Digitising reputation pays off in the rental market


Pip Marlow

Chief Executive Officer Customer Marketplace

Feature

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.

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.

Enter Trustbond – a world-first technology solution designed to make the rental market more accessible and affordable for Australians by replacing the traditional bond payment with a digital credibility check.

Developed in partnership with our partner Traity, a global leader in online reputations, Trustbond 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. It removes the need for an upfront bond payment (which in most cases is four weeks’ rent) or reference check.

Trustbond is a great example of what we can be achieved when we think differently of how we can remove barriers and create opportunities for more people.

We know more and more people are living their lives in different ways, and ways of working have changed. More people are working for themselves or freelancing, and Trustbond enables these workers to connect to the rental market in a way that works for them. Customers are also telling us that Trustbond enables them to put money towards something else like saving for their first home or to cover moving expenses.

I have really enjoyed working closely with Traity. 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.

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.

Trust is the core of human relationships. Reputation is the way we measure trust. New reputational data will help insurance companies provide alternative solutions for their customers. Our aim is to help more people access housing and financial opportunities based on trust. This can enable millions of people with non-traditional backgrounds or imperfect credit scores get access to services they deserve and cannot easily reach.

Juan Cartegena, CEO Traity