Why has customer adoption of Snapdocs's Closing Quality Control tool declined by 20% among mid-size lenders in the last 60 days?

Introduction

The recent 20% decline in customer adoption of Snapdocs's Closing Quality Control tool among mid-size lenders over the past 60 days is a concerning trend that requires immediate attention. To address this issue, I'll employ a systematic approach to identify, validate, and resolve the root cause while considering both short-term and long-term implications.

Step 1

Clarifying Questions (3 minutes)

• Looking at the timing, I'm thinking there might have been a recent product update. Has there been any significant change to the Closing Quality Control tool in the last 90 days?

Why it matters: Recent changes could directly impact adoption rates. Expected answer: Yes, there was a major update about 75 days ago. Impact on approach: If true, we'd focus on the update's features and user experience.

• Considering the specific user segment, I'm curious about the adoption trends in other lender categories. Has there been a similar decline in adoption among small or large lenders?

Why it matters: This helps determine if the issue is specific to mid-size lenders or a broader trend. Expected answer: No, the decline is primarily observed in mid-size lenders. Impact on approach: If true, we'd investigate factors unique to mid-size lenders.

• Given the nature of the tool, I'm wondering about any changes in the regulatory environment. Have there been any significant regulatory changes in the lending industry in the past quarter?

Why it matters: Regulatory changes could affect the perceived value of the tool. Expected answer: No major regulatory changes have occurred. Impact on approach: If false, we'd explore how regulatory changes might have impacted the tool's relevance.

• Considering potential data issues, I'm curious about our measurement methods. Has there been any change in how we measure or define "adoption" for this tool in the last 90 days?

Why it matters: Changes in measurement could lead to false perceptions of decline. Expected answer: No changes in measurement methods. Impact on approach: If false, we'd need to reassess our data and potentially recalculate adoption rates.