Dan Romero, one of the founders of Farcaster, stated on his social media account that major fintech applications could create new opportunities for public voting in future elections. According to Romero, financial technology platforms like PayPal, Coinbase, and Cash App, with their large user bases, can streamline data collection processes for surveys by offering innovative channels for polling. However, he also noted that the likelihood of this innovation occurring is low, although the features provided by fintech applications could enable access to more diverse and reliable data.
Scale of Fintech Applications
Romero emphasized that the vast user base offered by fintech applications presents a valuable opportunity for surveys. He pointed out that these platforms can access users’ residency and citizenship information through the KYC (Know Your Customer) process, which could enhance the accuracy of surveys.
Moreover, Romero noted that these platforms can effectively deliver survey notifications directly to users, thanks to their mobile application infrastructure. This method would be more effective and modern compared to traditional phone surveys or email/SMS messages.
Accessing New Audiences
Fintech applications may also provide advantages in gathering opinions from users who typically do not participate in surveys. Romero indicated that, if anonymity is ensured, these applications could increase users’ response rates to surveys. This situation could particularly encourage participation among younger and tech-savvy users, allowing for better representation of such groups’ opinions.
Romero expressed that if the platforms can reliably anonymize data, this new approach could assist surveyors in collecting data from a broader segment of society. However, it is essential to keep in mind that while Romero argues for the potential contribution of fintech applications to survey processes, the likelihood of this happening remains low.
