Trust is a foundational element for relationships, transactions, societies and more broadly, civilization itself. To interact and transact online with businesses and people, we need to have confidence in their ability to ensure our trust, security and safety.
This trust is especially relevant for the sharing economy and online marketplaces. Not only are we dealing with people that we’ve never met, we’re also sharing with people on a very personal level. We might be getting a ride from someone in their car, or hiring a caregiver to care for our loved ones, or countless other scenarios where people are potentially vulnerable. If proper precautions aren’t taken, there’s a risk of not only financial loss, but physical and emotional damage as well.
That’s why the success — or failure — of trust and safety initiatives are so important to online marketplaces and businesses in the sharing economy. As Brian Chesky, Airbnb CEO and co-founder stated,
the world moves at the speed of trust, and the more trust that exists, the more access we can all have.
Building trust online
Fortunately, there are processes that can be automated and scaled to help organizations create safe and trustworthy platforms for their customers and providers. One proven method is identity verification, procedures for electronically checking and verifying the identity of a person or business.
These procedures help determine the legitimacy of a participant or supplier, and also provide vital information to prevent unwanted parties or fraudsters from being accepted into the system. Stopping bad actors during account creation helps to reduce financial or reputational damage, which is a powerful way to protect the integrity of a marketplace.
However, it’s imperative that these identity procedures deliver:
- Fast and seamless user experiences
- Robust security and privacy measures
- Global coverage and scalability to enable rapid expansion
- Deployment of modern technologies and customizable workflows, depending on use case and risk profile
Knowing your customers and the risk they pose through effective identity verification helps protect the business and community — who are at the heart of a powerful marketplace economy.
Building trust and safety at scale
Many sharing economy companies use Trulioo GlobalGateway to create a trusted ecosystem for billions of buyers and sellers around the world. GlobalGateway orchestrates hundreds of identity services and independent data sources to establish a participant’s credibility, dynamically matching the level of verification to the risk profile or transaction level.