Why has the number of new savings account openings at Kuda Bank dropped by 30% in the last month?

Introduction

The recent 30% drop in new savings account openings at Kuda Bank is a significant concern that requires immediate attention and a thorough analysis. As we delve into this issue, we'll employ a systematic approach to identify the root cause, validate our hypotheses, and develop both short-term and long-term solutions.

Step 1

Clarifying Questions (3 minutes)

• What's the typical monthly growth rate for new savings accounts?

• Has there been any recent change in the onboarding process or account features?

• Are there any specific user segments more affected than others?

• Have we observed any changes in customer behavior or feedback recently?

• Are there any technical issues reported in the account opening process?

• Have there been any recent marketing campaign changes or budget cuts?

These questions are crucial for understanding the context and potential factors contributing to the decline. For instance, knowing the typical growth rate helps us gauge the severity of the 30% drop. If we assume a usual 10% monthly growth, this decline represents a significant 40% swing, indicating a serious issue.