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ID Verification & TrustOnDemand™ - Accelerating the On-Demand Economy

Jan 16, 2020

According to an Allied Market Research, the global self-service technology market will cross $31 billion by 2020, representing an annual growth rate of almost 14%. This number is indicative of the importance of service industry today. More than 4.8 billion dollars have been invested in the on-demand industry and well, and researchers say it’s not unrealistic to think this is here to stay. According to Investopedia, the Bank of America Merrill Lynch expects the sharing economy to reach between $250 billion to $2 trillion value. People now, more than ever, have started believing in the idea of synergy. Whether it is on-demand food or clothes, the world has started to depend on the sharing economy a bit too much. However, some new ventures and start-ups have found themselves let down by a constant stream of unfortunate stories.

The spine-chilling incidents of rape and murder have questions for the trust ordinary people can instil in these companies. These incidents also expose the trust-deficit in these business models, where these companies cannot fully control a customer’s experience. Ensuring hiring needs of the sharing economy and validating hires for genuine identity in real-time is challenging. TrustOnDemand™ can help here!

How to get real-time Identity Verification results to bridge the trust deficit?

As the On-Demand Economy (ODE) companies mushroom further, mobile ID scanning and verification will play a massive role in solving newer problems related to financing, licensing, compliance, and the personal safety security of both employees and customers. Instant identity verification will have to be mobile, fast, and easy to use. They also have to be smart and appropriately connected to potential databases for quicker identity verification results. Cutting-edge marketing and branding, along with great PR cannot overpower the unpleasant ties and the widening trust deficit that plagues the sharing and on-demand ventures. But that’s not it, this industry faces bigger challenges today. Moreover, the on-demand industry is endowed with new challenges. According to a recent UN study, 2/3rd of the world population will be urbanized by 2050, which would further increase the pressure of quick services. Conventional trust building methods are not capable of working in the fast-paced, on-demand industry anymore. Trust in real time can expedite the process of massive hiring of genuine candidates. Robust ID checks can address the growing challenge of identity thefts and misrepresentations.

Traditional methods of background verification process are not only time taking but they also fail to establish trust in real-time. The last few years have witnessed a significant number of incidents in which companies failed to keep up their promises of authentic identity verification of drivers, delivery boys or work executives. Most of the mishaps took place due to the underestimated trust relationships required beforehand. Using APIs, robust database access, technology and intelligent algorithms can help in quick, accurate identity verification. Leading Background verification companies like ours can deliver instant identity verification in a matter of seconds!

Also Read: TrustOnDemand™: The Game Changer for Hiring On-boarding

This way you can identify people entering your campus in real-time, and not just identify but verify them every time you want- anytime, anywhere! That’s how Trust is built OnDemand (TrustOnDemand™)