Digitising reputation pays off in the rental market
Thursday 21 September, 2017
By Pip Marlow, Suncorp CEO Strategic Innovation
What is the relationship between trust and reputation?
In the sharing economy, reputation is your most valuable asset. Staying in the home of a stranger with Airbnb or booking a trip with Uber, isn’t simply about matching people with a service, but rather the technology being used to build trust between strangers.
Imagine if you applied this technology to the property market. Instead of paying a rental bond (or deposit) at the start of a tenancy – security is established based on a person’s digital reputation.
This month, we were proud to release Trustbond with our new partner Traity (a global leader in online reputation). Together, we’re aiming to make the rental market more accessible, and affordable for more people.
Trustbond has reimagined the traditional rental bond system by removing the need for an upfront bond payment (which in most cases is four weeks’ rent) or reference check. It determines a person’s credibility by assessing their digital profile and awarding them a TrustScore. It’s a similar concept to AirBnB or Uber, however Trustscore is based on ratings and reviews from social media and other digital community marketplaces.
The process is seamless for both the landlord and the tenant, and will be particularly helpful for people who may have traditionally struggled to get approval – for example freelancers or those with no rental history.
Trustbond is another example how we can remove barriers and create opportunities for our customers through the Suncorp marketplace.
I have really enjoyed working closely with Traity over the last few months. Their knowledge of digital reputations and online profiles has provided us with new insights and a greater understanding of what’s possible when it comes using innovation to build new solutions for our customers. I’m excited to see where this can take us.
One of the biggest things I have learnt in my career is the speed at which technology is changing the way we operate. It’s great to be working for an organisation focused on embracing change and helping customers with the moments that matter today, and tomorrow.
Note: Trustbond is offered through the Terri Scheer brand and is currently available in South Australia.
Read more from Juan here