Why sharing Economies need powerful background checks?

The sharing economy is increasingly disrupting the business landscape. A PwC survey [1] estimates the global sharing economy market to increase to around 335 billion dollars by 2025. With immense growth potential and numerous successful business models already setting examples, the sharing economy is all set to revolutionise our lives. However, businesses in the sharing economy do not operate in a traditional format. They rely on faster processes and instant decision making.

While boarding a cab booked using an on-demand service provider, the driver and the customer, both trust each other’s company to be safe and reliable. You would not want to board a cab driven by a criminal, isn’t it? The trust factor here is implicit. Similarly, when you order a pizza or a new device from an ecommerce platform, you trust the delivery boy visiting your home/office.

What we mean to say here is that the foundation of the shared economy is based on Trust and Integrity established between the interacting entities. With mushrooming sharing economy, the employment base is also expanding as organisations hire employees across white collar and blue collar segments to meet their growth aspirations. This adds greater risk to the hiring process. More so, the risk is profound in sharing economy as your employees/partners directly interact with your customer, putting your customer at risk. This has direct impact on your brand reputation and company’s financials.

To ensure secure ecosystem and the right fit, it is imperative for companies in sharing economy to conduct powerful background screening on one and all.

For example, what if you book a cab and the driver of the cab you are about to board is not the driver who was supposed to be driving? Identity verification is just a starting point towards building a secure ecosystem. And this needs to be achieved in real time. There’s more to do with criminal checks, address checks and more.

Customer safety and company reputation are the top driving forces behind background verification. Background screening agencies like ours leverage advanced technology, authentic data, powerful analytics and robust processes to empower the future businesses of the trust based shared economy. As stakeholders of the sharing economy, one should insist on getting background checks conducted regularly to ensure a safe business ecosystem. Ref: [1] PwC Report To know more, schedule an appointment with our expert today.

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