Introduction
The recent 15% drop in new account openings for Goldman Sachs's Marcus savings account is a concerning trend that requires thorough investigation. To address this issue, I'll employ a systematic approach to identify, validate, and resolve the root cause while considering both immediate and long-term implications for the product.
This analysis follows a structured approach covering issue identification, hypothesis generation, validation, and solution development.
Step 1
Clarifying Questions (3 minutes)
Why it matters: Seasonal trends could explain the fluctuation and impact our approach. Expected answer: Yes, it's been compared and the drop is still significant. Impact on approach: If seasonal, we'd focus on year-over-year comparisons rather than quarter-over-quarter.
Why it matters: Competitive pressures could be drawing potential customers away. Expected answer: Some competitors have increased their rates slightly. Impact on approach: We'd need to analyze our rate positioning and marketing strategy.
Why it matters: Process changes could be creating friction for new users. Expected answer: A new identity verification step was added last month. Impact on approach: We'd focus on analyzing the impact of this change on conversion rates.
Why it matters: Changes in marketing could directly impact new account openings. Expected answer: Marketing spend has remained consistent, but we've shifted focus to digital channels. Impact on approach: We'd need to evaluate the effectiveness of our new channel mix.
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