Digital reputations are a winning solution according to Canstar who today awarded Trustbond one of the coveted 2018 Innovation Excellence Awards.
Developed in partnership between Suncorp and fintech company Traity, Trustbond is 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.
Canstar’s Group Manager, Banking and General Insurances, Stephen Morfea, said Trustbond was recognised with a Canstar Innovation Excellence Award for reimagining the traditional rental bond system in a unique way.
“By reducing the cost typically involved in making an upfront bond payment and removing the need for a traditional reference check, Suncorp has opened the doors for those traditionally disadvantaged in the rental market,” Mr Morfea said.
“Impressive was their innovative approach to using a renter’s digital footprint to assign a ‘Trustscore’ and determine their bond fee. We commend Suncorp on an innovative solution that is helping to make consumers’ lives easier.”
Suncorp CEO Customer Marketplace Pip Marlow said the industry recognition reinforced the need for companies to think differently about how they support their customers’ changing needs.
“We live in a time where ways of working have changed. More people are working for themselves or freelancing, so companies and products need to adapt to their changing needs,” Ms Marlow said.
We know our customers live their lives in different ways. Trustbond is a great example of just that as it enables these workers to connect to the rental market in a way that works for them.Pip Marlow
Trustbond, an Australian first, removes the need for an upfront bond payment or reference check. It determines a person’s credibility by assessing their digital profile using online data including networks, ratings and reviews from social media and other digital community marketplaces.
Traity CEO Juan Cartagena said Trustbond recognises a person’s digital profile as an asset and helps more people access housing and financial opportunities based on trust.
“Trust is the core of human relationships and reputation is the way we measure trust,” Mr Cartagena said.
“It’s been great to work with a company like Suncorp who is actively embracing change and encouraging teams to look for new ways to support their customers.”