Facebook places a high priority on connecting with developers as well as providing value to fintechs. Facebook provides a number of platforms and core value propositions to the developer community, as outlined below. Facebook encourages fintech companies to utilize Facebook to expand their business reach. Messages and taglines pertaining to a specific product or platform are presented whenever these were available.
Communicating to the Developer Community
- Facebook communicates with developers across a variety of online channels including:
- Facebook for Developers. This group on the Facebook platform provides news about upcoming events, news, and training opportunities.
- Facebook Hackathons. Facebook has announced several upcoming Hackathons, including Hackathons for AI, AR, and Messaging. Deadlines for submissions are coming up on September 7, 2020.
- Facebook For Developers Blog and Website. The blog features news for developers and is regularly updated with new articles. The website contains links to tools, Developer Circle, Startup Programs, Success Stories, Latest News, and a form to sign up for the Newsletter and Facebook Developers Group.
- Developer Circle. This community offers developers a place to connect with other innovators through free tools, online discussions, and local meet-ups.
- Facebook hosts a yearly developer conference, called F8. This year, the event will be held virtually through a series of updates posted throughout the coming year, instead of the traditional live in-person event.
Core Value Propositions
- The core value propositions of Facebook in general are: "Be Bold, Focus on Impact, Move Fast, Be Open, and Build Social Value." These values are reflected in the ways in which Facebook communicates with developers and fintechs, as outlined above and below.
- Core value propositions that Facebook strives to provide its customers are: "Voice, Authenticity, Safety, Privacy, Dignity." (Please click the source link below for an image of these values.) These values are reflected in updates, news articles, and informational materials presented to developers through Facebook's developer communication channels.
- An important core value proposition highlighted by Facebook is the sheer number of users that developers, fintechs, and businesses are able to connect with through using Facebook. Currently, Facebook claims that 2.7 billion people worldwide use Facebook every month.
- Facebook emphasizes its ability to serve as a far-reaching and powerful tool with which potential customers can connect with Fintechs, businesses, and developers.
- Facebook's current mission statement, "Give people the power to build community and bring the world closer together," reflects the value proposition that Facebook provides to developers and fintechs. Developers are given a powerful set of tools with which to innovate, and fintechs are provided with a platform with which to connect to customers in countless ways.
- Additional specific values are presented through the messages to developers and fintech as outlined below.
Key Messages to Developers
- Facebook states, "Our mission is to increase developer efficiency so that we can continue to ship awesome products quickly. To accomplish this, we have focused on building a suite of tools and automation infrastructure that are reliable and fast, ensuring that every second of engineering time is spent on the things that matter." This suite can be accessed easily through the Facebook Developer website, and also more specifically for engineers here.
- A key message to developers is Facebook's commitment to educate and connect with developers in meaningful ways. As such, Facebook has numerous ways in which it connects with developers, as outlined above. For instance, the tagline for the Developer Circle is, "Learn and grow with local developers."
- In promoting the purpose of the Hackathons to developers, Facebook states, "We believe that when innovators come together with passion and purpose, amazing things can happen." For these events, Facebook is also encouraging developers to "create solutions that help build community and drive social impact."
Key Messages to Fintechs
- Facebook's message to Fintechs is that they would benefit from using the Facebook platform and variety of services to connect with new customers.
- Taglines directed at Fintechs include, "Find the right customers with Facebook for financial services," and "Increase your efficiency, scalability and profitability in a mobile-first world."
- A 2018 survey done by Accenture found that young consumers select the Facebook family of apps more than any other site, app, or service to find out about retail banking products. Facebook uses this study to show fintechs the value of connecting with potential customers through a variety of Facebook platform and services.
- Facebook has developed its own fintech company, called Libra Networks, registered in Switzerland in May 2019. This demonstrates Facebook's commitment to expanding directly into the financial market space; the company "will provide fintech services and develop related hardware and software, reports the outlet. Libra's areas of focus will include blockchain, payments, data analytics, and investing."
Developer Portal Strategy or Separate Arms/Programs
- Facebook appears to channel its vast array of developer tools through its Facebook for Developers website. The site is a comprehensive starting point for developers to discover and access all support tools and offerings for businesses and developers.
Business Lines
- Facebook has a very large collection of tools for developers and businesses. The primary lines that can be used by businesses include the following, along with precise messaging of the value propositions of each tool:
- Messenger: "Build lasting customer relationships through conversation."
- Instagram: "Create tools for businesses, creators, and people to enhance the Instagram experience."
- Business Tools: "Build and scale your business across the Facebook family of apps." These tools specifically include: App Ads, App Events, App Links, Audience Network, Facebook Analytics, Facebook Business SDK, Facebook Login, Facebook Pixel, Groups API, Instagram Platform, Marketing API, Messenger Platform, Pages API, Places Graph, and Workplace.
- Open Source: "Empowering community through open source technology."
- Artificial Intelligence: "Bring the world closer together through research and tools to advance AI."
- AR/VR: "Bring your imagination to life through cutting-edge, immersive experiences."
- Facebook also maintains an extensive list of additional product categories for developers, including: Gaming, Publishing, and Social Integrations.