we explain the 20% drop in user engagement for EPAM Systems's digital banking platform over the last 6 weeks?

Introduction

The 20% drop in user engagement for EPAM Systems's digital banking platform over the last 6 weeks is a critical issue that demands immediate attention. This significant decline could have far-reaching implications for customer satisfaction, revenue, and market position. I'll approach this problem systematically, focusing on identifying the root cause, validating hypotheses, and developing both short-term fixes and long-term strategies to address the engagement drop.

Step 1

Clarifying Questions (3 minutes)

• Looking at the timing, I'm thinking there might be a seasonal component. Has this 6-week period coincided with any major holidays or financial events?

Why it matters: Seasonal factors could explain temporary engagement drops. Expected answer: No major seasonal events during this period. Impact on approach: If seasonal, we'd focus on cyclical patterns; if not, we'd investigate other factors.

• Considering user segments, I'm curious about the distribution of the engagement drop. Is the 20% decrease uniform across all user types, or are certain segments more affected?

Why it matters: Helps pinpoint whether the issue is global or segment-specific. Expected answer: The drop is more pronounced in younger users (18-35). Impact on approach: We'd focus on features and UX elements popular with younger users.

• Regarding recent changes, have there been any significant updates to the platform in the last 2-3 months?

Why it matters: Recent changes could directly impact user engagement. Expected answer: A new security feature was implemented 8 weeks ago. Impact on approach: We'd investigate if the security feature is causing friction in the user experience.

• Thinking about competitive landscape, have any major competitors launched new features or marketing campaigns recently?

Why it matters: External competitive factors could be drawing users away. Expected answer: No significant competitor activities noted. Impact on approach: We'd focus more on internal factors rather than market dynamics.