I went straight to the marketplace angle because Facebook already has that surface, but in hindsight I think they wanted me to slow down and really question who the user is first.
Start by clarifying the goal and scope of the borrowing and lending solution within Facebook's ecosystem, then segment users and identify their needs. Develop a product vision that leverages Facebook's strengths in social graph, data, and payments infrastructure, and outline key features, risks, and metrics for success.
Pro tip: Emphasize trust and safety mechanisms, as financial products require high trust; leverage Facebook's social graph for creditworthiness assessment while being mindful of privacy concerns. Also, consider regulatory hurdles and how to navigate them globally.
Ask clarifying questions to understand the objective: Is this for peer-to-peer lending, micro-loans, or a full-fledged banking service? Who are the target users? What regions? This ensures alignment with interviewer's expectations.
Break down potential users (e.g., individuals, small businesses) and their borrowing/lending needs. Consider underserved segments like gig workers or students, and how Facebook's platform can address their pain points.
Craft a clear vision that leverages Facebook's assets: social graph for trust, Messenger for communication, and payment infrastructure. Explain how the solution differentiates from existing options (e.g., lower fees, social accountability).
Describe core features: loan application, credit assessment, disbursement, repayment, and dispute resolution. Highlight how social connections and data can enable features like social collateral or group lending.
Discuss potential risks (regulatory, default, privacy) and mitigation strategies. Define success metrics (e.g., loan volume, default rate, user retention) and outline a phased rollout plan.
AI-generated suggestions, not part of the candidate's original notes. May be inaccurate — verify before relying on them.