Why has the average onboarding time for new merchants using PingPong (Financial Software)'s global collection service increased by 30% this quarter?

Introduction

The recent 30% increase in average onboarding time for new merchants using PingPong's global collection service is a critical issue that demands immediate attention. This unexpected shift could significantly impact user satisfaction, retention rates, and ultimately, our 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 strategic solutions.

Step 1

Clarifying Questions (3 minutes)

• Looking at the timing, I'm thinking there might be a recent change in our onboarding process. Has there been any significant update to our merchant onboarding flow in the last quarter?

Why it matters: Recent changes could directly impact onboarding time. Expected answer: Yes, we implemented a new KYC process. Impact on approach: If true, we'd focus on the new process implementation.

• Considering user segments, I'm curious if this increase is uniform across all merchant types. Are we seeing this 30% increase consistently across different merchant categories or sizes?

Why it matters: Helps identify if the issue is global or specific to certain segments. Expected answer: The increase is more pronounced for small to medium-sized merchants. Impact on approach: We'd tailor our solution to address specific merchant segment needs.

• Thinking about external factors, has there been any significant change in regulatory requirements for merchant onboarding in our key markets?

Why it matters: Regulatory changes could necessitate longer verification processes. Expected answer: New anti-money laundering regulations were introduced in several markets. Impact on approach: We'd need to balance compliance with efficiency in our solution.

• Considering our system performance, have we noticed any changes in our infrastructure or third-party integrations that could be affecting onboarding speed?

Why it matters: Technical issues could be slowing down the process. Expected answer: There have been some intermittent issues with our identity verification API. Impact on approach: We'd prioritize technical optimizations and potentially look for alternative providers.