How can GoCardless improve its instant bank pay feature to reduce transaction failures?

Introduction

To improve GoCardless's instant bank pay feature and reduce transaction failures, we need to conduct a comprehensive analysis of the current system, user behavior, and pain points. I'll approach this by examining key stakeholders, identifying critical pain points, generating innovative solutions, and proposing a strategic implementation plan. Let's dive in.

Step 1

Clarifying Questions (5 mins)

• Looking at the product context, I'm thinking about the scale of the issue. Could you share what percentage of transactions are currently failing, and how this compares to industry standards?

Why it matters: Determines the urgency and scope of the problem Expected answer: 5-10% failure rate, slightly above industry average Impact on approach: Would focus on incremental improvements vs. complete overhaul

• Considering user behavior, I'm curious about the most common reasons for transaction failures. Are these primarily technical issues, user errors, or bank-related problems?

Why it matters: Helps identify the root causes and focus areas for improvement Expected answer: Mix of technical issues and user errors, with some bank-related problems Impact on approach: Would prioritize user education and UI improvements alongside technical fixes

• Examining the product lifecycle, where does instant bank pay sit in terms of adoption and maturity? Are we looking to optimize an established feature or drive adoption of a relatively new one?

Why it matters: Influences whether we focus on refinement or user acquisition Expected answer: Established feature with room for optimization Impact on approach: Would emphasize enhancing reliability and user experience over major feature additions

• Considering company alignment, what are the key business metrics that this improvement initiative is expected to impact? Are we primarily focused on reducing costs, improving customer satisfaction, or driving revenue growth?

Why it matters: Ensures our solutions align with broader business objectives Expected answer: Primary focus on improving customer satisfaction, with secondary goals of reducing operational costs Impact on approach: Would prioritize user-centric solutions that also streamline internal processes