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Introduction
The recent 15% drop in Leap Finance's student loan application completion rate is a critical issue that demands immediate attention. As we analyze this product challenge, we'll employ a systematic framework to identify, validate, and address the root cause while considering both short-term fixes and long-term strategic implications.
Our approach will involve a thorough examination of internal and external factors, data analysis, hypothesis generation, and validation. We'll conclude with a clear action plan to resolve the issue and prevent future occurrences.
Framework overview
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 patterns could explain the fluctuation and inform our solution approach. Expected answer: Yes, it aligns with the end of a semester. Impact on approach: If confirmed, we'd focus on optimizing for these cyclical patterns.
Why it matters: Identifying affected segments helps pinpoint potential causes and tailor solutions. Expected answer: The drop is more significant among first-time applicants. Impact on approach: We'd focus on improving the onboarding experience for new users.
Why it matters: Recent changes could directly impact user behavior and completion rates. Expected answer: A new verification step was added to the process. Impact on approach: We'd examine the impact of this new step on user flow and consider simplifying it.
Why it matters: Ensures we're comparing apples to apples and not facing a data anomaly. Expected answer: No changes in measurement or definition. Impact on approach: We'd focus on actual user behavior changes rather than metric definition issues.
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