In the Sharing Economy, Trust is a Must

Survey by First Advantage shows nearly 86 percent of Americans would be more likely to participate in the sharing economy if background screenings were mandatory

ATLANTA--()--According to a new survey about the sharing economy commissioned by First Advantage, the global leader in background screening solutions, a wide majority of consumers would be more likely to participate in the “sharing economy,” or peer-to-peer transactional services, if those services required background checks. Forty-one percent said they would be “much more likely” to use the services, while 39 percent said they would be “somewhat more likely” to use them. Only three percent said they would be somewhat or much less likely to participate.

The collaborative economy, which is estimated in a report by PricewaterhouseCoopers to reach $335 billion by 2025, up from just $15 billion today, is predicated on direct connections between consumers without the need for corporate intermediary. Some services help consumers share or rent things that would otherwise go unused, such as spare bedrooms, their home Wi-Fi network, the bicycle in the garage or the open seat in the car. Other services are focused on matching consumers who want to sell their professional skills directly to another consumer in need of that expertise, including graphic design work, writing, babysitting or handyman services.

Yet these services cannot thrive if consumers remain skeptical of how willing others are to play by the rules, and safely and securely deliver on their end of the transaction. Some types of services, including those that are more online-based or involve more intimate access to people or belongings, are in especially vulnerable positions when it comes to earning and keeping consumer trust. When First Advantage surveyed consumer attitudes about which sharing economy services should require more checks and security measures, 54 percent would apply that standard to shared space or home rental services, and 52 percent said the same for transportation services. Forty-four percent said services focused on money and crowdfunding should require additional security. Only 11 percent said no additional checks or security measures were necessary for any type of service.

“We created the survey to better understand the degree of trust people have in sharing economy companies, and how they believe background checks should fit into the process,” said Jennifer Franklin, SVP, Sharing Economy Solutions at First Advantage. “However, we also know that consumers may not always be clear what the background screening process entails and may think all background checks are alike, which is certainly not the case. If sharing economy companies offer background checks on members engaging in their services, it’s important for consumers to understand where the data comes from and what the review process consists of to ensure everything is accurate and that the consumer’s full history complies with applicable laws and regulations.”

Other Findings

  • Among respondents who were familiar with the sharing economy, younger individuals were much more likely to have participated in it. For those aged 18-44, 85 percent said that they have used a sharing economy service. For those aged 45-68, just 15 percent responded affirmatively.
  • There remains a tremendous amount of growth potential. Of the individuals who were unfamiliar with sharing economy, only 10 percent said that they would definitely not be interested in using this type of service in the future.
  • Word-of-mouth is playing a role in the growth of the sharing economy. Fifty-three percent of those who use these services were recommended by a friend.

Click here to learn more about First Advantage’s solution for the sharing economy.

Survey Methodology

This online survey of 800 U.S. adults, aged 18-68 and working full-time or part-time, was commissioned by First Advantage and conducted by AYTM.com. All data is self-reported by study participants and is not verified or validated. Respondents participated in the study in January 2015. Detailed findings are available by request.

About First Advantage

First Advantage provides comprehensive background screening, identity and information solutions that give employers and housing providers access to actionable information that results in faster, more accurate people decisions. With an advanced global technology platform and superior customer service delivered by experts who understand local markets, First Advantage helps customers around the world build fully scalable, configurable screening programs that meet their unique needs. Headquartered in Atlanta, GA., First Advantage has offices throughout North America, Europe, Asia and the Middle East. More information about First Advantage can be accessed at www.fadv.com.

About Symphony Technology Group

Symphony Technology Group (STG) is a strategic private equity firm with the mission of investing in and being a partner in building great software and services companies. In addition to capital, STG provides transformation expertise to enable its portfolio companies to deliver more value to clients to retain and attract the best talent and to achieve best-in-class business performance. All STG portfolio companies are expected to grow through innovation. STG’s current portfolio consists of 12 global companies with combined revenue of approximately $2.5 billion and thousands of employees spread across North America, Europe and Asia. For more information, please visit www.symphonytg.com.

Contacts

Media Contact
Kohnstamm Communications
Aaron Berstler
(651) 789-1264
aaron@kohnstamm.com
or
Sales Contact
First Advantage
Jennifer Franklin
SVP, Sharing Economy Solutions
(415) 254-6486
jennifer.franklin@fadv.com

Release Summary

Survey by First Advantage shows nearly 86 percent of Americans would be more likely to participate in the sharing economy if background screenings were mandatory.

Contacts

Media Contact
Kohnstamm Communications
Aaron Berstler
(651) 789-1264
aaron@kohnstamm.com
or
Sales Contact
First Advantage
Jennifer Franklin
SVP, Sharing Economy Solutions
(415) 254-6486
jennifer.franklin@fadv.com